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CSC Global Financial Markets | Depositary Services
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June 18, 2020
The Cayman Islands recently enacted The Private Funds Law (PFL) 2020 that imposes a number of obligations on private funds domiciled in the Cayman Islands and requires such funds to register with the Cayman Islands Monetary Authority (CIMA) by August 7, 2020. In addition, on July 7, 2020, the Cayman Islands Government amended the PFL by changing the definition of a ‘private fund’ thus broadening the scope of funds captured under the PFL.
The PFL requires additional oversight that your fund administrator may not be able to perform, therefore using the expertise of European depositary firm, that is familiar with discharging the obligations of the PFL, is an excellent solution.
There are a number of operational requirements that fund managers must adhere to, including:
CSC provides cash-flow monitoring, asset verification, and oversight of fund valuation through our Depositary services division, which operates independently and in conjunction with our Global Fund Administration services. We have partnered with a leading Cayman Islands Law firm, to get your registration completed by the deadline.
CSC is uniquely positioned with expertise and services to help you with the CIMA rules and theCayman Islands’ fund anti-money laundering (AML) officer duties. We work with you to implement solutions to meet these regulatory requirements in a flexible, pragmatic, and cost effective manner. We provide solutions that fit seamlessly with your current operations infrastructure.
To learn more, contact our head of Depositary Services, Paul Whelan, at paul.whelan@cscgfm.com.