In determining whether a person is "fit and "proper" the Authority will consider a person's:-
(a) honesty, integrity and reputation;
(b) competence and capability, and
(c) financial soundness.
Please refer to the Regulatory Procedure: Assessing Fitness and Propriety for further guidance.
No. All licensees are required to have a minimum of two (2) directors that are natural persons. Corporate directors will not be approved to sit on boards of licensed entities. Corporate directors that are licensed under the Directors Registration and Licensing Law, 2014, may be appointed to the boards of covered entities only. Covered entities are defined as:
a) a company to which paragraphs 1 and 4 of Schedule 4 of the Securities Investment Business Law (As Revised) applies; or
b) a mutual fund that is regulated under the Mutual Funds Law (As Revised)
No. However, it is a requirement that the auditor must be a chartered accountant, certified public accountant or some other professionally qualified accountant, approved by the Authority. Prior to the appointment of an auditor the name of the proposed auditor may be provided to the Authority and the Authority will confirm whether the proposed auditor would be suitable for the appointment.
Audited financial statements are due within three (3) months of the financial year-end for licensees under the Banks and Trust Companies Law (As Revised) and within six (6) months of the financial year-end for Companies Management licensees under the Companies Management Law (As Revised).
No. Once a director has been given an ID and password, they retain that ID and password unless reset by the Authority.
Upon submission of all the requirements for the licence application, the turnaround period for processing an application is six (6) to eight (8) weeks.
Corporate Services licensees are required to make the following routine filings:
a) Annually, on the anniversary of the renewal date, a copy of a valid insurance certificate that complies with the requirements of Section 17 of the Companies Management Law (As Revised) and any conditions that may have been imposed on the holder of a Corporate Services Licence.
b) The Bi-annual Report must be completed and filed electronically via the REEFS portal, twice annually and within 30 days of 30 June and 31 December respectively.
c) Every two years, or other period of time that may be stipulated by the Authority, a certificate of compliance, per Section 13(2)(b) of the Companies Management Law (As Revised), signed by a director of the licensee
Any entity that is itself wishing to engage in corporate services that are included in the definition of the business of companies management, is required to seek licensing by the Authority prior to engaging in such services, unless explicitly exempted by the provision of a supervisory law.
Any appropriately licensed Cayman Islands insurance company, or any insurance company that is approved by the Authority. There is no list of pre-authorised insurance companies.
No. It is however expected that an individual that is serving in either of these capacities will be an experienced and appropriately qualified, management level person.
No. However, the Authority must be notified of the persons appointed to such capacities and be satisfied that those persons are capable of fulfilling the requirements of the role.
It is preferred that the MLRO/Deputy MLRO be resident in the Cayman Islands. It is required that the suitably experienced and appropriately qualified, management level person holding such capacity must be able to properly fulfill the function of MLRO/Deputy MLRO.