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The Cayman Islands government has published The Directors Registration and Licensing Bill, 2014 (the “Bill”), which seeks to regulate directors of certain entities established in the Cayman Islands. Following a short consultation period, it is anticipated that the new law will be passed shortly in substantially the form of the Bill. The subject entities, defined as “covered” entities, include regulated mutual funds under the Mutual Funds Law and “Excluded Persons” under the Securities Investment Business Law.
There are three classes of directors which will be regulated: (1) “registered directors” who comprise natural persons appointed as directors to fewer than twenty covered entities; (2) professional directors, who comprise natural persons appointed as directors for twenty or more covered entities; and (3) corporate directors, comprising bodies corporate appointed as directors for any covered entity.
The Bill envisages that the law will apply to each class of director whether or not the director is resident in the Cayman Islands.
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The Directors Registration and Licensing Bill, 2014