Laws gazetted on 8 August 2019 included the following:

  • Companies (Amendment) Law, 2019; and
  • Limited Liability Companies (Amendment) Law, 2019.

Both Amendments are in force, except as noted below. They make certain information related to companies and LLCs, respectively, more accessible and increase the penalties for failure to comply with beneficial ownership registration requirements. The Registrar is now required, upon receipt of a written request, to provide information to the Anti-Corruption Commission, the Cayman Islands Monetary Authority, the Financial Crimes Unit of the Royal Cayman Islands Police Service, the Financial Reporting Authority, the Tax Information Authority and any competent authority (as defined in the Proceeds of Crime Law) which is assigned responsibility for monitoring compliance with money laundering regulations under that Law. The information must be required to discharge any function or exercise any power of the requesting authority under specified laws.

The principal Laws have also been amended to require, among other things:

  • in the case of the Companies Law, that:
    • a company’s register of members also disclose (a) the number and category of shares held by each member; and (b) a statement whether each relevant category of shares held by a member carries “voting rights” (as defined in amended section 40) under the company’s articles of association and, if so, whether such voting rights are conditional;
    • a company notify the Registrar of a change in its directors or officers within 30 (instead of 60) days of the change; and
    • the Registrar make a list of the names of the directors and alternate directors (if any) of a company available for inspection by any person (upon payment of a fee of $50 per inspection) (this provision is not yet in force); and
  • in the case of the Limited Liability Companies Law, that the Registrar make a list of the managers of an LLC available for inspection by any person (upon payment of the prescribed fee) (this provision is not yet in force).

 

Key Contacts
Share
Twitter LinkedIn Email Save as PDF
More News
3 Aug 2021 | News

Hong Kong Partner David Bulley named as "M&A Lawyer of the Year" in two jurisdictions in the Innovation & Excellence Awards 2021

David Bulley has been named “M&A Lawyer of the Year” for both the Cayman Islands and British Vir...

26 Jul 2021 | News

Appleby Receives High Rankings in Chambers’ Annual High Net Worth Guide 2021

Lawyers from Appleby’s Bermuda, Cayman Islands and Jersey Private Client & Trusts practices ha...

14 Jul 2021 | News

Recent updates of the Cayman Islands Economic Substance Regime bring certain Partnerships into scope

On 30 June 2021, the Cayman Islands Government gazetted an amendment of the ES Schedule Regulations ...

9 Jul 2021 | News

Hong Kong Partner David Bulley once again named as "Corporate Finance Lawyer of the Year"

David Bulley, has been named “Corporate Finance Lawyer of the Year – Cayman Islands” in Financ...

24 Jun 2021 | News

Britannia Litigation: Success or Stalemate?

Britannia Litigation: Success or Stalemate? Cayman Shores Development Ltd and another v Registrar ...

Contributors: Mehreen Siddiqui
31 Mar 2021 | News

Appleby announces new Partner and Counsel promotions

Appleby announces the promotion of three Partners and the appointment of five lawyers to the positio...

10 Mar 2021 | News

Appleby Global Services celebrates second year with triple growth

Appleby Global Services (AGS), Appleby’s specialist corporate and trust services provider recently...

29 Jan 2021 | News

Appleby lawyers recognised in the Private Client Global Elite Directory

Lawyers from across three of Appleby’s global jurisdictions have been selected for the Global Elit...

21 Jan 2021 | News

Cayman Islands set to introduce the Private Funding of Legal Services Act (2020)

Cayman Islands set to introduce the Private Funding of Legal Services Act (2020) which will dramatic...