The Cayman Islands government has announced, by way of a Gazette
dated 21 March 2014, its intention to introduce a registration and
licensing regime for directors of certain regulated entities in the
Cayman Islands. This has been anticipated since the Cayman
Islands Monetary Authority ("CIMA")
conducted its industry wide corporate governance consultation in
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
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
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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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