De-registration of SIBL Excluded Persons for Non-Compliance (2020-09-15)

Summary

This is a public notice issued by the Cayman Islands Monetary Authority (CIMA) on 15 September 2020, announcing that a specific list of over 190 named persons registered as "excluded persons" under the Securities Investment Business Law (SIBL EPs) have been deregistered for failing to comply with a prior statutory obligation.

• Original Notice: Issued 19 June 2019, setting out the requirement for all SIBL excluded persons to submit certain required information to CIMA.
• Reminder Notice: Issued 9 August 2019, reiterating the same requirement.
• Deadline: Required information had to be submitted to CIMA by 15 January 2020, pursuant to section 21(1)(a) of the Securities Investment Business (Amendment) Law, 2019.
• Enforcement action: Because the named entities failed to provide the required information by that deadline, CIMA exercised its power under section 21(2)(b) of the SIB Amendment Law to deregister them.

The notice itself does not create new forward-looking obligations; it is a factual announcement of an enforcement outcome. Its practical effect is that the listed entities are no longer authorised to conduct securities investment business in or from within the Cayman Islands. Anyone dealing with these entities, or the entities themselves, should be aware that their SIBL excluded person registration has been cancelled and they can no longer rely on that status to conduct securities investment business.

This document is primarily of historical/reference value now, confirming which entities lost their excluded person status for non-compliance with a 2019-2020 information-filing requirement. It does not impose any new compliance deadline on current readers.

Key obligations

• Deregistered SIBL excluded persons are no longer authorised to conduct securities investment business in or from within the Cayman Islands and must cease such activity.

Applies to

SIBL Excluded Persons (persons registered as excluded persons under the Securities Investment Business Law)