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Cayman Islands Monetary Authority
PO Box 10052, 80 Shedden Road
Elizabethan Square,
Grand Cayman KY1 - 1001
CAYMAN ISLANDS

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+1 (345) 949-7089

Business Hours

Mon - Fri: 8.30 AM - 5.00 PM
General

What is a mutual fund?

As defined by the Mutual Funds Law, a mutual fund is "any company, trust or partnership either incorporated or established in the Cayman Islands, or if outside the Cayman Islands, managed from the Cayman Islands, which issues equity interests redeemable at the option of the investor, the purpose of which is the pooling of investors' funds with the aim of spreading investment risk and enabling investors to receive profits or gains from investments."

There are four types of mutual funds that are regulated under the Mutual Funds Law: a Registered Fund under Section 4(3); a Master Fund under Section 4(3)(a)(iii); an Administered Fund under Section 4(1)(b); and a Licensed Fund under Section 4(1)(a).

An Administered Fund must have a licensed mutual fund administrator providing its principal office in the Cayman Islands.

A Registered Fund must have either a minimum aggregate equity interest of CI$80,000 (US$100,000) purchasable by a prospective investor or the equity interests must be listed on a stock exchange approved by the Authority. Further information on approved stock exchanges is available in Appendix G12 of CIMA's Regulatory Handbook Appendices. (Click on link to access.)

A Master Fund is a mutual fund that is incorporated or established in the Islands that holds investments and conducts trading activities and has one or more regulated feeder funds.

A Licensed Fund must have either a registered office in the Islands or, if a unit trust, a trust company licensed under the Banks and Trust Companies Law
 as its trustee.

Although the definition of a closed-ended fund is subjective, generally speaking, it is a fund that has no regular redemption date, redemptions in limited circumstances or extensive lock-up periods.  As the Mutual Funds Law does not currently define closed-ended funds, the Investments & Securities Division encourages industry discussion on this matter where the operator is unsure of the need to register/licence the fund.

As defined by the Mutual Funds Law, an exempted mutual fund is a mutual fund in which the equity interests are held by not more than fifteen investors, the majority of whom are capable of appointing or removing the operator of the fund.

As defined by the Mutual Funds Law, a regulated feeder fund is a regulated mutual fund that conducts more than 51% of its investing through another mutual fund.

The Authority does not regulate close-ended funds.  However, in order to conduct business in the Cayman Islands, such a fund must be incorporated/registered with the Registrar of Companies either as a locally incorporated entity or a foreign entity. In addition, the Registered Office must be provided by a regulated service provider and therefore the Authority has indirect supervision.

A registered office is the office of the fund and performs the usual corporate, secretarial and related functions for the fund, including paying fees and filing annual accounts.

A principal office is the office of the fund maintained by a licensed Mutual Fund Administrator. It performs the administrative functions of the fund, including the calculation of the net asset value (NAV) and the subscription/redemption of shares. Other responsibilities include maintaining the fund's corporate and financial records, communicating with investors as well as acting as a liaison between the fund and the Authority.

An “Operator”, in respect of a mutual fund, means-
(a) where the mutual fund is a unit trust, a trustee of that trust;
(b) where the mutual fund is a partnership, a general partner in that partnership; or
(c) where the mutual fund is a company, a director of that company.
 

An authorised agents is one who:

  • Provides a timely and satisfactory liaison between the CIMA and the principals of the fund.
  • Files statistical and prudential supervisory returns and annual audited financial statements within the designated time frame.
  • Knows of major issues and events regarding the fund represented and reports such to CIMA. 
  • Responds to CIMA's correspondence and requests on a timely basis.
  • Responds to CIMA, as needed, to answer queries regarding the fund.

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.  The Authority has issued guidance on this matter. To access these, click on the link: Investment Services Index of Measures.

Documentation required to add a director:

  • A police clearance certificate / affidavit of no convictions
  • one financial reference and  two personal references (Please refer to the Authority's guidance on minimum standards for reference letters, found in Appendix E3 (part 3.1.2) of the Regulatory Handbook Appendices)
  • personal questionnaire, completed
  • Application fee 
  • If the Applicant is an existing Director on a Licensee, references need not be submitted.

