Mutual Funds (Annual Returns) Regulations
In forcePUBLISHING DETAILS Revised under the authority of the Law Revision Act (2020 Revision).
The Mutual Funds (Annual Returns) Regulations, 2006 made the 29th November, 2006 as amended by Act 56 of 2020.
Consolidated with — Mutual Funds (Annual Returns) (Amendment) Regulations, 2012 made the 22nd November, 2012 Mutual Funds (Annual Returns) (Amendment) Regulations, 2015 made the 8th September, 2015 Mutual Funds (Annual Returns) (Amendment) Regulations, 2016 made the 13th December, 2016 Mutual Funds (Annual Returns) (Amendment) Regulations, 2020 made the 16th March, 2020 Mutual Funds (Annual Returns) (Amendment) Regulations, 2024 made the 17th December, 2024 Mutual Funds (Annual Returns) (Amendment) Regulations, 202 made the 17th December, 2025.
Originally enacted —
Act 56 of 2020-7th December, 2020.
Consolidated and revised this 31st day of December, 2025.
Note (not forming part of these Regulations): This revision replaces the 2021 Revision which should now be discarded.
Arrangement of Regulations
Regulation 1A. Particulars To Be Included In Annual Returns In Respect Of Regulated Mutual Funds
Regulation 1
Citation These Regulations may be cited as the Mutual Funds (Annual Returns) Regulations 1A. Definitions 1A. In these Regulations —
“principal Act” means the Mutual Funds Act (2025 Revision); Returns (1) In respect of each financial year of a regulated mutual fund, accurate and complete returns for the fund containing the particulars set forth in the Schedule shall be completed and submitted to the Authority or, if the fund has sub-funds in its structure, for each sub-fund in its structure, in such manner as the Authority may from time to time direct, within six months after the end of the financial year to which it relates or within such extension of that period as the Authority may allow. (1A) For returns for sub-funds, the Schedule applies — (a) to the extent it is relevant to sub-funds;
Regulation 3
(b) as if a reference to a regulated mutual fund were a reference to a sub-fund; and with any other necessary changes. (2) The returns shall be submitted to the Authority through an auditor appointed under section 8 of the principal Act or such other person as may be designated by the Authority. (3) In completion of the returns, the mutual fund shall have regard to any explanatory material issued with respect thereto by the Authority. (4) The operator of a regulated mutual fund shall ensure the fund complies with paragraphs (1) and (1A). (4A) An operator who contravenes paragraph (4) commits an offence and is liable to a fine of five hundred dollars. (5) The only responsibility of an auditor under these Regulations is to submit to the Authority in a timely manner each return received by the auditor from the operator of a regulated mutual fund and such auditor shall not be liable for the accuracy or completeness of any returns submitted by such auditor pursuant to paragraph (2). (6) In this regulation — “return” means annual return; “segregated portfolio company” is defined in section 212 of the Companies Act (2026 Revision); and “sub-fund”, of a regulated mutual fund, includes any or all of the following in the fund’s structure — (a) a segregated portfolio in a segregated portfolio company structure; (b) a sub-trust of a trust or in an umbrella or master unit trust structure; and a class of shares, units or interests in a company, trust or partnership for which the fund maintains individually presented separate accounts. Repealed Repealed by regulation 2 of the Mutual Funds (Annual Returns) Regulations, 2025 [SL 67 of 2025]. Repealed Repealed by regulation 3 of the Mutual Funds (Annual Returns) Regulations, 2024 [SL 71 of 2024].
