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.

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