{"kind":"expression","expression":{"expr_id":"666","doc_id":"666","label":"2026 Revision","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/sl\/2021\/31\/eng@2026-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/sl\/2021\/31\", \"expression\": \"\/akn\/ky\/act\/sl\/2021\/31\/eng@2026-01-01\", \"manifestation\": \"\/akn\/ky\/act\/sl\/2021\/31\/eng@2026-01-01.pdf\"}, \"pdf\": {\"md5\": \"804fcfb0c7969c985eb9657b4b52cabc\", \"path\": \"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2021\/2021-0031\/2021-0031_2026 Revision.pdf\", \"pages\": 21, \"filename\": \"2021-0031_2026 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 2844, \"paragraph_count\": 43, \"text_char_count\": 19103}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Private Funds Act (2025 Revision) PRIVATE FUNDS (ANNUAL RETURNS) REGULATIONS (2026 Revision) PUBLISHING DETAILS Revised under the authority of the Law Revision Act (2020 Revision). Private Funds (Annual Returns) Regulations, 2021 made the the 23rd March, 2021 consolidated with \u2014 Private Funds (Annual Returns) (Amendment) Regulations, 2024 made the 17th December, 2024 Private Funds (Annual Returns) (Amendment) Regulations, 2025 made the 17th December, 2025. Consolidated and revised this 31st day of December, 2025. Private Funds (Annual Returns) Regulations (2026 Revision) Arrangement of Regulations Private Funds Act (2025 Revision) PRIVATE FUNDS (ANNUAL RETURNS) REGULATIONS (2026 Revision) Arrangement of Regulations Regulation 1. 2. 3. 4.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"SCHEDULE ENDNOTES Regulation 1 Private Funds (Annual Returns) Regulations (2026 Revision) Private Funds Act (2025 Revision) PRIVATE FUNDS (ANNUAL RETURNS) REGULATIONS (2026 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Regulations may be cited as the Private Funds (Annual Returns) Regulations (2026 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. In these Regulations \u2014 \u201cadvisor\u201d means a person whose functions are to carry out the activities specified in paragraph 4 of Schedule 2 of the Securities Investment Business Act (2020 Revision); \u201cco-investment vehicle\u201d means a pooled investment vehicle which invests in one or more transactions alongside the private fund; \u201cexempted trust\u2019 means a trust registered as an exempted trust under Part VI of the Trusts Act (2021 Revision); \u201cmanager\u201d means a person whose functions are to carry out the activities specified in paragraph 3 of Schedule 2 of the Securities Investment Business Act (2020 Revision); \u201cmaster unit trust structure\u201d means a unit trust that \u2014 (a) is established in the Islands; (b) issues investment interest to one or more investors; Private Funds (Annual Returns) Regulations (2026 Revision) Regulation 2 (c) holds investments and conducts trading activities for the principal purpose of implementing the overall investment strategy of its regulated sub-trusts; (d) has one or more regulated sub-trusts either directly or through an intermediary entity established to invest in the master unit trust; and (e) is not licensed or registered under the Banks and Trust Companies Act (2025 Revision) or registered under the Building Societies Act (2020 Revision) or the Friendly Societies Act (1998 Revision); \u201cparallel fund\u201d means a parallel investment vehicle generally formed to invest and divest in the same investments at the same time as the main private fund; \u201cpolitically exposed person\u201d has the meaning assigned by section 2(1) of the Anti-Money Laundering Regulations (2025 Revision); \u201cprincipal Act\u201d means the Private Funds Act (2025 Revision); \u201crelated fund entity\u201d, in relation to a private fund, means an entity established by or on behalf of the promoter of the private fund which may account for certain regulatory, tax and other structuring needs of one or more groups of persons, which itself may not meet the definition of a private fund, and includes \u2014 (a) a parallel fund; (b) an alternative investment vehicle; or (c) a co-investment vehicle; \u201csegregated portfolio company\u201d has the meaning assigned by section 212 of the Companies Act (2026 Revision); \u201csub-advisor\u201d means a person to whom an advisor delegates, wholly or partially, the advisor\u2019s functions, or a person who is engaged to advise the advisor; \u201csub-fund\u201d, in relation to, a private fund, includes any or all of the following in the private fund\u2019s structure \u2014 (a) a segregated portfolio, where the private fund is a segregated portfolio company; (b) a sub-trust, where the private fund is an exempted trust, an umbrella trust structure or a master unit trust structure; and (c) a class of share, unit or interest in a company, unit trust or partnership for which the private fund maintains and accounts for a separate portfolio of investments; \u201csub-manager\u201d means a person to whom a manager delegates, wholly or partially, the manager\u2019s functions; \u201csub-trust\u201d means a trust which is independent of, but subordinate in some way to, a head trust; and Regulation 3 Private Funds (Annual Returns) Regulations (2026 Revision) \u201cumbrella trust structure\u201d means a collective investment scheme that exists as a single trust vehicle but has several distinct sub-trusts which may be traded separately.