The latest Mutual Funds Law is available on our website for informational purposes only. A hard copy can be purchased from the Cayman Islands Legislative Assembly. 
 

The Authority accepts cheques made payable to “Cayman Islands Government” and wire transfers.

All fees are quoted in Cayman Islands Dollars (CI$). The conversion rate to be used for payment in United States (US$) is 0.82 (US$1.00 = CI$0.82).

A request for a refund must be submitted in a formal letter addressed to the Finance Department of the Cayman Islands Monetary Authority.

A “sub-fund” includes a segregated portfolio within a segregated portfolio company structure; a sub-trust within an umbrella or master unit trust structure; and a class of shares, or units or interests within a fund, trust or partnership structure, where each such class represents a separate standalone reporting entity (eg. a fund with multiple portfolios, where each portfolio is individually presented with separate assets, liabilities, income and expenses).

Mutual Funds

The Authority requires the following for an existing regulated fund wishing to re-register/licence pursuant to a different section of the Mutual Funds Law:

  • Return of the original Certificate/Licence;
  • Completed MF Form (Please note a REEFS form for re-registration is under construction); and
  • Updated Offering Document (if applicable).

In addition to the above, funds re-registering pursuant to Section 4(3) of the Mutual Funds Law will also require an affidavit from the operators of the fund attesting that all current investors meet the US$100,000 minimum investment criterion as required pursuant to Section 4(3) of the Mutual Funds Law.

Applications are submitted electronically though the Authority’s secured Regulatory Enhanced Electronic Forms Submission (REEFS) web portal, which is only accessible by authorized service providers. For more information, see REEFS FAQs.

 

The documentation required for the registration/licensing of a mutual fund is outlined on the applicable REEFS form. For more on information, see REEFS FAQs.  

The registration fee for a mutual fund is CI$3,800.00 / US$4,634.15

The registration fee for a Master fund is CI$2,800.00 / US$3,414.63

The annual fee for a mutual fund is CI$3,500.00 / US$4,268.29

The annual fee for a Master fund is CI$2,500.00 / US$3,048.78

A mutual fund shall pay the prescribed annual fee on or before the 15th of January in each year.

It takes approximately five business days to register a mutual fund and four to six weeks to license a fund once all documentation has been received.

For a mutual fund that is a Company it is required by the Authority to have a minimum of two (2) Operators, registered pursuant to the Directors Registration and Licensing Law, 2014, during the life of the fund.

Funds registered/licensed by way of continuation will need to file the prescribed details as well as audited accounts for the past two years, if available.

For those funds registering pursuant to Section 4(3) of the Mutual Funds Law, the Authority also requires an affidavit from the operators of the fund attesting that all current investors meet the US$100,000 minimum investment criterion as required pursuant to Section 4(3) of the Mutual Funds Law.

It should also be noted that the regulators from the jurisdiction from which the fund is being transferred are contacted prior to fund being registered/licensed, to confirm that:

  • The fund was in good standing during the period that it was subject to regulation; and
  • There were no adverse issues regarding the fund or its operators that the Authority should be made aware of.

In order for a fund to change its name, the following documents are required:

  • the original Certificate of Registration/Licence for cancellation;
  • a certified copy of the Certificate of Incorporation on Change of Name obtained from the Registrar of Companies;
  • the prescribed fee as per our Fee Schedule

 

An electronic copy of the revised/new offering document or supplement is required as well as the directors resolution evidencing the date of creation to add a sub-fund. This can be submitted to the Authority by sending an email to licensing@cimoney.com.ky. Also, to process this request, the prescribed fee, as per our Fee Schedule, must be submitted to the Authority.

Documentation required when changing or adding:

  1. An Auditor: a letter from the resigning auditors stating the reason for the change along with a letter of consent from the newly appointed auditors.
  2. An Administrator: a letter of consent from the newly appointed administrator.  In the case of an administered fund, where the licensed mutual fund administrator is providing the fund's principal office, a new MF2A Form must be submitted as well as the return of the original Certificate of Registration. A new certificate will be issued reflecting the change in principal office.
  3. An Operator of a registered or administered fund: a letter from the registered/principal office advising of the appointment along with an updated Offering Document (or Supplement).

