Since our Cayman Islands Beneficial Ownership Regime Alert in May 2017, the Cayman Islands Government has amended the beneficial ownership regime under the Companies (Amendment) (No. 2) Law, 2017 and the Limited Liability Companies (Amendment) (No.3) Law, 20171 and has issued further regulations under The Beneficial Ownership (Companies) (Amendment) Regulations, 20182 and The Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2018 (together the “Amending Laws”). The Amending Laws modify who must comply with the beneficial ownership regime and impose new filing obligations on out of scope companies. Consequently, all companies and limited liability companies (“companies”) registered in the Cayman Islands should review their obligations under the beneficial ownership regime and ensure that they are in compliance by the deadline of 30 June 2018.
Companies falling out of the scope of the beneficial ownership regime are not required to prepare and maintain a beneficial ownership register, but they are required to file prescribed details of the exemption applicable to them with the competent authority of the Cayman Islands.
The categories of entities falling out of scope of the beneficial ownership regime have been amended. The list now includes a legal entity or subsidiary of one or more legal entities, any of which is:
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Cayman Islands Beneficial Ownership Regime Update
1 In force date 13 December 2017
2 In force date 2 March 2018
3 Excludes for this purpose the _Directors Registration and Licensing Law, 2014_
4 It should be noted that Mexico, Panama, and Turkey have been removed from the list of approved jurisdictions since the publication of our May 2017 alert.