Cayman Islands Government Announces Introduction of Registration/Licensing Regime for Directors of Certain Regulated and Registered Entities

​On 21 March 2014, the Cayman Islands government announced that it intends to introduce a new registration and licensing regime for directors of mutual funds regulated under the Mutual Funds Law (2013 Revision) and entities registered as excluded persons under the Securities Investment Business Law (2011 Revision).

Whilst certain key details pertaining to the registration/licensing regime have not yet been released, including anticipated fee levels and pro forma application forms, the text of the proposed new law has been published as The Directors Registration and Licensing Bill, 2014. The Bill will now be subject to a short consultation period and may be subject to further amendment before the new law is enacted.

Timeline

The new law is expected to be enacted during April 2014.

Action Required

A more detailed advisory will follow once the provisions of the new law have been finalised. No action is required at this time.

 

Click to view advisory


BRITISH VIRGIN ISLANDS
Ashley GunningPartnerT +1 345 914 4251ashley.gunning@walkersglobal.com

CAYMAN ISLANDS
Ingrid Pierce Global Managing PartnerT +1 345 814 4667ingrid.pierce@walkersglobal.com
Tim BuckleyManaging PartnerT +1 345 814 4646 tim.buckley@walkersglobal.com
Ashley GunningPartnerT +1 345 914 4251ashley.gunning@walkersglobal.com
Caroline HealPartnerT +1 345 814 4621caroline.heal@walkersglobal.com
Rolf LindsayPartnerT +1 345 914 6307rolf.lindsay@walkersglobal.com
Tim Ludford-ThomasPartnerT +1 345 914 6386tim.ludford-thomas@walkersglobal.com
Caroline WilliamsPartnerT +1 345 914 6342caroline.williams@walkersglobal.com

HONG KONG
Denise WongPartnerT +852 2596 3303denise.wong@walkersglobal.com

LONDON
Hughie WongPartnerT +44 (0)20 7220 4982hughie.wong@walkersglobal.com

SINGAPORE
Thomas GrangerPartnerT +65 6603 1694thomas.granger@walkersglobal.com