Background:
Amendments to Cayman legislation for corporate entities (including
LLCs) have been put in place in order to facilitate the
establishment of a regime permitting more rapid searches of
beneficial ownership information by the Competent Authority in the
Cayman Islands in response to queries from appropriate authorities
in the United Kingdom and the Cayman Islands.
Key analysis:
CIMA registered, and therefore regulated funds are out of scope
including funds “managed, arranged, administered, operated or
promoted” by “approved persons” such as
investment managers regulated in approved jurisdictions including
the U.S., China, Hong Kong, the U.K., Switzerland and Singapore.
Funds which are not must comply with the Regime and including funds
which are incorporated and/or registered by continuation under the
Companies Law (including exempted, ordinary, limited liability and
special economic zone companies) and exclude companies which are
out of scope.
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.
