The regulatory clock never quite stops ticking and we wanted to take this opportunity to remind our contacts of the 15 January 2021 renewal deadline for those directors who are registered with the Cayman Islands Monetary Authority (CIMA) under the Directors Registration and Licensing Act (Revised) (DRLA).
A link to our prior advisory regarding DRLA registration and licensing is here: Cayman Islands Director 2021 Registration and Licensing
It is important to note that registration renewals in respect of mutual funds registered with CIMA under the Mutual Funds Act (Revised) and entities registered under the Securities Investment Business Act (Revised) (SIBA) are also due by 15 January 2021. These will generally not be processed by CIMA where any of the relevant directors are in default of their obligations under DRLA and, accordingly, it is important to ensure that DRLA renewals are processed as a matter of priority.
Please also note that any director who was registered under DRLA as at close of business on 31 December 2020 will be required to renew their registration even if they no longer serve as a director of a ‘covered entity’. In such circumstances, CIMA will not process a cancellation of the DRLA registration until a 2021 renewal is completed and associated fees paid.
As a reminder, investment funds regulated by CIMA under the Private Funds Act are not currently covered entities and directors of such entities are not required to be registered.