Directors Registration and Licensing (Registration and Licensing) Regulations, 2014

Summary

These are the implementing Regulations made under the Directors Registration and Licensing Law, 2014, which set out the practical registration and licensing regime for persons who act as directors of Cayman Islands 'covered entities' (principally mutual funds and other regulated entities). The Regulations prescribe the application forms and information that must be submitted to the Cayman Islands Monetary Authority (CIMA) depending on the route taken, and they set out the fees payable on application, annually thereafter, and on surrender of registration or a licence.

• Routes covered: Straightforward registration, registration under an exemption from licensing, or licensing as a professional director or as a corporate director.
• Who it applies to: Individuals seeking to register as directors, individuals seeking a professional director's licence, corporate entities seeking a corporate director's licence, and those seeking registration under the exemptions tied to being an employee/officer of a companies management licence holder, mutual fund administrator, or fund manager.
• Required disclosures: Each category has its own schedule of required disclosures, ranging from basic identity and residence details to criminal record and regulatory disciplinary history, references, insurance evidence, constitutional documents, and beneficial ownership information for corporate director applicants.

The Regulations also fix specific monetary fees: application fees combined with registration/licensing fees payable up front, recurring annual fees payable by 15 January each year following registration or licensing, and separate fees for surrendering a registration or licence. These are administrative/fee-setting regulations rather than a policy notice, and they remain part of the operative regulatory framework for director registration and licensing in the Cayman Islands.

Key obligations

• A person applying for registration must, in the form stipulated by the Authority, provide the information required under Schedule 1, 2 or 3.
• A person applying for a professional director's licence must provide the information in Schedule 4; a person applying for a corporate director's licence must provide the information in Schedule 5.
• A registration applicant must pay an application fee of $140 plus $560 at the time of application, and thereafter pay $700 on or before 15th January of each subsequent year.
• A professional director licence applicant must pay $500 plus $2,500 at the time of application, and thereafter pay $3,000 on or before 15th January of each subsequent year.
• A corporate director licence applicant must pay $800 plus $7,200 at the time of application, and thereafter pay $8,000 on or before 15th January of each subsequent year.
• A person surrendering registration must pay a fee of $600; a person surrendering a professional or corporate director's licence must pay a fee of $800.

Applies to

professional directors, corporate directors, registered directors, companies management licence holders, mutual fund administrators licence holders, fund managers, covered entities

Deadlines

• on or before 15th January of each year subsequent to the date of registration: Annual fee of $700 payable by registered directors.
• on or before 15th January of each year subsequent to the date of licensing: Annual fee of $3,000 payable by professional director licensees.
• on or before 15th January of each year subsequent to the date of licensing: Annual fee of $8,000 payable by corporate director licensees.

Related documents

• This document is made under Directors Registration and Licensing Law, 2014 (Law 10 of 2014)