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Annual return 3. (1) Subject to paragraph (2), a private fund shall submit to the Authority in the form set out in the Schedule an annual return referred to in section 14 of the principal Act, in respect of each financial year of the private fund. (2) The annual return referred to in paragraph (1) shall include the operating information and financial information referred to in Parts B and C of the annual return form in the Schedule in respect of \u2014 (a) each alternative investment vehicle of the private fund, unless such alternative investment vehicle is itself registered as a private fund; and (b) each sub-fund of the private fund. (3) The annual return referred to in paragraph (1) shall include the information referred to in paragraph 14 of Part A of the Schedule in respect of the private fund\u2019s related fund entities, including where such related fund entities are registered under the principal Act as private funds. (4) A private fund shall submit the annual return referred to in paragraph (1) to the Authority within six months after the end of the financial year to which it relates or within any extension of that period as the Authority may allow. (5) A private fund may submit the annual return referred to in paragraph (1) through its auditor referred to in section 13(1) of the principal Act or such other person designated by the private fund as may be approved by the Authority. (6) When completing the annual return, the private fund shall have regard to any explanatory material issued with respect to the private fund by the Authority. (7) The auditor or person designated by the private fund referred to in paragraph (5) shall be responsible only for submitting to the Authority in a timely manner each duly completed return received from the operator of a private fund and such auditor or person shall not be liable for the accuracy or completeness of the annual return submitted.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Repealed 4. Repealed by regulation 2 of the Private Funds (Annual Returns) Regulations, 2025 [SL69 of 2025]. 5. Private fund to confirm compliance with the principal Act 5. A private fund which has received capital contributions for the purpose of investment on behalf of the private fund shall provide in the annual return under regulation 3 that the private fund has complied with sections 16 to 18 of the principal Act. Private Funds (Annual Returns) Regulations (2026 Revision) Regulation 5 Private Funds (Annual Returns) Regulations (2026 Revision) SCHEDULE SCHEDULE (regulation 3(1)) ANNUAL RETURN FORM Part A General Information (in respect of the private fund only) 1. Name of fund 2. Certificate number issued for the private fund by the Authority 3. Legal structure of private fund 4. Legal entity identifier (if applicable) 5. Particulars of private fund operator(s) \u2014 (a) Name(s); and (b) E-mail address(es)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Reporting period covered by the annual return\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Name and address of registered office Manager \u2014 (a) Is the private fund self-managed? (b) If the private fund is not self-managed, please provide the name and address of manager; (c) Legal entity identifier of the manager (if applicable); (d) Name of regulator of the manager (if applicable); (e) Geographic location of regulator (if applicable); (f) Name of sub-managers to whom all or part of the investment manager functions have been delegated (if applicable); and (g) Geographic location of sub-managers to whom all or part of the investment manager functions have been delegated (if applicable)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Advisor \u2014 (a) Is the private fund self-advised? (b) If the private fund is not self-advised, please provide the name and address of advisor; (c) Legal entity identifier of the advisor (if applicable); (d) Name of regulator of the advisor (if applicable); (e) Geographic location of regulator (if applicable); SCHEDULE Private Funds (Annual Returns) Regulations (2026 Revision) (f) Name of sub-advisors to whom all or part of the investment manager functions have been delegated (if applicable); and (g) Geographic location of sub-advisors to whom all or part of the investment manager functions have been delegated (if applicable)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Private Fund Administration (if applicable) \u2014 (a) Is the registrar and transfer agent independent from the operator, promoter or both the operator and the promoter of the private fund? [YES\/NO] If yes, please continue to 10(b). If no, please continue to 10(d). (b) Registrar and transfer agent contracted \u2014 (i) Name of registrar and transfer agent contracted (if applicable); (ii) Geographic location of registrar and transfer agent contracted (if applicable); (iii) Name of regulator for registrar and transfer agent contracted (if applicable); and (iv) Geographic location of regulator for registrar and transfer agent contracted (if applicable); (c) Registrar and transfer agent sub-delegated \u2014 (i) Name of registrar and transfer agent sub-delegated (if applicable); and (ii) Geographic location of registrar and transfer agent sub-delegated (if applicable); (d) Is the net asset value calculation agent independent from the operator, promoter or both the operator and the promoter of the private fund? [YES\/NO] If yes, please continue to 10(e). If no, please continue to 11. (e) Net asset value calculation agent contracted \u2014 (i) Name of net asset value calculation agent contracted (if applicable); (ii) Geographic location of net asset value calculation agent contracted (if applicable); (iii) Name of regulator for net asset value calculation agent contracted (if applicable); and (iv) Geographic location of the regulator for net asset value calculation agent contracted (if applicable); and (f) Net asset value calculation agent sub-delegated \u2014 (i) Name of net asset value calculation agent sub-delegated (if applicable); and (ii) Geographic location of net asset value calculation agent sub-delegated (if applicable) Private Funds (Annual Returns) Regulations (2026 Revision) SCHEDULE\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Auditor \u2014 (a) Name of auditor; and (b) Has the auditor, as last notified to the Authority, resigned or indicated that the auditor will not perform the audit for the next year?\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Name and address of legal counsel \u2014 (a) Primary onshore legal counsel; and (b) Primary Cayman Islands legal counsel\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Custodian \u2014 (a) Name of custodian contracted (if applicable); (b) Geographic location of custodian contracted (if applicable); (c) Name of regulator (if applicable); (d) Geographic location of regulator (if applicable); (e) Name of any sub-custodians (if applicable); and (f) Geographic location of any sub-custodians (if applicable)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Operating structure \u2014 (a) Name and total number of all of the private fund\u2019s related fund entities; (b) If a related fund entity is regulated outside of the Cayman Islands, please identify \u2014 (i) Certificate number issued for the regulated related fund entity; (ii) Legal entity identifier (if applicable); (iii) Name of regulator; and (iv) Geographic location of the regulator; and (c) Name of all related fund entities that are private funds registered under the principal Act which are part of the private fund\u2019s structure\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Domicile of the investors \u2014 (a) Total number of investors; (b) Number of investors domiciled in the Cayman Islands (if applicable); (c) Percentage of net asset value held by investors domiciled in the Cayman Islands (if applicable); (d) Percentage of capital commitment held by investors domiciled in the Cayman Islands (if applicable); (e) Number and net asset value holdings of investors per type for the top five types (high net worth persons, politically exposed persons (foreign and domestic), other natural persons, non-bank financial institutions, trusts, non-financial corporations and related fund entities not regulated under the principal Act); SCHEDULE Private Funds (Annual Returns) Regulations (2026 Revision) (f) Number and net asset value holdings of nominee investors per type for the top five types (high net worth persons, politically exposed persons (foreign and domestic), other natural persons, non-bank financial institutions, trusts, nonfinancial corporations); and (g) Number of investors and net asset value holdings per geographic location for the top five geographic locations. Part B Operating Information (in respect of the private fund, each of its alternative investment vehicles and sub-funds, if any)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Value of investments held, by type (if applicable)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Type of fund by \u2014 (a) investment strategy; and (b) operating structure\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Stock exchange on which the investment interests are listed (if applicable)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"If listed on a stock exchange, has trading of the investment interests been suspended?\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Has the private fund or any of its related fund entities, issued a digital representation of its equity interest within the reporting period?\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Have there been any regulatory investigations in respect of the private fund or any of its related fund entities within the reporting period?\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Minimum Capital Commitment as per the marketing material (if applicable)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Has the marketing material changed since registration of the private fund or since filing the last annual return on behalf of the investment entity, whichever is most recent?\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Has the operator made a decision to terminate the business of the private fund?\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"How many operator meetings were held by the operator of the private fund during the reporting period?\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Total number of side letters signed with investors?