The Directors Registration and Licensing (Amendment) Law, 2015
(the "Amendment Law") came into force on 8 May, 2015 to
amend and update specific sections of the Directors Registration
and Licensing Law, 2014 (the "Law"), and in particular to
clear up the ambiguity surrounding the terms of section 27(5) of
the Law which deals with appeals against decisions of the Cayman
Islands Monetary Authority (the "Authority") on the
suspension or cancellation of registration, or the suspension or
revocation of licenses, of directors of covered entities to the
Grand Court of the Cayman Islands.
Section 27(5) of the Law purported to set out the appeal
procedure to be followed by those directors of covered entities who
were aggrieved by a decision of the Authority to suspend or cancel
registration (in the case of registered or professional directors)
or suspend or revoke a license (in the case of corporate
The Law was ambiguous in this regard in that it only
specifically provided for an appeal against such a decision to the
Grand Court in circumstances where the license of a corporate
director was revoked. It was therefore unclear as to whether there
was any right of appeal against the decision of the Authority for
those directors whose registration was cancelled or suspended, or
in the case of corporate directors, whose license was
In repealing and substituting section 27(5), the Amendment Law
is unequivocal in providing for a right of appeal against the
decision of the Authority to cancel or suspend registration for a
registered or professional director, as well as against the
decision to revoke or suspend the license of a corporate
The Amendment Law has also added the Jersey Financial Service
Commission ("JFSC") to the list of overseas regulatory
authorities set out in the Schedule to the Law. This means that a
director who is a director, employee, member, officer, partner or
shareholder of a fund manager of a mutual fund regulated under the
Mutual Funds Law (2013 Revision) which is registered or licensed by
the JFSC, will not be required to be licensed as a professional
director if that director acts as a director for the covered entity
by virtue of his relationship to the fund manager and is registered
pursuant to section 6 of the Law.
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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