The Directors Registration and Licensing Law 2014
The Cayman Islands government has enacted the Directors Registration and Licensing Law 2014, which seeks to regulate directors of certain entities established in the Cayman Islands. Please note that the law is not yet in force. The law is expected to come into force once the corresponding regulations and fee schedules are drafted.
The subject entities, defined as ‘covered’ entities, include regulated mutual funds 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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