\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Any other information as the Authority deems necessary Part C Financial Information (in respect of the private fund, each of its alternative investment vehicles and sub-funds, if any)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Type of audit opinion\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Generally accepted accounting principles followed by the private fund\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Generally accepted auditing standards used\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Reporting currency of the audited accounts Private Funds (Annual Returns) Regulations (2026 Revision) SCHEDULE\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Total assets\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Net asset value at beginning of period\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Capital contributions for period\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"Total payments or distributions to investors for period\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_36\", \"num\": \"36.\", \"text\": \"Net income or net increase in net assets from operations\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_37\", \"num\": \"37.\", \"text\": \"Net asset value at end of period\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_38\", \"num\": \"38.\", \"text\": \"Expenses (broken down as far as possible as below, if not aggregated) \u2014 (a) professional; (b) administration; (c) management; and (d) performance fee or carried interest\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_39\", \"num\": \"39.\", \"text\": \"Asset Allocation \u2014 (a) Private operating companies; (b) Restricted securities of public companies; (c) Derivatives; (d) Private investment companies; (e) Special-purpose vehicles; (f) Contingent consideration; (g) Marketable equity securities; (h) Investments into master funds; (i) Real assets (other than real estate); (j) Real estate; (k) Virtual assets; and (l) Other\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_40\", \"num\": \"40.\", \"text\": \"Leverage\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_41\", \"num\": \"41.\", \"text\": \"Allocation of equity and debt securities by jurisdiction of issuer(s) \u2014 (a) Currency and counterparty; (b) Sector of issuers; and (c) Direct investments where the fund\u2019s holding represents ten percent or more of an entity\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_42\", \"num\": \"42.\", \"text\": \"Declaration completed by the operator that the private fund has complied with \u2014 (a) section 16 (Valuation); (b) section 17 (Safekeeping of fund assets); and SCHEDULE Private Funds (Annual Returns) Regulations (2026 Revision) (c) section 18 (Cash monitoring), of the Private Funds Act (2025 Revision). I, _________________, declare and confirm that _______________________ name of operator name of private fund has, in respect of the reporting period _______________________, complied dates with section 16 (Valuation), section 17 (Safekeeping of private fund assets) and section 18 (Cash monitoring) of the Private Funds Act (2025 Revision). I declare and confirm further that \u2014 (a) I am authorized to make this declaration; and (b) I have taken all reasonable steps to ensure that the information in this declaration is accurate and complete. _______________________________ Signature _______________________________ Position __________________________, 20__. Date\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_43\", \"num\": \"43.\", \"text\": \"Submitter: Annual return submitted by: \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026 Date: \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026 Publication in consolidated and revised form authorised by the Cabinet this 28th day of January, 2026. Kim Bulling Clerk of Cabinet Private Funds (Annual Returns) Regulations (2026 Revision) SCHEDULE Private Funds (Annual Returns) Regulations (2026 Revision) ENDNOTES ENDNOTES Table of Legislation history: SL # Act\/Law # Legislation Commencement Gazette 69\/2025 Private Funds (Annual Returns) (Amendment) Regulations, 2025 19-Dec-2025 LG55\/2025\/s3 73\/2024 Private Funds (Annual Returns) (Amendment) Regulations, 2024 1-Jan-2025 LG47\/2024\/s39 31\/2021 25-Mar-2011 LG26\/2021\/s1 ENDNOTES Private Funds (Annual Returns) Regulations (2026 Revision) Private Funds (Annual Returns) Regulations (2026 Revision) ENDNOTES ENDNOTES Private Funds (Annual Returns) Regulations (2026 Revision) Private Funds (Annual Returns) Regulations (2026 Revision) ENDNOTES (Price: $4.00)\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2026_01_01\", \"date\": \"2026-01-01\", \"type\": 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\"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Private Funds (Annual Returns) Regulations\", \"actNumber\": \"31 of 2021\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nPrivate Funds Act\n(2025 Revision)\nPRIVATE FUNDS (ANNUAL RETURNS)\nREGULATIONS\n(2026 Revision)\n\n\u2000Supplement No. 9 published with Legislation Gazette No. 8 dated 10th February, 2026.\n\nPage 2\nRevised as at 31st December, 2025\nc\n\nPUBLISHING DETAILS\n Revised under the authority of the Law Revision Act (2020 Revision).