So, we’re going to look at the exemption from audit requirements for a regulated mutual fund. The mutual fund grounds and the private fund grounds are not identical. So there is a difference with mutual and with mutual you can apply for an exemption from audit requirements on the basis that the fund has not launched but does not wish to be deregistered. So that’s one of the different grounds. Anyway, let’s look at the grounds for a mutual fund. Number one, a fund is not launched but does not wish to be deregistered. Number two, a fund has not launched and has been liquidated or wishes to be de registered. Three, a fund is launched but has been unsuccessful in raising sufficient capital for sustainability. The next one, a fund is unable to obtain audited accounts due to events such as bankruptcy proceedings, legal or regulatory enforcement actions. Next one, a fund has been placed in compulsory liquidation and the authority is satisfied with the appointment of the liquidator and the scope the liquidator’s review. My least favorite one for mutual funds too. A fund is being voluntarily liquidated. Please try not to do that one before you apply for the audit exemption. It’s a pain to deal with. Next one, a fund is transferring to another jurisdiction within 6 months of its last financial year end. Next one, a fund is dissolving by way of merger and you also have that little catch all at the end of exceptional circumstances. Again, I’m going to say it. Please make sure that the circumstances are exceptional. It’s not just a general catch all where we turn up and say, “Hey, Mr. CIMA, please grant this. We had a we’ve had a hard year and we’ve not really done anything we need to do cuz that’s not going to get you there.” Anything else? Yes. So, I think mentioned earlier the FAR fees, fund annual return fees are now changed. They don’t get paid when you file the FAR. They get paid when you do the annual renewal. But what we see is that where sometimes funds have paid the FAR fees themselves directly to CIMA, there’s not enough information for them to match up the payment. So they’re sitting on CIMA’s books unpaid. So I will you make sure that all your FAR fees historically have been brought up to date and that you don’t have any payments that you’ve made that haven’t been matched off by CIMA or you’ve just forgotten. Yeah. No, he’s right. you can’t you’re you’re going to really struggle to put anything into CIMA if you’ve not paid your money first.