(Regulation 2) Particulars To Be Included In Annual Returns In Respect Of Regulated Mutual Funds A. General Information Name of fund Certificate number issued for the fund by the Authority Legal structure of fund Particulars of fund operator(s): (a) name(s); and (b) e-mail address(es) Year/reporting period covered by the return Name and address of investment manager Name and address of administrator Address of registered office Name of auditor
Name and address of legal counsel: (a) onshore; and (b) offshore 10A. Legal entity identifier (if applicable); 10B. Operating structure — (a) Is this report for a master fund or a regulated feeder fund? (b) Are there any investors in the master fund that are not regulated feeder funds? If so, how many? If a master fund - (i) Name and number of all feeder funds; (ii) Certificate number(s) issued for the regulated feeder fund(s) by the Authority; (iii) Legal entity identifier (if applicable);
(iv) Country of domicile; (v) Name of regulator (if applicable); and (vi) Country of regulator (if applicable); (d) If a regulated feeder fund - (i) Name of master fund; (ii) Certificate number issued for the master fund by the Authority; and (iii) Legal entity identifier, (if applicable); and (e) Is the fund a money market fund? 10C. Investment manager — (a) Legal entity identifier, (if applicable); (b) Name of regulator (if applicable); Country of regulator (if applicable); (d) Name of sub-advisors or sub-managers to whom investment manager functions have been delegated (if applicable); and (e) Country of sub-advisors or sub-managers to whom investment manager functions have been delegated (if applicable); and (f) Is the investment manager independent? 10D. Mutual Fund Administration — (a) Name of net asset value calculation agent sub-delegated (if applicable); (b) Country of net asset value calculation agent sub-delegated (if applicable); Name of registrar and transfer agent contracted; (d) Country of registrar and transfer agent contracted; (e) Name of registrar and transfer agent sub-delegated (if applicable); (f) Country of registrar and transfer agent sub-delegated (if applicable); (g) Name of regulator for net asset value calculation agent contracted (if applicable); (h) Country of the regulator for net asset value calculation agent contracted (if applicable); (i) Is the net asset value calculation agent independent? (j) Name of regulator for registrar and transfer agent contracted (if applicable); (k) Country of regulator for registrar and transfer agent contracted (if applicable); and
(l) Is the registrar and transfer agent independent? 10E. Auditor — Has the auditor, as last notified to the Authority, resigned or indicated that it will not perform the audit for the next year? 10F. Custodian — (a) Name of custodian contracted; (b) Country of custodian contracted; Name of regulator (if applicable); (d) Country of regulator (if applicable); (e) Name of any sub-custodians (if applicable); and (f) Country of any sub-custodians (if applicable); 10G. Jurisdiction(s) of the investors — (a) Number of domestic investors; (b) Total number of investors; (c) Percentage of net asset value held by domestic investors; (d) Number and percentage of retail investors (foreign and domestic); (e) Number and net asset value holdings of investors per type for the top five types (high net worth individuals, politically exposed persons (foreign and domestic), other natural persons, non-bank financial institutions, trusts, non-financial corporations); (f) Number and net asset value holdings of nominee investors per type for the top five types (high net worth individuals, politically exposed persons (foreign and domestic), other natural persons, non-bank financial institutions, trusts, non-financial corporations); and (g) Number of investors and net asset value holdings per country for the top five countries Other B. Operating Information Amount of investments held, by type of instrument, to the extent available Type of fund by: (a) investment strategy; and (b) operating structure Stock exchange on which the equity interests are listed, if applicable
Minimum subscription amount disclosed in the offering document Has trading of the equity interests been suspended? Have all or substantially all the participating equity interests been redeemed? Have there been any regulatory investigations in respect of the fund? Has the offering document changed? Has the operator made a decision to terminate the fund? 20A. Has the fund side-pocketed investments during the reporting period? 20B. Has the fund implemented a gate on redemptions or withdrawals during the reporting period? 20C. How many operator meetings were held during the reporting period? 20D. Total number of side letters signed with investors Other Financial Information Type of audit opinion Generally accepted accounting principles followed by the fund Generally accepted auditing standards used Reporting currency of the audited accounts Total assets Net asset value at beginning of period Total subscriptions for period Total redemptions for period Total dividends/distributions for period Net income/net increase in net assets from operations Net asset value at end of period Expenses (broken down as far as possible as below, if not aggregated): (a) professional; (b) administration; (c) management; and (d) performance
33A.
Asset and Liability Allocation — (a) Investment by the regulated feeder fund into a master fund; (b) Long position equities; Short positions; (d) Debt instruments; (e) Other funds; (f) Money market instruments (g) Derivatives - assets & liabilities; (h) Margin account with third party; (i) Accounts receivable; (j) Due from brokers or custodian; (k) Other assets; (l) Accounts payable; (m) Due to brokers or custodian; (n) Other liabilities; (o) Total cash; (p) Cash held in banks licensed in the Islands under the Banks and Trust Companies Act (2025 Revision); and (q) Liquidity index for assets 33B. Leverage 33C. Allocation of equity and debt securities by jurisdiction of issuer — (a) Currency and counterparty sector of issuers of investments held by funds; (b) Direct investments where the funds’ holding represents ten percent or more of an entity; and (c) Total end assets Other
Return submitted by: …………………………………….
Date: ……………………………………………………..
Publication in consolidated and revised form authorised by the Cabinet this 28th of January, 2026. Kim Bullings Clerk of the Cabinet
Table of Legislation history: SL # Act/Law # Legislation Commencement Gazette 67/2025 19-Dec-2025 LG55/2025/s1 71/2024 1-Jan-2025 LG47/2024/s37
Mutual Funds (Annual Returns) Regulations (2021 Revision) 12-Feb-2021 G14/2021/s5
56/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89/2020/s1 24/2020 17-Mar-2020 LG19/2020/s2
Mutual Funds (Annual Returns) Regulations (2018 Revision) 23-Mar-2018 GE24/2018/s4 73/2016 16-Dec-2016 GE100/2016/s6 40/2015 15-Sep-2015 GE69/2015/s1 8/2012 30-Jan-2013 GE11/2013/s1 1/2006 27-Dec-2006 G26/2006/s1
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