‘Registered Persons’ in the Cayman Islands are exempt from company beneficial ownership rules and are no longer required to comply with either the Companies Law or Limited Liability Companies Law.
The change, which came into effect at the end of June, means that all future company reporting for these 3,000 or so firms will be filed under the Cayman Securities Investment Business Law (SIBL).
Excluded Persons abolished
That law, enacted in 2019, abolished the ability for an entity to register as an ‘Excluded Person’ under SIBL and meant that current ‘Excluded Persons’ had to re- register with the Cayman Islands Monetary Authority (CIMA) by 15 January 2020 and become Registered Persons.
‘Registered Persons’ are still required to report details of at least two of their firms’ directors and their corporate ownership structure to CIMA.
Loophole closed
Under earlier Cayman legislation ‘Excluded Persons’ could at one time provide investment and securities investment advice without obtaining a licence.
This loophole was closed earlier this year.
Categories: Trade Based Financial crimes News
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