\n\nPrivate Funds (Annual Returns) Regulations, 2021 made the the 23rd March, 2021\nconsolidated with \u2014\n\nPrivate Funds (Annual Returns) (Amendment) Regulations, 2024 made the 17th\nDecember, 2024\nPrivate Funds (Annual Returns) (Amendment) Regulations, 2025 made the 17th\nDecember, 2025.\n\nConsolidated and revised this 31st day of December, 2025.\n\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\nArrangement of Regulations\n\nc\nRevised as at 31st December, 2025\nPage 3\n\nCAYMAN ISLANDS\n\nPrivate Funds Act\n(2025 Revision)\nPRIVATE FUNDS (ANNUAL RETURNS)\nREGULATIONS\n(2026 Revision)\nArrangement of Regulations\nRegulation\nPage\n1.\nCitation ......................................................................................................................................4\n2.\nDefinitions ..................................................................................................................................4\n3.\nAnnual return .............................................................................................................................6\n4.\nRepealed ...................................................................................................................................6\n5.\nPrivate fund to confirm compliance with the principal Act ...........................................................6\nSCHEDULE\n9\nENDNOTES\n17\nTable of Legislation history: ............................................................................................................... 17\n\nRegulation 1\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nPage 4\nRevised as at 31st December, 2025\nc\n\nCAYMAN ISLANDS\n\nPrivate Funds Act\n(2025 Revision)\nPRIVATE FUNDS (ANNUAL RETURNS)\nREGULATIONS\n(2026 Revision)\n\n1.\nCitation\n1.\nThese Regulations may be cited as the Private Funds (Annual Returns) Regulations\n(2026 Revision).\n2.\nDefinitions\n2.\nIn these Regulations \u2014\n\u201cadvisor\u201d means a person whose functions are to carry out the activities\nspecified in paragraph 4 of Schedule 2 of the Securities Investment Business Act\n(2020 Revision);\n\u201cco-investment vehicle\u201d means a pooled investment vehicle which invests in\none or more transactions alongside the private fund;\n\u201cexempted trust\u2019 means a trust registered as an exempted trust under Part VI\nof the Trusts Act (2021 Revision);\n\u201cmanager\u201d means a person whose functions are to carry out the activities\nspecified in paragraph 3 of Schedule 2 of the Securities Investment Business Act\n(2020 Revision);\n\u201cmaster unit trust structure\u201d means a unit trust that \u2014\n(a)\nis established in the Islands;\n(b) issues investment interest to one or more investors;\n\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\nRegulation 2\n\nc\nRevised as at 31st December, 2025\nPage 5\n\n(c)\nholds investments and conducts trading activities for the principal purpose\nof implementing the overall investment strategy of its regulated sub-trusts;\n(d) has one or more regulated sub-trusts either directly or through an\nintermediary entity established to invest in the master unit trust; and\n(e)\nis not licensed or registered under the Banks and Trust Companies Act\n(2025 Revision) or registered under the Building Societies Act (2020\nRevision) or the Friendly Societies Act (1998 Revision);\n\u201cparallel fund\u201d means a parallel investment vehicle generally formed to invest\nand divest in the same investments at the same time as the main private fund;\n\u201cpolitically exposed person\u201d has the meaning assigned by section 2(1) of the\nAnti-Money Laundering Regulations (2025 Revision);\n\u201cprincipal Act\u201d means the Private Funds Act (2025 Revision);\n\u201crelated fund entity\u201d, in relation to a private fund, means an entity established\nby or on behalf of the promoter of the private fund which may account for\ncertain regulatory, tax and other structuring needs of one or more groups of\npersons, which itself may not meet the definition of a private fund, and\nincludes \u2014\n(a) a parallel fund;\n(b) an alternative investment vehicle; or\n(c)\na co-investment vehicle;\n\u201csegregated portfolio company\u201d has the meaning assigned by section 212 of\nthe Companies Act (2026 Revision);\n\u201csub-advisor\u201d means a person to whom an advisor delegates, wholly or\npartially, the advisor\u2019s functions, or a person who is engaged to advise the\nadvisor;\n\u201csub-fund\u201d, in relation to, a private fund, includes any or all of the following\nin the private fund\u2019s structure \u2014\n(a)\na segregated portfolio, where the private fund is a segregated portfolio\ncompany;\n(b) a sub-trust, where the private fund is an exempted trust, an umbrella trust\nstructure or a master unit trust structure; and\n(c)\na class of share, unit or interest in a company, unit trust or partnership for\nwhich the private fund maintains and accounts for a separate portfolio of\ninvestments;\n\u201csub-manager\u201d means a person to whom a manager delegates, wholly or\npartially, the manager\u2019s functions;\n\u201csub-trust\u201d means a trust which is independent of, but subordinate in some way\nto, a head trust; and\n\nRegulation 3\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nPage 6\nRevised as at 31st December, 2025\nc\n\n\u201cumbrella trust structure\u201d means a collective investment scheme that exists\nas a single trust vehicle but has several distinct sub-trusts which may be traded\nseparately.