Legislators on Monday passed three laws that Premier McKeeva Bush said would bring the Cayman Islands’ financial services industry in line with international standards and improve its competitiveness.
“This is the first round of critical changes to the Companies Law that are needed to improve the competitiveness of our jurisdiction and address difficulties with the present law,” Mr. Bush said, adding that further changes would also be made to the law.
The premier said there had been two rounds of consultations with members of the financial services industry and associations on the bills since work on amending the laws began last year.
Lawmakers unanimously passed the Companies (Amendment) Bill 2011 and two companion bills – the Securities Investment (Amendment) Bill and The Property (Miscellaneous Provisions) (Amendment) Bill.
Among the amendments to the Companies Law were changes relating to the naming of companies, segregated portfolios, mergers and consolidations of shares.
One amendment will make it easier for foreign companies to register in Cayman so, for example, Hong Kong companies with names in Chinese characters will be able to register without an English name that is a direct translation of the Chinese name, as currently required. Instead, it can register under dual names.
The Securities Investment (Amendment) Bill provides that the disposal of treasury shares by a company does not constitute security investment business, while the Property (Miscellaneous Provisions) (Amendment) Bill deals with the signing of deeds and instruments under seal.