The Directors Registration and Licensing Law 2014 - Cayman

The Cayman Islands Government (CIG) has introduced The Directors Registration and Licensing Law 2014 (“the Law”) and corresponding Regulations under which individuals and corporate companies acting as directors on mutual funds regulated under the Mutual Funds Law of the Cayman Islands ("regulated funds") need to be either registered or licensed. The Law was passed on Thursday, April 10, 2014 and took effect on June 4, 2014 subject to limited exceptions.

This Law marks the first time that all directors of regulated funds have been regulated directly in the Cayman Islands and it grants the Cayman Islands Monetary Authority (CIMA) the power to approve or deny a registration or a licence.

What does it mean for Directors

All directors of regulated funds and directors of SIBL Excluded Person investment managers (together "covered entities") will be required by law to be registered or licensed with CIMA, even if not resident in Cayman.

Directors subject to licensing must comply within six months of the Law taking effect and directors subject to registration must comply within three months.

Compliance with the Law is required by September 3, 2014 for individual directors and December 3, 2014 for corporate.

Application for registration to CIMA must be made in the form prescribed by the Regulations with the CI$700 fee, which is also due by every January 15 thereafter. There are penalty fees applied for late receipt of annual fees.

We have attached a list of FAQs as posted by CIMA which should assist with any questions that you may have. However should you require any further information or assistance with the registration process, please feel free to contact one of our Directors at your convenience;

William Harris - william@folioadmin.com 

Calum McKenzie - calum@folioadmin.com

Daniel Cann - daniel@folioadmin.com