An updated MF Form should be submitted electronically through licensing@cimoney.com.ky whenever two or more material changes are made. The administrative fee required when submitting the updated MF Form is CI$300.00 / US$365.85.

An updated OM or Supplement is required to be submitted to the Authority when there has been any change that materially affects the information in the OM. The updated OM or Supplement is required to be file electronically through licensing@cimoney.com.ky within twenty-one (21) days of the change. These include changes to:

  • The investment objectives and strategies
  • Investment managers/advisors
  • Investment risks
  • Operators
  • Service providers
  • Registered office
  • Change of name

The administrative fee required when submitting an updated OM is CI$100.00 / US$121.95.
 

The Authority has issued the Rule and Regulatory Procedures on Cancellation of Licences issued pursuant to Section 5 and Certificates of Registration issued pursuant to Sections 4(3) and 4(1)(b) of the Mutual Funds Law (the "Rule and Procedures") on the procedures and documentation required for the cancellation of mutual fund licences and certificates of registration.

There is a termination fee of CI$600.00 / US$731.71.

Once a Fund submits the core documentation required to terminate (Original certificate of Registration, Cancellation fee and the Directors resolutions to terminate) it is placed in LUT status until the remaining termination items are received. Upon receipt of the requisite items the Fund is then terminated.

A fund in LUT status will have its annual fee reduced to half the fee. Penalties are accrued at half the annual fee.

LUL status is given to a fund upon receipt of the core documentation required to terminate (Original certificate of Registration, Cancellation fee and the Directors resolutions to terminate) along with the Notice of the winding up of the Fund (CWR Form No. 19) and Voluntary liquidator's consent to act (CWR Form No. 20).

A fund in LUL status will not accrue annual fees or penalties.

The Audit waiver application fee is CI$500.00 / US$609.76.

Documentation required to submit are outlined in Section 5 of the Regulatory Exemption from Audit Requirement for a Regulated Mutual Fund.

As per section 4.5 of the Regulatory Exemption from Audit Requirement for a Regulated Mutual Fund; “If a fund applies for an exemption for two consecutive years, the Authority may ask for additional information from the fund’s operator or administrator about the reasons for the fund’s inability to produce audited accounts.”

As per Section 4.3 of the Regulatory Exemption from Audit Requirement for a Regulated Mutual Fund; “The Authority may consider extending the fund’s first audit period for a maximum of 18 months from the date of registration. Consideration may also be given to extending the fund’s last audit period for a maximum of 18 months from the date of the last financial year end for which an audit has been filed.”

Under certain circumstances, mutual funds are able to receive an extension to the filing deadline for their audited accounts. Such extensions are granted on a monthly basis, up to a maximum of three (3) months. Any service provider on record for the fund may submit a written request for a filing extension. Requests via email should be sent to ereporting@cimoney.com.ky. The request must clearly state the reason for the request, and must specify the financial year affected. All requests for extensions beyond the first month must be accompanied by a letter from the fund’s auditor explaining the reason for the delay. 

The fee required per audit extension request is CI$500.00 / US$609.76. The extension request fee is applicable to each filing. In relation to Segregated Portfolio Companies (“SPC”) which intend to file extension requests on behalf of their Segregated Portfolios (“SPs”), the application fee mentioned above is required for each individual SP applying for an extension. This applies to SPs that are filing individual audited financial statements. However, if the SPC files consolidated financial statements and wishes to apply for an extension, then only one fee will be required as only one filing will be made.

Mutual Fund Administrators

Mutual fund administration means the management, including control of all, or substantially all, the assets of a mutual fund, or the administration of a mutual fund, or the provision of the principal office of the mutual fund in the Cayman Islands, or the provision of the operator to a fund.

The information and particulars to be contained in an application for a Mutual Fund Administrator's licence are contained in the Mutual Fund Administrators Licence (Applications) Regulations 2001.

A list of mutual fund administrators licensed by the Cayman Islands Monetary Authority may be viewed on the Investment Funds Statistics and Regulated Entities page of this website.  The list is updated quarterly. 

It takes approximately 6-8 weeks to obtain a Mutual Fund Administrator's Licence.