\n3.\nAnnual return\n3.\n(1) Subject to paragraph (2), a private fund shall submit to the Authority in the form\nset out in the Schedule an annual return referred to in section 14 of the principal\nAct, in respect of each financial year of the private fund.\n(2) The annual return referred to in paragraph (1) shall include the operating\ninformation and financial information referred to in Parts B and C of the annual\nreturn form in the Schedule in respect of \u2014\n(a)\neach alternative investment vehicle of the private fund, unless such\nalternative investment vehicle is itself registered as a private fund; and\n(b) each sub-fund of the private fund.\n(3) The annual return referred to in paragraph (1) shall include the information\nreferred to in paragraph 14 of Part A of the Schedule in respect of the private\nfund\u2019s related fund entities, including where such related fund entities are\nregistered under the principal Act as private funds.\n(4) A private fund shall submit the annual return referred to in paragraph (1) to the\nAuthority within six months after the end of the financial year to which it relates\nor within any extension of that period as the Authority may allow.\n(5) A private fund may submit the annual return referred to in paragraph (1) through\nits auditor referred to in section 13(1) of the principal Act or such other person\ndesignated by the private fund as may be approved by the Authority.\n(6) When completing the annual return, the private fund shall have regard to any\nexplanatory material issued with respect to the private fund by the Authority.\n(7) The auditor or person designated by the private fund referred to in paragraph (5)\nshall be responsible only for submitting to the Authority in a timely manner each\nduly completed return received from the operator of a private fund and such\nauditor or person shall not be liable for the accuracy or completeness of the\nannual return submitted.\n4.\nRepealed\n4.\nRepealed by regulation 2 of the Private Funds (Annual Returns) Regulations, 2025\n[SL69 of 2025].\n5.\nPrivate fund to confirm compliance with the principal Act\n5.\nA private fund which has received capital contributions for the purpose of investment\non behalf of the private fund shall provide in the annual return under regulation 3 that\nthe private fund has complied with sections 16 to 18 of the principal Act.\n\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\nRegulation 5\n\nc\nRevised as at 31st December, 2025\nPage 7\n\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nSCHEDULE\n\nc\nRevised as at 31st December, 2025\nPage 9\n\nSCHEDULE\n(regulation 3(1))\nANNUAL RETURN FORM\nPart A\nGeneral Information (in respect of the private fund only)\n1.\nName of fund\n2.\nCertificate number issued for the private fund by the Authority\n3.\nLegal structure of private fund\n4.\nLegal entity identifier (if applicable)\n5.\nParticulars of private fund operator(s) \u2014\n(a)\nName(s); and\n(b) E-mail address(es)\n6.\nReporting period covered by the annual return\n7.\nName and address of registered office\n8\nManager \u2014\n(a)\nIs the private fund self-managed?\n(b) If the private fund is not self-managed, please provide the name and address of\nmanager;\n(c)\nLegal entity identifier of the manager (if applicable);\n(d) Name of regulator of the manager (if applicable);\n(e)\nGeographic location of regulator (if applicable);\n(f)\nName of sub-managers to whom all or part of the investment manager functions\nhave been delegated (if applicable); and\n(g) Geographic location of sub-managers to whom all or part of the investment\nmanager functions have been delegated (if applicable)\n9.\nAdvisor \u2014\n(a)\nIs the private fund self-advised?\n(b) If the private fund is not self-advised, please provide the name and address of\nadvisor;\n(c)\nLegal entity identifier of the advisor (if applicable);\n(d) Name of regulator of the advisor (if applicable);\n(e)\nGeographic location of regulator (if applicable);\n\nSCHEDULE\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nPage 10\nRevised as at 31st December, 2025\nc\n\n(f)\nName of sub-advisors to whom all or part of the investment manager functions\nhave been delegated (if applicable); and\n(g) Geographic location of sub-advisors to whom all or part of the investment\nmanager functions have been delegated (if applicable)\n10. Private Fund Administration (if applicable) \u2014\n(a)\nIs the registrar and transfer agent independent from the operator, promoter or\nboth the operator and the promoter of the private fund? [YES\/NO]\n\nIf yes, please continue to 10(b). If no, please continue to 10(d).\n(b) Registrar and transfer agent contracted \u2014\n(i)\nName of registrar and transfer agent contracted (if applicable);\n(ii) Geographic location of registrar and transfer agent contracted (if\napplicable);\n(iii) Name of regulator for registrar and transfer agent contracted (if\napplicable); and\n(iv) Geographic location of regulator for registrar and transfer agent contracted\n(if applicable);\n(c)\nRegistrar and transfer agent sub-delegated \u2014\n(i)\nName of registrar and transfer agent sub-delegated (if applicable); and\n(ii) Geographic location of registrar and transfer agent sub-delegated (if\napplicable);\n(d) Is the net asset value calculation agent independent from the operator, promoter\nor both the operator and the promoter of the private fund? [YES\/NO]\nIf yes, please continue to 10(e). If no, please continue to 11.