Companies Management (Amendment) Act, 2024 (Act 12 of 2024)

Summary

This is a short amendment act that changes the Companies Management Act (2024 Revision) so that the fee paid when applying for a companies management licence is expressly stated to be non-refundable. Previously section 5(6)(b) referred to 'such' fee; the amendment replaces this wording with 'the non-refundable' fee, removing any ambiguity about whether an unsuccessful or withdrawn application entitles the applicant to a refund of the application fee.

• Who is affected: Persons and entities applying for a licence under the Companies Management Act, i.e. companies management businesses seeking authorisation from the Cayman Islands Monetary Authority.
• What does not change: Licensing criteria, ongoing compliance duties, and fee amounts themselves are not altered -- the amendment only clarifies that the application fee is retained by the Authority regardless of outcome.

The Act does not take effect immediately on assent; it comes into force on a date to be appointed by Cabinet Order, so licensees and applicants should watch for that commencement order before treating the non-refundable fee provision as legally operative.

Key obligations

• Applicants for a companies management licence should expect that the application fee paid to the Authority is non-refundable once the Act is brought into force.

Applies to

companies management licensees, applicants for a companies management licence

Deadlines

• date appointed by Order of the Cabinet: The Act comes into force on a date to be set by Cabinet Order, not on the date of assent (18 December 2024).

Related documents

• This document amends Companies Management Act (2025 Revision)
• Companies Management Act (2025 Revision) replaces this document