Securities Investment Business (Amendment of Schedule 2A and Repeal of Schedule 4A) Order, 2020 (SL 114 of 2020)

Summary

This is a Cayman Islands statutory order (SL 114 of 2020) made by the Cabinet under the Securities Investment Business Law (2020 Revision) that amends two schedules to that Law.

• Schedule 2A, paragraph 2(d): Repealed. This paragraph had listed categories of 'non-registrable persons' exempt from certain registration requirements.
• Schedule 4A: Repealed in its entirety. This schedule had provided an exemption for 'connected persons within a single family'.

The practical effect is that the specific category of person previously excused from being a registrable/registered person because they were a connected person within a single family group (and the related exemption under Schedule 2A paragraph 2(d)) no longer exists under the Law. Persons who previously relied on this exemption to avoid registration as securities investment business persons should reassess whether they now fall within the scope of registration or licensing requirements under the Securities Investment Business Law.

The Order itself is short and procedural: it recites the Cabinet's authority under section 41 of the Law, states the amendments, and is dated as made in Cabinet on 18 August 2020, published in Legislation Gazette No. 60 (Supplement No. 4) on 20 August 2020. It does not contain transitional provisions, grace periods, or new filing deadlines within the text provided.

Key obligations

• Persons or family groups that previously relied on the Schedule 4A exemption for 'connected persons within a single family' must reassess whether they now require registration or a licence as a securities investment business person, since that exemption has been repealed.
• Persons who relied on the repealed paragraph 2(d) exemption in Schedule 2A must reassess their non-registrable status under the amended Schedule 2A.

Applies to

securities investment business persons, connected persons within a single family, non-registrable persons under Schedule 2A

Related documents

• This document amends Securities Investment Business Law (2020 Revision)
• This document is made under Securities Investment Business Law (2020 Revision)