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In 2025 the mutual fund fees framework was adjusted by the Mutual Funds (Fees) (Amendment) Regulations, 2025 the effect of which was to consolidate the fee for submitting an annual return and the fee for annual registration into a single annual payment from 2026 onwards. As a consequence of this consolidation of fees, regulation 3 of the Mutual Funds (Annual Returns) Regulations (2021 Revision), which provided for the fee for submitting an annual return, was repealed. The need for validation of this fee is an unintended consequence of the entering into force of the Mutual Funds (Annual Returns) (Amendment) Regulations, 2025 on 19th December, 2025. Clause 1 provides the short title of the legislation. Clause 2 provides for the definition of words used in the legislation. The clause defines the words \u201cAuthority\u201d and \u201c mutual fund\u201d. Clause 3 provides for the validation of the assessment, charging, payment and collection of the fee for submitting an annual return by a mutual fund whose financial year ended on or before 31st December, 2025 without statutory authority. The clause also provides that any notice, invoice, demand, assessment or any other administrative action of the Authority for the purpose of charging or collecting the fee is validated and deemed to have been lawful. Further, clause 3 seeks to make it clear that any fee for submitting an annual return that would have been payable by a mutual fund whose financial year ended on or before 31st December, 2025, but for the commencement of the Mutual Funds (Annual Returns) (Amendment) Regulations, 2025 on 19th December, 2025, remains payable and may be recovered by the Authority. Clause 4 provides that this validating legislation does not affect any order or determination made by a court with respect to the assessment, charging, payment and collection of the fee for submitting an annual return by a mutual fund whose financial year ended on or before 31st December, 2025 without statutory authority prior to the commencement of this validating legislation. Arrangement of Clauses Introduced Arrangement of Clauses Clause 1. 2. 3.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Clause 1 Introduced A BILL FOR AN ACT TO PROVIDE FOR THE VALIDATION OF THE ASSESSMENT, CHARGING, PAYMENT AND COLLECTION OF THE FEE FOR SUBMITTING AN ANNUAL RETURN BY A MUTUAL FUND WHOSE FINANCIAL YEAR ENDED ON OR BEFORE 31ST DECEMBER, 2025 WITHOUT STATUTORY AUTHORITY; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Act may be cited as the Mutual Funds (Validation) Act, 2026.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Interpretation 2. In this Act \u2014 \u201cAuthority\u201d means the Cayman Islands Monetary Authority established under section 5(1) of the Monetary Authority Act (2020 Revision); and \u201cmutual fund\u201d has the same meaning as in section 2 of the Mutual Funds Act (2025 Revision). Clause 3 Introduced\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Validation of assessment, charging, payment and collection of the fee for annual returns 3. (1) The payment of the fee for submitting an annual return by a mutual fund whose financial year ended on or before 31st December, 2025, and the assessment, charging and collection of the fee by the Authority without statutory authority from the commencement of the Mutual Funds (Annual Returns) (Amendment) Regulations, 2025 on 19th December, 2025 is validated and is deemed to have been \u2014 (a) lawfully paid by the mutual fund; and (b) lawfully assessed, charged and collected by the Authority, as if the Authority was empowered under the Mutual Funds (Annual Returns) Regulations (2021 Revision) as amended by the Mutual Funds (Annual Returns) (Amendment) Regulations, 2025 to assess, charge and collect the fee. (2) Any notice, invoice, demand, assessment or other administrative action of the Authority for the purpose of assessing, charging or collecting the fee for submitting an annual return by a mutual fund whose financial year ended on or before 31st December, 2025 is validated and deemed to have been lawful. (3) Any fee for submitting an annual return that would have