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The Directors Registration and Licensing Law, 2014 (the “Law”) is now in force following publication in the Cayman Islands Gazette of The Directors Registration and Licensing (Registration and Licensing) Regulations, 2014.
As explained in our May 2014 Article, the Law provides that those persons acting as directors of a covered entity must register with, or obtain a licence from, the Cayman Islands Monetary Authority (“CIMA”). For this purpose a “covered entity” means a mutual fund regulated under the Mutual Funds Law and certain “Excluded Persons” under the Securities Investment Business Law.
There are three classes of directors which will be regulated: (1) “registered directors” who comprise natural persons appointed as directors to fewer than twenty covered entities; (2) professional directors, who comprise natural persons appointed as directors for twenty or more covered entities; and (3) corporate directors, comprising bodies corporate appointed as directors for any covered entity.
The Law applies to each category whether or not the director is resident in the Cayman Islands.
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The Directors Registration and Licensing Law, 2014 – Now in Force