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This document establishes the Cayman Islands Monetary Authority\u2019s (the \u201cAuthority\u201d or \u201cCIMA\u201d) Rule on Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Private Funds (hereinafter referred to as the \u201cRule\u201d). The Rule should be read in conjunction with the following, where applicable: (a) Regulatory Procedure - Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds; (b) Regulatory Procedure - Cancellation of Certificates of Registration for Registered Private Funds; (c) Regulatory Policy - Exemption from Audit Requirement for a Regulated Mutual Fund; (d) Regulatory Policy - Exemption from Audit Requirement for a Private Fund; (e) Mutual Funds Act (\u201cMFA\u201d); (f) Private Funds Act (\u201cPFA\u201d); and (g) any other relevant acts and regulatory instruments issued by the Authority from time to time.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Statement of Objectives 2.1. To set out the Authority\u2019s Rule on the cancellation of a licence or certificate of registration for regulated mutual funds and private funds, issued pursuant to the Authority\u2019s powers under section 34(1)(a) of the Monetary Authority Act (\u201cMAA\u201d), as amended from time to time.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Statutory Authority 3.1. Section 34(1)(a) of the MAA provides that: After private sector consultation and consultation with the Minister charged with responsibility for Financial Services, the Authority may \u2013 issue or amend rules or statements of principle or guidance concerning the conduct of licensees and their officers and employees, and any other persons to whom and to the extent that the regulatory laws may apply;\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Scope of Application 4.1. This Rule applies to all Funds regulated by the Authority under the MFA or the PFA, as amended from time to time. 4.2. References to any act or regulation shall be construed as references to those provisions as amended, modified, re-enacted or replaced from time to time.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Definition RULE Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Private Funds Cayman Islands Monetary Authority Page 6 of 7 5.1. For the purposes of this Rule, the term \u201cFund\u201d means a \u201cregulated mutual fund\u201d1 as prescribed by the MFA or a \u201cprivate fund\u201d as prescribed by the PFA.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Rules 6.1. A Fund shall notify  the Authority when the Fund intends to cease carrying on, or has ceased to carry on business as a Fund pursuant to the MFA or PFA  within 21 days from the date the Fund ceases to carry on business. 6.2. For the purposes of this Rule, a Fund ceases to carry on business on the date stated in the resolution2 of the operators, shareholders or unit holders wherein it is resolved that the Fund will cease or has ceased to carry on business as a Fund in or from the Cayman Islands, unless the Authority has grounds to believe that the date the Fund has ceased to carry on business is a date other than that indicated in the resolution, or no resolution has been passed or filed with the Authority. For greater certainty, a Fund to which a liquidator has been appointed is deemed to have ceased to carry on business as at the date of the liquidator\u2019s appointment. 6.3. A Fund that has never carried on business shall notify  the Authority for the cancellation of a licence or certificate of registration within 21 days from the date of the resolution that has been passed by the operators, shareholders or unit holders wherein it is acknowledged that the Fund has never carried on business and resolved that the Fund has no intention to commence business in the future. 6.4. In order to cancel its licence or certificate of registration, a Fund shall pay the surrender fee and submit all the documentation as prescribed by the Authority in the Regulatory Procedure - Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds or the Regulatory Procedure - Cancellation of Certificates of Registration for Registered Private Funds.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Enforcement 7.1. Whenever there has been a breach of the Rule, the Authority may impose penalties pursuant to section 34 of the MAA. In addition, the Authority\u2019s policies and procedures as contained in its enforcement manual, and any other powers provided in the MFA or PFA, and the MAA will apply. 8. Effective Date 8.1. This Rule will come into effect on the date that it is published in the Cayman Islands Gazette. 1 For the purpose of this Rule, the term \u201cregulated mutual fund\u201d includes regulated EU connected funds. 