been payable by a mutual fund whose financial year ended on or before 31st December, 2025, but for the commencement of the Mutual Funds (Annual Returns) (Amendment) Regulations, 2025 on 19th December, 2025, remains payable and may be recovered by the Authority as if the liability to pay the fee had existed at all material times. Clause 4 Introduced 4. Orders or determinations by court not affected 4. This validating Act does not affect any order or determination made by a court with respect to the assessment, charging, payment and collection of the fee for submitting an annual return by a mutual fund whose financial year ended on or before 31st December, 2025 without statutory authority prior to the commencement of this validating Act. Passed by the Parliament the day of , 2026. 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As a consequence of this consolidation of fees, regulation 3 of the\nMutual Funds (Annual Returns) Regulations (2021 Revision), which provided for the fee\nfor submitting an annual return, was repealed. The need for validation of this fee is an\nunintended consequence of the entering into force of the Mutual Funds (Annual Returns)\n(Amendment) Regulations, 2025 on 19th December, 2025.\nClause 1 provides the short title of the legislation.\nClause 2 provides for the definition of words used in the legislation. The clause defines the\nwords \u201cAuthority\u201d and \u201c mutual fund\u201d.\nClause 3 provides for the validation of the assessment, charging, payment and collection\nof the fee for submitting an annual return by a mutual fund whose financial year ended on\nor before 31st December, 2025 without statutory authority.\nThe clause also provides that any notice, invoice, demand, assessment or any other\nadministrative action of the Authority for the purpose of charging or collecting the fee is\nvalidated and deemed to have been lawful.\nFurther, clause 3 seeks to make it clear that any fee for submitting an annual return that\nwould have been payable by a mutual fund whose financial year ended on or before 31st\nDecember, 2025, but for the commencement of the Mutual Funds (Annual Returns)\n(Amendment) Regulations, 2025 on 19th December, 2025, remains payable and may be\nrecovered by the Authority.\nClause 4 provides that this validating legislation does not affect any order or determination\nmade by a court with respect to the assessment, charging, payment and collection of the\nfee for submitting an annual return by a mutual fund whose financial year ended on or\nbefore 31st December, 2025 without statutory authority prior to the commencement of this\nvalidating legislation.\n\nMutual Funds (Validation) Bill, 2026\nArrangement of Clauses\n\nc\n Introduced\nPage 5\n\nCAYMAN ISLANDS\n\nMUTUAL FUNDS (VALIDATION) BILL, 2026\n\nArrangement of Clauses\nClause\nPage\n1.\nShort title ...................................................................................................................................7\n2.\nInterpretation .............................................................................................................................7\n3.\nValidation of assessment, charging, payment and collection of the fee for annual returns ..........8\n4.\nOrders or determinations by court not affected ..........................................................................9\n\nMutual Funds (Validation) Bill, 2026\nClause 1\n\nc\n Introduced\nPage 7\n\nCAYMAN ISLANDS\n\nMUTUAL FUNDS (VALIDATION) BILL, 2026\n\nA BILL FOR AN ACT TO PROVIDE FOR THE VALIDATION OF THE ASSESSMENT,\nCHARGING, PAYMENT AND COLLECTION OF THE FEE FOR SUBMITTING AN\nANNUAL RETURN BY A MUTUAL FUND WHOSE FINANCIAL YEAR ENDED ON OR\nBEFORE 31ST DECEMBER, 2025 WITHOUT STATUTORY AUTHORITY; AND FOR\nINCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Act may be cited as the Mutual Funds (Validation) Act, 2026.\n2.\nInterpretation\n2.\nIn this Act \u2014\n\u201cAuthority\u201d means the Cayman Islands Monetary Authority established under\nsection 5(1) of the Monetary Authority Act (2020 Revision); and\n\u201cmutual fund\u201d has the same meaning as in section 2 of the Mutual Funds Act\n(2025 Revision).