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The Directors Registration and Licensing Law 2014 — now in force

The Directors Registration and Licensing Law 2014 is now in force following publication in the Cayman Islands Gazette of The Directors Registration and Licensing (Registration and Licensing) Regulations 2014.

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 that will be regulated: (1) ‘registered directors’ who comprise natural persons appointed as directors to fewer than 20 covered entities; (2) professional directors, who comprise natural persons appointed as directors for 20 or more covered entities; and (3) corporate directors, comprising bodies corporate appointed as directors for any covered entity…

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