In the Cayman Islands, the Director Registration and Licensing Act mandates that directors of designated entities must either register or obtain a license from the Cayman Islands Monetary Authority (CIMA). This requirement is pivotal for maintaining regulatory compliance within the jurisdiction.
Scope of the Act
The Act encompasses directors of various entities, including:
- Directors of companies regulated as mutual funds under the Mutual Funds Act.
- Directors of companies registered with CIMA as Registered Persons under the Securities Investment Business Act (SIB Act).
- Managers of limited liability companies (LLCs) formed in the Cayman Islands that are either regulated mutual funds under the Mutual Funds Act or Registered Persons under the SIB Act.
Classification of Directors
Directors are categorized as follows:
- Registered Directors: Individuals serving less than twenty coveredentities.
- Professional Directors: Individuals serving twenty or more coveredentities.
- Corporate Directors: Corporations appointed as directors.
Registration and Licensing Requirements
1. Registered Directors:
- Must register with CIMA and pay a fee.
- Annual fees are also payable.
- Registration information includes personal details, criminal history, and affiliations with covered entities.
- Registration is conducted online with CIMA.
2. Professional Directors:
- Must obtain a license from CIMA.
- Exemptions apply under specific conditions.
- Licensing involves a detailed process, including additional questionnaires and references.
- Licensing fees are applicable, with a surrender fee for license cancellation.
3. Corporate Directors:
- Must be licensed by CIMA.
- Annual fees apply.
- Specific details required for licensing can be obtained through CIMA’s website.
Public Access to Information
Registered and licensed directors' details will be accessible to the public, including the type of registration or license, number, and date of issue.
Obligation to Update Information
Any changes to the information provided during registration or licensing must be reported to CIMA within a set timeframe.
Compliance and Penalties
Directors must comply with registration or licensing requirements prior to appointment. Failure to do so may result in significant penalties, including fines and imprisonment. CIMA also has the authority to impose administrative fines for breaches of the Act and related regulations.
This article is only intended to give a general overview and summary of the subject matter. It is not, nor is it intended to be comprehensive, and it does not constitute, and should not be taken to be, legal advice. If you would like legal advice or further information on any issue of any kind raised by this article, please get in touch with one of your usual contacts.
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The designated Data Protection Officer for Milliard Law is Owen Jones, who is reachable at bradley.mindrup@milliard.law.
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