Directors Registration and Licensing Law 2014 (2017-10-17)

Summary

This is a General Industry Notice issued by the Cayman Islands Monetary Authority (CIMA) concerning the Directors Registration and Licensing Law, 2014. It addresses natural persons acting as directors of "covered entities" who missed the original 4 September 2014 deadline to apply for registration or licensing as a professional director, and it addresses corporate directors who need to obtain a corporate director licence.

• Delinquent Directors: Those who missed the initial 4 September 2014 deadline are granted a discretionary grace period to apply for registration or licensing no later than 30 November 2014.
• Corporate directors: Must apply for a corporate director licence no later than 4 December 2014.
• Warning to directors: Directors who continue to act on the boards of covered entities without being registered or licensed are in contravention of the Law.
• Warning to covered entities: Covered entities allowing such delinquent directors to remain on their boards may themselves face enforcement action by CIMA.

Because the notice's substantive deadlines (September, November and December 2014) predate the notice's stated publication date of 17 October 2017, this appears to be a legacy/archived notice reproduced on CIMA's current industry-notices webpage rather than a newly effective requirement. Readers should treat the specific 2014 deadlines as historical context and consult CIMA directly or the underlying Law for current registration/licensing requirements for directors.

Key obligations

• Natural persons who missed the initial 4 September 2014 deadline to register or be licensed as a professional director ("Delinquent Directors") must apply to CIMA no later than 30 November 2014.
• Delinquent Directors must not act as directors on any covered entity until they are registered or licensed under the Law.
• Covered entities must not permit Delinquent Directors to continue serving on their boards, or risk enforcement action by CIMA.
• Corporate directors must apply for a corporate director licence no later than 4 December 2014.

Applies to

natural person directors, professional directors, corporate directors, covered entities

Deadlines

• 4 September 2014: Initial application deadline for natural persons to apply for registration or licensing as a professional director.
• 30 November 2014: Discretionary Grace Period deadline for Delinquent Directors to apply for registration or licensing.
• 4 December 2014: Corporate Director Deadline for corporate directors to apply for a licence.