\n\nClause 3\nMutual Funds (Validation) Bill, 2026\n\nPage 8\n Introduced\nc\n\n3.\nValidation of assessment, charging, payment and collection of the fee for\nannual returns\n3.\n(1) The payment of the fee for submitting an annual return by a mutual fund whose\nfinancial year ended on or before 31st December, 2025, and the assessment,\ncharging and collection of the fee by the Authority without statutory authority\nfrom the commencement of the Mutual Funds (Annual Returns) (Amendment)\nRegulations, 2025 on 19th December, 2025 is validated and is deemed to have\nbeen \u2014\n(a)\nlawfully paid by the mutual fund; and\n(b) lawfully assessed, charged and collected by the Authority,\nas if the Authority was empowered under the Mutual Funds (Annual Returns)\nRegulations (2021 Revision) as amended by the Mutual Funds (Annual Returns)\n(Amendment) Regulations, 2025 to assess, charge and collect the fee.\n(2) Any notice, invoice, demand, assessment or other administrative action of the\nAuthority for the purpose of assessing, charging or collecting the fee for\nsubmitting an annual return by a mutual fund whose financial year ended on or\nbefore 31st December, 2025 is validated and deemed to have been lawful.\n(3) Any fee for submitting an annual return that would have been payable by a\nmutual fund whose financial year ended on or before 31st December, 2025, but\nfor the commencement of the Mutual Funds (Annual Returns) (Amendment)\nRegulations, 2025 on 19th December, 2025, remains payable and may be\nrecovered by the Authority as if the liability to pay the fee had existed at all\nmaterial times.\n\nMutual Funds (Validation) Bill, 2026\nClause 4\n\nc\n Introduced\nPage 9\n\n4.\nOrders or determinations by court not affected\n4.\nThis validating Act does not affect any order or determination made by a court with\nrespect to the assessment, charging, payment and collection of the fee for submitting\nan annual return by a mutual fund whose financial year ended on or before 31st\nDecember, 2025 without statutory authority prior to the commencement of this\nvalidating Act.\nPassed by the Parliament the\nday of\n, 2026.\nSpeaker\nClerk of the Parliament","akn_extracted_at":"2026-10-04 13:45:20.105833+00","is_tombstone":"f","tombstone_provenance":"{}","future_commencement_provenance":"{}","cms_id":"GZ-2026-BILL-LG47S4","law_type":"bill","year":"2026","number":"LG47S4","title":"Mutual Funds (Validation) Bill, 2026","status":"bill"},"provenance":{"files":[{"file_id":"299260","expr_id":"46064","kind":"akn_xml","filename":"kygazette-724037.akn.xml","source_url":null,"storage_path":"\/home\/q\/Dropbox\/coding\/kyleg-data\/working\/BILLS\/2026\/GZ-2026-BILL-LG47S4\/kygazette-724037.akn.xml","content_md5":"dd7f60614a907494e81ad292ca86699c","byte_size":"8273","http_last_modified":null,"fetched_at":"2026-10-04 13:45:20.130172+00"},{"file_id":"299258","expr_id":"46064","kind":"pristine_pdf","filename":"kygazette-724037.pdf","source_url":"https:\/\/gov.ky\/documents\/35692\/0\/MutualFunds%28Validation%29Bill%2C2026_INTRODUCED.pdf\/da8c201f-dcd8-41b0-e0a2-c4848b4c7c17","storage_path":"\/home\/q\/Dropbox\/coding\/kyleg-data\/pristine\/BILLS\/2026\/GZ-2026-BILL-LG47S4\/kygazette-724037.pdf","content_md5":"1a725d3d0f5313b13859c3b8ae15ab54","byte_size":"367346","http_last_modified":null,"fetched_at":"2026-10-04 13:45:20.072613+00"},{"file_id":"299259","expr_id":"46064","kind":"working_pdf","filename":"kygazette-724037.pdf","source_url":"https:\/\/gov.ky\/documents\/35692\/0\/MutualFunds%28Validation%29Bill%2C2026_INTRODUCED.pdf\/da8c201f-dcd8-41b0-e0a2-c4848b4c7c17","storage_path":"\/home\/q\/Dropbox\/coding\/kyleg-data\/working\/BILLS\/2026\/GZ-2026-BILL-LG47S4\/kygazette-724037.pdf","content_md5":"1a725d3d0f5313b13859c3b8ae15ab54","byte_size":"367346","http_last_modified":null,"fetched_at":"2026-10-04 13:45:20.072613+00"}],"paragraph_count":12,"latest_history":{"history_id":"340481","change_type":"CREATE","changed_at":"2026-10-04 13:45:20.072097+00","change_source":"GAZETTE_DELTA","change_reason":"Placeholder Work created from the Legislation Gazette LG47 S4\/2026 (kygazette pdf 724037): legislation.gov.ky is not available to this project; 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