2 For the purpose of this Rule, the term \u201cresolution\u201d refers to any resolution, determination, consent or any other constitutional document that indicates the date of cessation, or the date on which a Fund intends to cease carrying on business. 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August 2022\", \"actNumber\": \"51 of 2022\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"Cayman Islands Monetary Authority\n\nPage 1 of 7\n\nRULE\nCancellation of Licences or Certificates of Registration for\nRegulated Mutual Funds and Registered Private Funds\n\nAUGUST 2022\nAPPENDIX 1\n\nCayman Islands Monetary Authority\n\nPage 2 of 7\n\nRULE\n Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Private Funds\n\nCayman Islands Monetary Authority\n\nPage 3 of 7\n\nTable of Contents\n\nList of Acronyms ...................................................................................................................................................... 4\n1.\nIntroduction ...................................................................................................................................................... 5\n2.\nStatement of Objectives .............................................................................................................................. 5\n3.\nStatutory Authority ........................................................................................................................................ 5\n4.\nScope of Application ...................................................................................................................................... 5\n5.\nDefinition ........................................................................................................................................................... 5\n6.\nRules ................................................................................................................................................................... 6\n7.\nEnforcement ..................................................................................................................................................... 6\n8.\nEffective Date .................................................................................................................................................. 6\n\nRULE\n Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Private Funds\n\nCayman Islands Monetary Authority\n\nPage 4 of 7\nList of Acronyms\n\nAcronym\nDefinition\nCIMA\nCayman Islands Monetary Authority\nMAA\nMonetary Authority Act\nMFA\nMutual Funds Act\nPFA\nPrivate Funds Act\n\nRULE\n Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Private Funds\n\nCayman Islands Monetary Authority\n\nPage 5 of 7\n1.\nIntroduction\n\n1.1.\nThis document establishes the Cayman Islands Monetary Authority\u2019s (the\n\u201cAuthority\u201d or \u201cCIMA\u201d) Rule on Cancellation of Licences or Certificates of\nRegistration for Regulated Mutual Funds and Private Funds (hereinafter referred\nto as the \u201cRule\u201d). The Rule should be read in conjunction with the following,\nwhere applicable:\n\n(a)\nRegulatory Procedure - Cancellation of Licences or Certificates of\nRegistration for Regulated Mutual Funds;\n(b)\nRegulatory Procedure - Cancellation of Certificates of Registration for\nRegistered Private Funds;\n(c)\nRegulatory Policy - Exemption from Audit Requirement for a Regulated\nMutual Fund;\n(d)\nRegulatory Policy - Exemption from Audit Requirement for a Private\nFund;\n(e)\nMutual Funds Act (\u201cMFA\u201d);\n(f)\nPrivate Funds Act (\u201cPFA\u201d); and\n(g)\nany other relevant acts and regulatory instruments issued by the\nAuthority from time to time.\n\n2.\nStatement of Objectives\n\n2.1.\nTo set out the Authority\u2019s Rule on the cancellation of a licence or certificate of\nregistration for regulated mutual funds and private funds, issued pursuant to\nthe Authority\u2019s powers under section 34(1)(a) of the Monetary Authority Act\n(\u201cMAA\u201d), as amended from time to time.\n\n3.\nStatutory Authority\n\n3.1.\nSection 34(1)(a) of the MAA provides that:\n\nAfter private sector consultation and consultation with the Minister\ncharged with responsibility for Financial Services, the Authority may \u2013\n\nissue or amend rules or statements of principle or guidance concerning\nthe conduct of licensees and their officers and employees, and any other\npersons to whom and to the extent that the regulatory laws may apply;\n\n4.\nScope of Application\n\n4.1.\nThis Rule applies to all Funds regulated by the Authority under the MFA or the\nPFA, as amended from time to time.\n\n4.2.\nReferences to any act or regulation shall be construed as references to those\nprovisions as amended, modified, re-enacted or replaced from time to time.\n\n5.