CIMA's REEFS system does not give second chances. An incomplete or incorrectly completed Fund Annual Return is automatically rejected — and once that happens, the clock is still running toward your deadline. Paying for a filing extension because of a preventable error is frustrating and expensive.
Here are the seven most common FAR filing mistakes that experienced fund operators and their auditors encounter, and what you can do to prevent them.
1. Not Enabling Excel Macros
The FAR is an Excel-based form that relies heavily on macros for its functionality. If macros are not enabled when the form is opened, the data validation, drop-down lists, and cross-referencing between fields will not work correctly. A FAR completed without macros enabled often appears complete but contains hidden errors that cause automatic rejection in REEFS.
Fix: Always enable macros when first opening the FAR. CIMA's Completion Guide explicitly warns against opening the form in an internet browser or any platform other than Excel with macros enabled.
2. Manually Overriding Drop-Down Fields
Many fields in the FAR require selection from a pre-defined drop-down list. A common error is typing directly into these cells rather than selecting from the list — which creates a value that CIMA's system cannot validate, even if the typed entry appears correct.
Fix: Never type into a drop-down field. Always click the cell and select the appropriate value from the available options.
3. Leaving Required Fields Blank
CIMA's systems will automatically reject a FAR that has any required field left blank. This sounds obvious, but the FAR is a detailed form covering legal structure, service providers, investor data, financial information, and related fund entities — all of which must be populated accurately. Sections covering less familiar concepts (such as the Counterparty Sector classifications for investors) are frequently left incomplete by teams preparing the FAR for the first time.
Fix: Work through CIMA's official Completion Guide section by section. Do not assume a field is optional because it is not immediately intuitive.
4. Operator Details Are Incomplete or Incorrectly Formatted
The FAR requires the names of all fund operators (directors, general partners, or trustees). For corporate directors, CIMA requires both the company name and the names of the specific individuals responsible for the fund within that company — formatted in a specific way. For example, if ABC Directors Ltd. has two directors for the fund named John Smith and Jim Jones, both must be entered as separate operator entries in a specific format.
Fix: Follow the Completion Guide's formatting instructions for operators precisely. Ensure that all individuals with director responsibilities for the fund are listed, not just the corporate director entity.
5. Incorrect Treatment of Related Fund Entities
The FAR requires disclosure of co-investment vehicles, parallel funds, feeder funds, master funds, and other related fund entities. Since February 2022, the private fund FAR includes the Related Fund Entity section within the main form. Many operators either omit related entities entirely or classify them incorrectly.
Fix: Before completing this section, compile a clear structure chart of the fund, including all co-investment vehicles, AIVs, feeders, and parallel funds. Classify each accurately according to the definitions in the Completion Guide.
6. Mismatched Financial Data
The FAR's financial section must be consistent with the audited financial statements filed alongside it. Discrepancies between the FAR figures and the audited accounts — even minor ones caused by rounding or presentation differences — can generate validation errors and trigger queries from CIMA.
Fix: Complete the financial section of the FAR only after the audited financial statements are finalised. Cross-reference key figures between the two documents before submission.
7. Submitting Without Validation
The single most common root cause of FAR rejections is submitting the form without running a thorough pre-submission validation. Many operators and even auditors submit the form and rely on CIMA's REEFS system to catch errors — but by then, the deadline clock is still running, and fixing a rejected filing costs time that may not be available.
Fix: Use a dedicated FAR validation tool before the form reaches CIMA. A good validator checks every field, identifies errors before submission, and gives you time to correct them without impacting your filing deadline.
Avoiding these mistakes requires both technical knowledge of the FAR form and a systematic review process. Our FAR validator is built specifically to catch the types of errors that cause automatic CIMA rejections — giving operators and their service providers confidence before the June 30 deadline arrives.
Validate your FAR before submission with our FAR Validator that does it in seconds →
All blog posts are for informational purposes only and do not constitute legal, regulatory, or compliance advice. Fund operators should always confirm current requirements with CIMA or their legal and regulatory advisors.