The Directors Registration and Licensing Law, 2014

The Cayman Islands government has issued Regulations to accompany The Directors Registration and Licensing Law, 2014 (the "DRLL") published on 23 May 2014, which means that the DRLL is now in force.

Key points:

  • The DRLL applies to all directors of (i) mutual funds regulated under the Mutual Funds Law (2013 Revision) (the "MFL"), and (ii) most companies registered as 'excluded persons' under the Securities Investment Business Law (2011 Revision) (the "SIBL") (the "Covered Entities").
  • All directors of Covered Entities will need either to (i) register with the Cayman Islands Monetary Authority ("CIMA"); or (ii) apply to be licensed by CIMA where (a) such director acts for 20 or more Covered Entities; or (b) is a corporate director, subject to certain exceptions outlined below, and in each case pay the appropriate registration or licensing fee.
  • The DRLL does not, at present, apply to Covered Entities which are partnerships or unit trusts.

Next steps:

  • All directors of Covered Entities will be contacted by the relevant registered office service provider for their Covered Entity(ies) to provide them with an individual passcode and user instructions (both to be issued by CIMA) which will allow access to CIMA's web-site for submission of an on-line registration or licence application. Directors of multiple Covered Entities who have different registered office service providers may be contacted multiple times but should disregard any duplicate passcodes. If no passcode is received, the director should contact CIMA at: This email address is being protected from spambots. You need JavaScript enabled to view it..
  • All directors of companies which are in the process of preparing applications to register as Covered Entities in the near future are advised to contact their Walkers attorney immediately to discuss next steps.

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