Monetary Authority (Amendment) Law, 2020 (Law 3 of 2020)

Summary

This is a short amending law that updates the Monetary Authority Law (2020 Revision), which is the statute establishing the Cayman Islands Monetary Authority (CIMA) and defining its regulatory functions. It does not itself regulate market participants directly; instead it changes CIMA's own governing legislation in two ways.

• Regulatory laws definition: Adds the Private Funds Law, 2020 to the definition of "regulatory laws" in section 2 of the Monetary Authority Law, meaning CIMA's regulatory and enforcement powers under the Monetary Authority Law now extend to matters arising under the Private Funds Law.
• Schedule 3 replacement: Repeals and replaces Schedule 3 of the Monetary Authority Law, which lists the private sector associations that CIMA is required to consult under section 4 of that Law, updating the list to include additional and current industry bodies (e.g. the Blockchain Association of the Cayman Islands, CFA Society Cayman Islands, Cayman Islands Compliance Association, and others).

The amendment is administrative/structural in nature: it does not create new filing, reporting, or licensing obligations for licensees or funds. Its practical effect is that private funds and their operators become subject to CIMA's regulatory oversight framework as a consequence of the Private Funds Law being classified as a regulatory law, and it formalises which industry associations CIMA must consult on regulatory matters.

Applies to

private funds, persons regulated under the Private Funds Law, 2020

Related documents

• This document amends Monetary Authority Law (2020 Revision)