Directors Registration and Licensing (Amendment) Law, 2015 (Law 5 of 2015)

Summary

This is a short amendment to the Cayman Islands' Directors Registration and Licensing Law, 2014. It does two things: it revises the appeal provisions relating to CIMA decisions on registration and licensing, and it updates the Schedule of recognised Overseas Regulatory Authorities and internal cross-references.

• Appeal rights (section 27(5)): Rewrites section 27(5) of the principal law to give registered directors, professional directors, and corporate directors a clear right to appeal to the Grand Court within 21 days of the effective date of a decision by the Cayman Islands Monetary Authority (CIMA) to cancel or suspend their registration, or to revoke or suspend their licence.
• Effect of lodging an appeal: Clarifies that lodging such an appeal does not suspend enforcement of CIMA's decision while the appeal is pending.
• Cross-reference correction: Amends the Schedule to the principal law to correct a reference from 'Section 9' to 'Section 16(2)'.
• Recognised overseas regulators: Adds the Jersey Financial Services Commission (JFSC) as paragraph 15 to the Schedule's list of recognised Overseas Regulatory Authorities.

The law applies to individuals registered or licensed under the Directors Registration and Licensing Law, 2014 -- specifically registered directors, professional directors, and corporate directors -- and to CIMA's exercise of its cancellation, suspension, revocation, and licensing functions under that law. It also affects how CIMA treats qualifications or standing recognised via the Jersey Financial Services Commission, now formally included among the recognised overseas regulatory authorities.

Key obligations

• A registered director, professional director, or corporate director who wishes to appeal a CIMA decision to cancel or suspend registration, or to revoke or suspend a licence, must file the appeal with the Grand Court within twenty-one days of the effective date of that decision.
• An appeal against such a decision does not suspend execution of CIMA's decision while the appeal is pending.

Applies to

registered directors, professional directors, corporate directors

Deadlines

• within twenty-one days of the effective date of the cancellation, suspension or revocation: Deadline for a registered director, professional director, or corporate director to appeal to the Grand Court against CIMA's decision to cancel/suspend registration or revoke/suspend a licence.

Related documents

• This document amends Directors Registration and Licensing Law, 2014 (Law 10 of 2014)