\nDefinition\n\nRULE\n Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Private Funds\n\nCayman Islands Monetary Authority\n\nPage 6 of 7\n5.1.\nFor the purposes of this Rule, the term \u201cFund\u201d means a \u201cregulated mutual\nfund\u201d1 as prescribed by the MFA or a \u201cprivate fund\u201d as prescribed by the PFA.\n\n6.\nRules\n\n6.1.\nA Fund shall notify  the Authority when the Fund intends to cease carrying on,\nor has ceased to carry on business as a Fund pursuant to the MFA or PFA  within\n21 days from the date the Fund ceases to carry on business.\n\n6.2.\nFor the purposes of this Rule, a Fund ceases to carry on business on the date\nstated in the resolution2 of the operators, shareholders or unit holders wherein\nit is resolved that the Fund will cease or has ceased to carry on business as a\nFund in or from the Cayman Islands, unless the Authority has grounds to\nbelieve that the date the Fund has ceased to carry on business is a date other\nthan that indicated in the resolution, or no resolution has been passed or filed\nwith the Authority. For greater certainty, a Fund to which a liquidator has been\nappointed is deemed to have ceased to carry on business as at the date of the\nliquidator\u2019s appointment.\n\n6.3.\nA Fund that has never carried on business shall notify  the Authority for the\ncancellation of a licence or certificate of registration within 21 days from the\ndate of the resolution that has been passed by the operators, shareholders or\nunit holders wherein it is acknowledged that the Fund has never carried on\nbusiness and resolved that the Fund has no intention to commence business in\nthe future.\n\n6.4.\nIn order to cancel its licence or certificate of registration, a Fund shall pay the\nsurrender fee and submit all the documentation as prescribed by the Authority\nin the Regulatory Procedure - Cancellation of Licences or Certificates of\nRegistration for Regulated Mutual Funds or the Regulatory Procedure -\nCancellation of Certificates of Registration for Registered Private Funds.\n\n7.\nEnforcement\n\n7.1.\nWhenever there has been a breach of the Rule, the Authority may impose\npenalties pursuant to section 34 of the MAA. In addition, the Authority\u2019s policies\nand procedures as contained in its enforcement manual, and any other powers\nprovided in the MFA or PFA, and the MAA will apply.\n\n8.\nEffective Date\n\n8.1.\nThis Rule will come into effect on the date that it is published in the Cayman\nIslands Gazette.\n\n1 For the purpose of this Rule, the term \u201cregulated mutual fund\u201d includes regulated EU connected funds.\n2 For the purpose of this Rule, the term \u201cresolution\u201d refers to any resolution, determination, consent or any other\nconstitutional document that indicates the date of cessation, or the date on which a Fund intends to cease carrying on\nbusiness.\n\nCayman Islands Monetary Authority\n\nPage 7 of 7","akn_extracted_at":"2026-06-22 15:40:07.013683+00","cms_id":"2022-0051","law_type":"subordinate","year":"2022","number":"51","title":"Rule on Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Registered Private Funds - August 2022","status":"in_force"},"provenance":{"files":[{"file_id":"5189","expr_id":"294","kind":"akn_xml","filename":"2022-0051_SL 51 of 2022.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2022\/2022-0051\/2022-0051_SL 51 of 2022.akn.xml","content_md5":"e26fcc2adc800a770adb15e6e1ccc2cf","byte_size":"9297","http_last_modified":null,"fetched_at":"2026-06-22 15:40:07.084178+00"},{"file_id":"587","expr_id":"294","kind":"pristine_pdf","filename":"2022-0051_SL 51 of 2022.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2022\/2022-0051\/2022-0051_SL 51 of 2022.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2022\/2022-0051\/2022-0051_SL 51 of 2022.pdf","content_md5":"1a23b857103d65b11d003d9356b63a1d","byte_size":"481177","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.327975+00"},{"file_id":"588","expr_id":"294","kind":"working_pdf","filename":"2022-0051_SL 51 of 2022.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2022\/2022-0051\/2022-0051_SL 51 of 2022.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2022\/2022-0051\/2022-0051_SL 51 of 2022.pdf","content_md5":"1a23b857103d65b11d003d9356b63a1d","byte_size":"481177","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.327975+00"}],"paragraph_count":37,"latest_history":null},"quality":{"expr_id":"294","doc_id":"294","quality_state":"known_issue","quality_score":"67","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{title_mismatch,other}","repair_actions":"{collapse_duplicate_text,manual_review,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Metadata title mismatch with extracted text; review duplication of rule title across pages.","assessed_at":"2026-06-22 15:29:46.115299+00","updated_at":"2026-06-22 15:29:46.115299+00"}}