Cayman Islands to Introduce New Directors Registration and Licensing Regime
25 Mar 2014
At this time, the proposed new law has been published in the form of The Directors Registration and Licensing Bill, 2014 (the "Bill") and a short consultation period will now follow before the new law is enacted. The complete Bill can be reviewed here.
In summary, the proposed law if enacted in the form of the Bill will require all directors, whether resident in the Cayman Islands or non-resident, of (i) regulated mutual funds and (ii) companies which maintain a registration as an excluded person pursuant to the Securities Investment Business Law to register with CIMA. Persons who hold more than 20 of such directorships will need to be licensed by CIMA and will be subject to enhanced regulatory requirements. Corporate directors, irrespective of directorship numbers held, will also need to be licensed by CIMA.
Both registrants and licencees will need to pay a fee (amount to be determined) and will have three months from the date the new law is passed to complete their respective applications and be registered or licensed. The new law could be enacted as early as mid-April 2014.
A further detailed advisory will be issued on publication of the new law in final form following the consultation period.
Partner Cayman Islands
T: +1 345 814 5526
Managing Partner Dublin
T: +353 1 619 2025