Yes. Where a licensed mutual fund administrator is a company, the company shall not issue shares, and a person owning or having an interest in shares in the company shall not transfer, dispose of or deal with those shares or interest, unless CIMA has given permission.

Only those companies that are traded on a recognised stock exchange can be exempt from the requirement to obtain CIMA's permission. Such companies must, however, notify the Monetary Authority of the changes in control, and the transfer of more than 10% of shares.

An administrator's letter of consent is one that indicates acceptance of appointment as administrator, states the name of the fund and a summary of services to be provided.

Auditors

Under the Mutual Funds Law (2013 Revision), a regulated mutual fund must have its accounts audited annually by an approved auditor.  The Authority has implemented a policy requiring local auditor sign-off of annual audit reports of mutual funds and mutual fund administrators incorporated or established locally. Click the link to view: Local Audit Sign-off Policy.

For information on how to become an approved auditor, please click on the following link: Auditor Approval Policy. Additionally, as per our Fee Schedule, the prescribed fee must be submitted to the Authority with the application documentation.

An auditor's letter of consent indicates acceptance of appointment as auditor, the name of the fund, date of financial statements and what accounting principles will be used. It also contains a statement confirming that the auditor(s) is/are aware of and agree to fulfil their obligations pursuant to Section 34 of the Mutual Funds Law.

Directors Registration and Licensing - General

This Law only applies to directors of companies that are:

  • registered under the Mutual Funds Law (2013 Revision) as a regulated mutual fund; or
  • companies falling under section 5(4) AND paragraphs 1 and 4 of the Fourth Schedule of the Securities Investment Business Law (2011 Revision).

It does not apply to trustees (who are regulated under the Banks and Trust Companies Law (2013 Revision)) or partners of partnerships.

Yes. If the entity is in “Licence Under Termination” status and directors are still appointed to the board, the directors fall under the Law.

No. If an entity has appointed liquidators, the previous directors do not fall under the Law.

If you are a natural person who is a director on a covered entity on the date that the Law comes into force, your application for:

  • registration must be received by the Authority within 3 months after the Law comes into force; or
  • licensing must be received by the Authority within 3 months after the Law comes into force.

In either case, if you are a director on a covered entity on the date that the Law comes into force and have submitted your application for registration or licensing, you can continue to act as a director until the Authority approves your application for registration or licensing.

You should seek independent legal advice from your Cayman Islands attorneys. They will be able to advise you on how to proceed.

The Cayman Islands Monetary Authority (the “Authority”) is in the process of developing industry guidance on capacity. In line with previous announcements, this guidance is not expected until 2015. The guidance will be prepared in accordance with the requirements of the Monetary Authority Law.

No. This database will be maintained by the Authority in accordance with the confidentiality provisions under section 50 of the Monetary Authority Law (2013 Revision). In practice, this means that your information will not be made available to the public, and your information is protected from freedom of information requests. However, the public will be able to search for your name to see whether you have been registered or licensed in accordance with the Law. The results of any search for your licence or registration status will only show your name, the type of registration or licence you hold, your registration/licence number and the date on which you were licensed or registered. While the creation of a public database has been discussed, it does not form part of this Law.

If you have committed an offence under the Law the Authority will refer your matter to the Director of Public Prosecutions or the Attorney General’s chambers. The Director of Public Prosecutions or the Attorney General will then determine how to proceed.

On your initial application, you will have to pay your application fee and first year fee at the time of your application through the website. On or before 15 January of each year after your application is accepted, you will have to pay your annual fee.

If you pay your annual fee after 15 January of any year after your application is accepted, you will have to pay that annual fee plus a penalty (of 1/12 the relevant annual fee for each month that the annual fee remains outstanding). Further information is available by emailing directorfees@cimoney.com.ky.

You can send an email to directorfees@cimoney.com.ky. You will be contacted by the Authority’s Finance Division.

Directors Registration and Licensing - Applications Generally

The registered office of each covered entity will receive a list from the Authority containing unique identification numbers for all of the directors that are associated with the covered entities of that registered office. The registered offices will contact each director and supply that director with the unique identification number (note that a director may receive the same unique number from a variety of registered offices; you should expect this and disregard any duplicates). The registered offices will also let you know the correct website address to register at. If you have not received your information from the registered office, you may contact the Authority directly at DirectorsRegistration@cimoney.com.ky.

