10/01/2022

Ogier Alert: Reminder – Cayman Director Cima Registration Renewals Due Before 15 January 2022

Laura Resende

​Directors who are currently registered with the Cayman Islands Monetary Authority (CIMA) under the Directors Registration and Licensing Act (Revised) (DRLA) as a result of being appointed as a director of a ‘covered entity’ (a Cayman Islands investment fund registered with CIMA under the Mutual Funds Act or an entity, such as an investment manager, that is registered as a ‘registered person’ under the Securities Investment Business Act) are reminded that 2022 renewal fees must be paid on or before 15 January 2022 to avoid penalties being incurred by the defaulting director and the covered entity.

As a reminder, DRLA renewal is personal to the relevant director, so any director renewal (or non-renewal) will cover all the funds on which such director serves. In the case of any fund, the failure of a relevant director to renew their DRLA registration may take the fund out of good standing and result in significant fines for the fund under CIMA’s administrative fines regime.

DRLA renewal is required even where a fund is terminating. DRLA fees are payable where the director remains appointed as a director of a covered entity that is in the process of de-registering with CIMA but has not completed its de-registration process. At the conclusion of that process, directors of terminating entities must de-register under the DRLA if they will no longer be a director of a covered entity following such termination.

Investment funds regulated under the Private Funds Act are not currently covered entities and directors of such entities are not required to be registered.

Action required for directors of CIMA registered mutual funds and registered persons: payment of US$853.65 must be made on or before 15 January 2022. Payments received after 15 January 2022 will incur penalties. Accordingly, renewals should be addressed as soon as possible.

OGIER

*Este conteúdo não representa opinião legal do Compliasset, tendo o propósito puramente informativo.

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