\n(e)\nNet asset value calculation agent contracted \u2014\n(i)\nName of net asset value calculation agent contracted (if applicable);\n(ii) Geographic location of net asset value calculation agent contracted (if\napplicable);\n(iii) Name of regulator for net asset value calculation agent contracted (if\napplicable); and\n(iv) Geographic location of the regulator for net asset value calculation agent\ncontracted (if applicable); and\n(f)\nNet asset value calculation agent sub-delegated \u2014\n(i)\nName of net asset value calculation agent sub-delegated (if applicable);\nand\n(ii) Geographic location of net asset value calculation agent sub-delegated (if\napplicable)\n\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nSCHEDULE\n\nc\nRevised as at 31st December, 2025\nPage 11\n\n11. Auditor \u2014\n(a)\nName of auditor; and\n(b)\nHas the auditor, as last notified to the Authority, resigned or indicated that the\nauditor will not perform the audit for the next year?\n12. Name and address of legal counsel \u2014\n(a)\nPrimary onshore legal counsel; and\n(b) Primary Cayman Islands legal counsel\n13. Custodian \u2014\n(a)\nName of custodian contracted (if applicable);\n(b) Geographic location of custodian contracted (if applicable);\n(c)\nName of regulator (if applicable);\n(d) Geographic location of regulator (if applicable);\n(e)\nName of any sub-custodians (if applicable); and\n(f)\nGeographic location of any sub-custodians (if applicable)\n14. Operating structure \u2014\n(a)\nName and total number of all of the private fund\u2019s related fund entities;\n(b) If a related fund entity is regulated outside of the Cayman Islands, please\nidentify \u2014\n(i)\nCertificate number issued for the regulated related fund entity;\n(ii) Legal entity identifier (if applicable);\n(iii) Name of regulator; and\n(iv) Geographic location of the regulator; and\n(c)\nName of all related fund entities that are private funds registered under the\nprincipal Act which are part of the private fund\u2019s structure\n15. Domicile of the investors \u2014\n(a)\nTotal number of investors;\n(b) Number of investors domiciled in the Cayman Islands (if applicable);\n(c)\nPercentage of net asset value held by investors domiciled in the Cayman Islands\n(if applicable);\n(d) Percentage of capital commitment held by investors domiciled in the Cayman\nIslands (if applicable);\n(e)\nNumber and net asset value holdings of investors per type for the top five types\n(high net worth persons, politically exposed persons (foreign and domestic),\nother natural persons, non-bank financial institutions, trusts, non-financial\ncorporations and related fund entities not regulated under the principal Act);\n\nSCHEDULE\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nPage 12\nRevised as at 31st December, 2025\nc\n\n(f)\nNumber and net asset value holdings of nominee investors per type for the top\nfive types (high net worth persons, politically exposed persons (foreign and\ndomestic), other natural persons, non-bank financial institutions, trusts, nonfinancial corporations); and\n(g) Number of investors and net asset value holdings per geographic location for\nthe top five geographic locations.\nPart B\nOperating Information (in respect of the private fund, each of its alternative investment\nvehicles and sub-funds, if any)\n16. Value of investments held, by type (if applicable)\n17. Type of fund by \u2014\n(a)\ninvestment strategy; and\n(b) operating structure\n18. Stock exchange on which the investment interests are listed (if applicable)\n19. If listed on a stock exchange, has trading of the investment interests been suspended?\n20. Has the private fund or any of its related fund entities, issued a digital representation\nof its equity interest within the reporting period?\n21. Have there been any regulatory investigations in respect of the private fund or any of\nits related fund entities within the reporting period?\n22. Minimum Capital Commitment as per the marketing material (if applicable)\n23. Has the marketing material changed since registration of the private fund or since\nfiling the last annual return on behalf of the investment entity, whichever is most\nrecent?\n24. Has the operator made a decision to terminate the business of the private fund?\n25. How many operator meetings were held by the operator of the private fund during the\nreporting period?\n26. Total number of side letters signed with investors?