 

You will need to contact the Authority directly at DirectorsRegistration@cimoney.com.ky. The relevant Division will be able to provide you with the correct number.

You will need to contact the Authority directly at DirectorsRegistration@cimoney.com.ky. The relevant Division will be able to provide you with the correct number.

No. Applications will only be accepted via the web portal. Any application received from any other means will not be processed, and will be destroyed by the Authority.

Payment will only be accepted via the web portal. The web portal accepts debit and credit cards from Visa and MasterCard. Payment received by any other method will be returned at the sender’s costs. Please note that, should you choose to pay with a Visa debit or MasterCard debit card, your financial institution may charge you a higher exchange rate. The Authority will not refund the difference.

All information provided to the Authority by you is considered material, and will be treated accordingly. The Authority expects that, if there is any change to the information provided to the Authority, you will update all of the information that you provide to the Authority within 21 days (as provided in the Law). If there are no changes to the information you provided to the Authority, you will be asked to confirm that at the time that you submit your annual fee.

The Authority needs to see all of the information that it receives about any disciplinary or court action against you so that it can make a determination on whether your application is sufficient.

If you know you have a complicated history, the Authority asks that you apply as early as possible to make sure that their application is processed within the application periods. You may not think you have a complicated history but the application process may show that you do. You must apply as soon as possible.

Directors Registration and Licensing - under Part II of the Law

Applications will only be accepted through the web portal. Once you receive your Unique ID, you can log onto the web portal. On your first login you will be required to set your password.

No. Registration is limited to natural persons. Companies must apply for a licence as a corporate director.

Applicants for registration will be required to provide:

  • full legal name
  • date and place of birth
  • nationalities
  • principal and postal addresses
  • email address and telephone number
  • whether you have been convicted of a criminal offence involving fraud or dishonesty
  • whether you are the subject of an adverse finding, financial penalty, sanction, disciplinary action or proceeding by a regulator, self-regulatory organisation or a professional disciplinary body

Applicants should receive confirmation of registration within 48 hours.

In these instances, it means that the Authority requires additional information from you before your application can be finalised. If you are a director on covered entities on the date that the Law comes into force, then you can continue to act as a director on those entities until the Authority processes your application. If you are not a director on the date that the Law comes into force, then you may not act as a director until the Authority processes your application. It is therefore recommended that you apply for registration well in advance of the launch date of your covered entity.

If your application is at risk of being refused, the Authority will contact you and provide you with reasons why your application may be refused and provide you with an opportunity to make representations. If your application is subsequently refused, you will be contacted by the Authority and notified of the refusal for your application. If you are a director on the date the Law comes into force and your application for licensing is refused, you will be able to take advantage of the reconsideration request procedure set out in section 26 of the Law.

You will receive a notice from the Authority providing you with confirmation of registration. In order to maintain good standing, you will be required to pay an annual fee no later than 15 January of each year and reconfirm the information provided by you at the time of your application.

You will be required to apply for a licence prior to taking on your 20th covered entity. You can act for more than 19 entities pending approval of your application. If your licence is approved, you will be required to surrender your registration and pay the appropriate surrender fee. The application and first year annual fee that you submitted for your registration will not be refunded. If your application is refused, the Authority will be in contact with you to plan a course of action.

You can send an email to DirectorsRegistration@cimoney.com.ky. You will be contacted by the Authority’s Investments and Securities Division.

Directors Registration and Licensing - as a Professional Director under Part III of the Law

Applications will only be accepted through the web portal. Once you receive your Unique ID, you can log onto the web portal. On your first login you will be required to set your password.

No. Licensing as a professional director is limited to natural persons. Companies must apply for a licence as a corporate director.

Applicants for licensing will be required to provide:

  • full legal name
  • date and place of birth
  • nationalities
  • principal and postal addresses
  • email address and telephone number
  • a fully completed Personal Questionnaire (already available on the Authority’s website at www.cimoney.com.ky)
  • three reference letters, at least one of which must be from a bank
  • a copy of a recent police clearance certificate

Applicants should receive confirmation of licensing within four weeks.

