The Cayman Islands government has introduced a system of licensing and registration for directors of certain types of companies.
The Directors Registration and Licensing Law, 2014 applies to directors of companies that are:
- registered under the Mutual Fund Law as a mutual fund regulated by the Cayman Islands Monetary Authority (CIMA); or
- companies registered as ‘excluded persons' under the Securities Investment Business Law.
The Law does not apply to unit trusts or partnerships. The new regime contemplates three categories of directors:
- Professional Director: An individual who is appointed as a director for 20 or more covered entities is required to be licensed by CIMA.
- Registered Director: An individual who acts as a director of a covered entity but is not a Professional Director is required to be registered with CIMA.
- Corporate Director: A body corporate acting as a director of a covered entity is required to be licensed by CIMA.
Applications from Professional Directors and Registered Directors must be received by CIMA by 4 September 2014; applications from Corporate Directors must be received by 4 December 2014. Useful FAQs are available on CIMA's website: http://www.cimoney.com.ky/