\n27. Any other information as the Authority deems necessary\n\nPart C\nFinancial Information (in respect of the private fund, each of its alternative investment\nvehicles and sub-funds, if any)\n28. Type of audit opinion\n29. Generally accepted accounting principles followed by the private fund\n30. Generally accepted auditing standards used\n31. Reporting currency of the audited accounts\n\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nSCHEDULE\n\nc\nRevised as at 31st December, 2025\nPage 13\n\n32. Total assets\n33. Net asset value at beginning of period\n34. Capital contributions for period\n35. Total payments or distributions to investors for period\n36. Net income or net increase in net assets from operations\n37. Net asset value at end of period\n38. Expenses (broken down as far as possible as below, if not aggregated) \u2014\n(a)\nprofessional;\n(b) administration;\n(c)\nmanagement; and\n(d) performance fee or carried interest\n39. Asset Allocation \u2014\n(a)\nPrivate operating companies;\n(b) Restricted securities of public companies;\n(c)\nDerivatives;\n(d) Private investment companies;\n(e)\nSpecial-purpose vehicles;\n(f)\nContingent consideration;\n(g) Marketable equity securities;\n(h) Investments into master funds;\n(i)\nReal assets (other than real estate);\n(j)\nReal estate;\n(k) Virtual assets; and\n(l)\nOther\n40. Leverage\n41. Allocation of equity and debt securities by jurisdiction of issuer(s) \u2014\n(a)\nCurrency and counterparty;\n(b) Sector of issuers; and\n(c)\nDirect investments where the fund\u2019s holding represents ten percent or more of\nan entity\n42. Declaration completed by the operator that the private fund has complied with \u2014\n(a)\nsection 16 (Valuation);\n(b) section 17 (Safekeeping of fund assets); and\n\nSCHEDULE\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nPage 14\nRevised as at 31st December, 2025\nc\n\n(c)\nsection 18 (Cash monitoring),\nof the Private Funds Act (2025 Revision).\nI, _________________, declare and confirm that _______________________\n      name of operator\n\n                 name of private fund\nhas, in respect of the reporting period _______________________, complied\n\ndates\nwith section 16 (Valuation), section 17 (Safekeeping of private fund assets) and\nsection 18 (Cash monitoring) of the Private Funds Act (2025 Revision).\nI declare and confirm further that \u2014\n(a)\nI am authorized to make this declaration; and\n(b) I have taken all reasonable steps to ensure that the information in this\ndeclaration is accurate and complete.\n_______________________________\nSignature\n_______________________________\nPosition\n__________________________, 20__.\nDate\n\n43. Submitter:\nAnnual return submitted by: \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\nDate: \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\n\nPublication in consolidated and revised form authorised by the Cabinet this 28th\nday of January, 2026.\nKim Bulling\nClerk of Cabinet\n\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nSCHEDULE\n\nc\nRevised as at 31st December, 2025\nPage 15\n\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nENDNOTES\n\nc\nRevised as at 31st December, 2025\nPage 17\n\nENDNOTES\nTable of Legislation history:\nSL #\nAct\/Law #\nLegislation\nCommencement\nGazette\n69\/2025\n\nPrivate Funds (Annual Returns) (Amendment)\nRegulations, 2025\n19-Dec-2025\nLG55\/2025\/s3\n73\/2024\n\nPrivate Funds (Annual Returns) (Amendment)\nRegulations, 2024\n1-Jan-2025 LG47\/2024\/s39\n31\/2021\n\nPrivate Funds (Annual Returns) Regulations, 2021\n25-Mar-2011\nLG26\/2021\/s1\n\nENDNOTES\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nPage 18\nRevised as at 31st December, 2025\nc\n\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nENDNOTES\n\nc\nRevised as at 31st December, 2025\nPage 19\n\nENDNOTES\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nPage 20\nRevised as at 31st December, 2025\nc\n\nPrivate Funds (Annual Returns) Regulations (2026 Revision)\n\nENDNOTES\n\nc\nRevised as at 31st December, 2025\nPage 21\n\n(Price: $4.00)","akn_extracted_at":"2026-06-22 15:39:51.550481+00","cms_id":"2021-0031","law_type":"subordinate","year":"2021","number":"31","title":"Private Funds (Annual Returns) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"5797","expr_id":"666","kind":"akn_xml","filename":"2021-0031_2026 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2021\/2021-0031\/2021-0031_2026 Revision.akn.xml","content_md5":"ccf433800e2aa5e42a074f2502ec2f07","byte_size":"24972","http_last_modified":null,"fetched_at":"2026-06-22 15:39:51.983848+00"},{"file_id":"1331","expr_id":"666","kind":"pristine_pdf","filename":"2021-0031_2026 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2021\/2021-0031\/2021-0031_2026 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2021\/2021-0031\/2021-0031_2026 Revision.pdf","content_md5":"804fcfb0c7969c985eb9657b4b52cabc","byte_size":"440341","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.832062+00"},{"file_id":"1332","expr_id":"666","kind":"working_pdf","filename":"2021-0031_2026 Revision.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2021\/2021-0031\/2021-0031_2026 Revision.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2021\/2021-0031\/2021-0031_2026 Revision.pdf","content_md5":"804fcfb0c7969c985eb9657b4b52cabc","byte_size":"440341","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.832062+00"}],"paragraph_count":35,"latest_history":null},"quality":{"expr_id":"666","doc_id":"666","quality_state":"needs_review","quality_score":"76","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{other,title_mismatch}","repair_actions":"{collapse_duplicate_text,manual_review,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Text appears mostly clean; focus review on title consistency and removal of extraneous formatting artifacts.","assessed_at":"2026-06-22 15:29:46.009984+00","updated_at":"2026-06-22 15:29:46.009984+00"}}