What To Know About Cayman Islands Director Registration Requirements

Under the Cayman Islands Directors Registration and Licensing Act (the "Act"), a person appointed as a director of certain entities (referred to in the Act as "covered entities") must register with the Cayman Islands Monetary Authority ("CIMA").  Directors should be aware of the requirements for registration, annual renewal, ongoing maintenance of director information and de-registration, as well as the consequences for failing to meet these requirements.

Before a director can be appointed to the board of a covered entity, defined as a company under which certain provisions of the Securities Investment Business Law (2011 Revision) apply; or a mutual fund as regulated under the Mutual Funds Law (2013 Revision) they must be registered or licensed (depending on the circumstances applicable to the director) with CIMA.  For a new board appointment, an application for registration under the Act should therefore be made as soon as possible to avoid any delays.  A director