2021 Cayman Islands Director Registration and Licensing: Action Required
We would like to make you aware that Directors registered with the Cayman Islands Monetary Authority (CIMA) under the Directors Registration and Licensing Law (Revised) (DRLL) must now consider whether they should renew or cancel their registration.
2021 renewal fees must be paid by Directors registered under the DRLL on or before 15 January 2021 if they are to remain appointed for some or all of next year as a director of a ‘covered entity’, that is, an entity that is a mutual fund regulated under the Mutual Funds Law (Revised) or an entity, such as an investment manager, that is registered as a ‘registered person’ under the Securities Investment Business Law (Revised).
Cancellation of registration must take place on or before 31 December 2020 if Directors are to avoid the 2021 annual fees, for example, if they have resigned or have been removed as a director from all relevant covered entities, or because the fund has successfully completed its de-registration from CIMA, on or before 31 December 2020.
If you have any questions or are unsure if you are required to take any action, please speak to your usual DMS representative or contact us below.