The Cayman Islands Monetary Authority has warned 1,330 directors who have not met annual registration and information requirements, that it will cancel their listed director registration.
In a warning notice to non-compliant directors, issued on 14 Dec., the financial regulator identifies the directors by name saying that reasonable efforts to locate and correspond with them had been unsuccessful.
“The Authority is therefore posting this notice publicly in an effort to give notice to the directors and all interested parties,” CIMA wrote.
The directors named on the list are in breach of the Directors Registration and Licensing Act because they have not maintained their registration by providing the authority with the relevant information in the prescribed form and by paying an annual registration fee. The deadline for these registration requirements is 15 Jan. in each calendar year.
CIMA said it would consider the lack of communication when assessing whether a director is fit and proper to act in connection with a regulated fund or other licensees, as well as in future applications.
The regulator said it proposes to cancel the listed director registrations of the named individuals for contravening the act and related regulations.