Private Funds Regulations (2022 Revision)
Regulations providing key definitions and administrative requirements for private funds under the Private Funds Act.
Private_Funds_Regulations_(2022_Revision).pdf
2026-04-27
The Private Funds Regulations (2022 Revision) supplement the private-funds-act-2025 by providing specific definitions and outlining operational requirements for private funds that have not yet received capital contributions.
Key Definitions
The regulations prescribe the following definitions for the purposes of the Act:
- Alternative Investment Vehicle: A company, unit trust, partnership, or other similar vehicle formed in accordance with a private fund's constitutional documents to make, hold, or dispose of investments related to the fund's business. It must only have members, partners, or trust beneficiaries that are also participants in the private fund.
- Restricted Scope Private Fund: A private fund that meets all of the following criteria:
- It is an exempted limited partnership.
- It is managed or advised by a person licensed or registered by cima or authorised by a recognised overseas regulatory authority.
- All of its investors are non-retail in nature (either high net worth persons or sophisticated persons).
Declaration Regarding Capital Contributions
Under Section 3(2) of the Private Funds Act, Part 3 of the Act (which deals with valuation, safekeeping of fund assets, cash monitoring, and identification of securities) does not apply to a private fund until it receives capital contributions for investment purposes.
These regulations require the operator of such a fund to file a formal declaration with cima attesting that the fund has not received capital contributions. This declaration must be filed within six months after the end of the financial year to which it relates. The schedule to the regulations provides the specific form for this declaration.