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
9 Sep 2022 | News

CRS Compliance Form Filing Deadline in the Cayman Islands – Are you ready?

The 15 September 2022 is the upcoming deadline for submitting the 2021 CRS Compliance Form with the ...

Contributors: Sheila Crosby
5 Aug 2022 | News

Cayman Islands Enforcement Guidelines: Common Reporting Standard and Economic Substance

An overview of the Cayman Islands Common Reporting Standard and Economic Substance Enforcement Guide...

26 May 2022 | News

Mixing Business With Family: Quasi-Partnership in Family Companies

Andrew Jackson considers the circumstances in which a family-owned company may be found to have been...

4 May 2022 | News

Fun and games ahead? Possible abuses of the new Cayman Restructuring Officer regime

The Cayman Islands has taken a large step toward a progressive new restructuring regime with the rec...

29 Apr 2022 | News

An ‘Unprecedented’ Just & Equitable Winding Up of a Solvent Cayman Islands’ Captive – Re Virginia Solution SPC Ltd

In what we understand to be an ‘unprecedented’ judgment handed down in February (linked here), t...

11 Apr 2022 | News

Grand Court upholds novel use of Receivership to enable Beneficial Owner of shares in Cayman Investment Funds to access Statutory Shareholder Protections

In an important decision for the jurisdiction and for investment funds in particular, the Grand Cour...

Contributors: David Lewis-Hall
1 Apr 2022 | News

Appleby announces new Partners and Counsel promotions

Appleby announces the promotion of two Partners and the appointment of five lawyers to the position ...