Companies Management (Amendment) (No. 2) Act, 2023 (Act 16 of 2023)

Summary

This is a short amendment act that updates cross-references in the Companies Management Act (2021 Revision) so that they point to the new Beneficial Ownership Transparency Act, 2023, instead of the now-superseded beneficial ownership provisions found in Part XVIIA of the Companies Act (2021 Revision) and Part 12 of the Limited Liability Companies Act (2021 Revision). It does not create new substantive duties; it is a technical consolidation exercise to align the Companies Management Act's definitions and enforcement powers with the new standalone beneficial ownership legislation.

• Section 3(1)(ba): Amends the definition of "business of company management", replacing outdated references with references to the Beneficial Ownership Transparency Act, 2023.
• Section 18(1)(c): Amends the Cayman Islands Monetary Authority's additional powers, replacing outdated references with references to the Beneficial Ownership Transparency Act, 2023.
• Section 19(2): Amends the Authority's power of search, replacing outdated references with references to the Beneficial Ownership Transparency Act, 2023.

The practical effect is that company managers licensed under the Companies Management Act remain subject to the Authority's oversight and enforcement powers in relation to beneficial ownership compliance, now framed by reference to the new Act rather than the repealed Companies Act/LLC Act provisions.

The amendment applies to persons and entities licensed to carry on the business of company management in the Cayman Islands, and to CIMA in its supervisory and enforcement role over such licensees. The Act itself does not come into force immediately; it takes effect on a date to be fixed by Order of the Cabinet, which is not specified in this document.

Applies to

company managers (persons licensed to carry on business of company management under the Companies Management Act)

Deadlines

• by Order made by the Cabinet: The Act comes into force on a date to be fixed by Cabinet Order; no specific commencement date is stated in this document.

Related documents

• Companies Management Act (2025 Revision) replaces this document