After industry consultation and feedback process in 2022, the following updated regulatory measures of the Cayman Islands Monetary Authority (CIMA) were gazetted on 14 April 2023:

• CIMA Rule - Cybersecurity for Regulated Entities
• CIMA Statement of Guidance - Cybersecurity for Regulated Entities
• CIMA Statement of Guidance - Outsourcing Regulated Entities
• CIMA Statement of Guidance - Nature, Accessibility and Retention of Records
• CIMA Statement of Guidance – Corporate Governance for Mutual Funds and Private Funds
• CIMA Rule – Corporate Governance for Regulated Entities
• CIMA Rule and Statement of Guidance – Internal Controls for Regulated Entities

These regulatory measures are primarily updated and streamlined versions of existing regulatory measures. They include however certain new provisions and changes to scope of which all regulated entities, including mutual funds and private funds, should be aware. 

These new regulatory measures came into effect on 14 April 2023 except the Rule on Corporate Governance for Regulated Entities and the combined Rule and Statement of Guidance on Internal Controls for Regulated Entities, which will come into effect on 14 October 2023.

This advisory provides a summary of the key points, as well as guidance on compliance in practice for mutual funds and private funds.

Read the full advisory