The Directors Registration and Licensing Law 2014
(Law) came into force on 4 June 2014.
The Law applies to all directors of (i) companies regulated or
licensed by CIMA as mutual funds and (ii) companies registered as
'excluded persons' (and who are not regulated by an
overseas authority) under the Securities Investment Business Law,
all defined as 'Covered Entities'.
Each such director will need to register with CIMA and to do so
will need a unique identification number (Unique
ID) in order to complete the online registration process.
CIMA has now issued these Unique IDs to each Covered Entity's
registered office provider and Appleby Trust (Cayman) Ltd. is in
the process of contacting all directors for whom they have received
In addition to the registration requirement, 'Professional
Directors', which are defined as any person appointed as a
director for 20 or more Covered Entities, and 'Corporate
Directors' must apply for a licence. There are a number of
exemptions available from the licensing regime and if you require
additional information or assistance regarding this, you should get
in touch with your normal point of contact at Appleby.
To register or apply for a licence, a director must submit an
application through the CIMA Director Gateway which is available on
CIMA's website and pay the relevant
The aggregate initial and recurring annual fees are:
Registration - US$853.66
Professional Director licence – US$3,658.54
Corporate Director licence - US$9,756.10
Once licensed or registered, any material change to the
information provided in the initial application will need to be
filed with CIMA within 21 days of the change taking effect and
annual filing (which includes payment of the annual fee) must be
made no later than 15 January each year.
Individuals have until 3 September 2014 to either register
and/or apply for a licence.
Corporate Directors have until 3 December 2014 to apply for a
New directors will have to register before being appointed to
the board of a Covered Entity and can apply for their Unique ID
through the CIMA portal.
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Virtual currency trading value and volume is soaring globally, but regulating virtual currencies and those who provide virtual currency exchange services (Exchangers) is challenging.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).