Banks and Trust Companies (Amendment) Act, 2023 (Commencement) Order, 2024

Summary

This is a short commencement order made by the Cayman Islands Cabinet that brings the Banks and Trust Companies (Amendment) Act, 2023 into legal force. It does not itself contain any substantive amendments to banking or trust company regulation; it simply fixes the date on which the previously passed Amendment Act takes effect.

• Commencement date: The Banks and Trust Companies (Amendment) Act, 2023 (Act 14 of 2023) came into force on 31 July 2024.
• Nature of the document: It is procedural, exercising the Cabinet's power under section 1(2) of the Amendment Act to set a commencement date.
• Publication: Published in the Legislation Gazette Supplement No. 9 of 31 July 2024.

Because the text provided only contains the commencement mechanics and not the substantive text of the Amendment Act itself, readers seeking to understand the actual changes to bank and trust company regulation should consult the underlying Banks and Trust Companies (Amendment) Act, 2023 directly. This Order's practical effect for banks and trust companies is simply that whatever changes the 2023 Amendment Act makes are now legally operative from 31 July 2024.

Applies to

banks, trust companies

Deadlines

• 31st July, 2024: Date on which the Banks and Trust Companies (Amendment) Act, 2023 comes into force

Related documents

• This document commences Banks and Trust Companies (Amendment) Act, 2023 (Act 14 of 2023)
• This document is made under Banks and Trust Companies (Amendment) Act, 2023 (Act 14 of 2023)