The Directors Registration and Licensing Law, 2014, is now in force following Cabinet approving the final regulations and the publication of the law in the Cayman Islands Gazette.
The law requires Cayman Islands-based and non-resident directors of entities regulated under the Mutual Funds Law and certain “excluded persons” under the Securities Investment Business Law to be either registered or licensed with the Cayman Islands Monetary Authority.
Individuals appointed as directors for fewer than 20 covered entities have to be registered within three months of June 4, 2014. Professional directors who are appointed as directors for 20 or more entities, as well as corporate directors, have to be licensed within six months of June 4.
The registration process has to be carried out through CIMA’s web portal. Non-professional directors have to provide their name, date and place of birth, nationality, principal and postal address, email address and telephone number, any criminal record involving fraud or dishonesty, and whether they are subject to an adverse finding, financial penalty, sanction, disciplinary action or proceeding by a regulator or professional body.
Professional directors have to file in addition a completed personal questionnaire, which is available on CIMA’s website, three reference letters, including at least one from a bank and a recent police clearance certificate.
However, the database of registered and licensed directors will not be available to the public. A search of the database will reveal only the name of the director, registration or license number and registration or licensing date.
Non-professional directors are subject to an application fee of US$171 and an annual fee of US$854. Professional directors have to pay an application fee of US$610 and a fee of US$3,659 on their application, followed each year by a fee of US$3,049. Annual fees are payable on or before Jan. 15.