In these instances, it means that the Authority requires additional information from you before your application can be finalised. If you are a director on covered entities on the date that the Law comes into force, then you can continue to act as a director on those entities until the Authority processes your application. If you are not a director on the date that the Law comes into force, then you may not act as a director until the Authority processes your application. It is therefore recommended that you apply for your license well in advance of the launch date of your 20th covered entity.

If your application is at risk of being refused, the Authority will contact you and provide you with reasons why your application may be refused and provide you with an opportunity to make representations. If your application is subsequently refused, you will be contacted by the Authority and notified of the refusal for your application. If you are a director on the date the Law comes into force and your application for licensing is refused, you will be able to take advantage of the reconsideration request procedure set out in section 26 of the Law.

You will receive a notice from the Authority providing you with confirmation of licensing. In order to maintain good standing, you will be required to pay an annual fee no later than 15 January of each year and reconfirm the information provided by you at the time of your application.

You may retain your license or choose to apply for registration as a director. You can act for more than 19 entities pending approval of your application for registration. If your registration is approved, you will be required to surrender your registration, pay the appropriate surrender fee, and ensure that you are acting for no more than 19 entities. The application and first year annual fee that you submitted for your licence will not be refunded. If your application is refused, the Authority will be in contact with you to plan a course of action.

You must be covered by a plan that has D&O insurance. This can be a plan you get on your own, one that is offered by the covered entities you act on, part of a group plan, or any other acceptable coverage. Insurance does not have to be from a Cayman Islands insurer, but should be from a reputable insurer familiar with this type of insurance.

You should seek independent legal advice from your Cayman Islands attorneys. They will be able to advise you on how to proceed.
Even if you do fall within one of the exceptions for licensing as a professional director, you will still need to register under Part II of the Law.

You can send an email to DirectorsLicensing@cimoney.com.ky. You will be contacted by the Authority’s Fiduciary Division.

Directors Registration and Licensing - as a Corporate Director under Part IV of the Law

Applications will only be accepted through the web portal. Once you receive your company’s Unique ID, you can log onto the web portal. On your first login you will be required to set your password.

The following companies may apply for a licence as a corporate director:

  • ordinary companies registered under the Companies Law (2013 Revision)
  • ordinary non-resident companies
  • registered under the Companies Law (2013 Revision)
  • exempted companies registered under the Companies Law (2013 Revision)
  • foreign companies registered under the Companies Law (2013 Revision)

Companies that do not fall under one of the above categories cannot act as a director on any covered entity.

All companies, no matter the number of covered entities they act on, must hold a licence under the Law, a companies management licence or a mutual fund administrators licence.

No. Corporate directors holding a companies management licence or a mutual fund administrators licence do not need a licence under this Law.

The corporate director will need to provide:

  • evidence that it is duly incorporated, and registered as a foreign company (if applicable)
  • evidence of its shareholders or members (usually by way of a register of shareholders or members)
  • evidence of its directors (usually by way of a register of directors)
  • memorandum and articles of association or equivalent
  • if a foreign company, evidence that it is in good standing in its home country
  • a list of all of the parent companies and subsidiary companies in its structure, and the registered and principal offices of each company

The natural persons sitting on the board of the corporate director, or beneficially owning more than 10% of the voting interests in the corporate director, are required to provide:

  • full legal name
  • date and place of birth
  • nationalities
  • principal and postal addresses
  • email address and telephone number
  • a fully completed Personal Questionnaire (already available on the Authority’s website at www.cimoney.com.ky)
  • three reference letters, at least one of which must be from a bank
  • a copy of a recent police clearance certificate

Applicants should receive confirmation of licensing within four weeks.

In these instances, it means that the Authority requires additional information from the corporate director or its shareholders/directors before its application can be finalised. If the corporate director is a director on covered entities on the date that the Law comes into force, then it can continue to act as a director on those entities until the Authority processes your application. If the corporate director is not a director on the date that the Law comes into force, then it may not act as a director until the Authority processes its application. It is therefore recommended that the corporate director apply for its license well in advance of the launch date of your covered entity.

If the application is at risk of being refused, the Authority will contact the corporate director and provide it with reasons why its application may be refused and provide you with an opportunity to make representations. If its application is subsequently refused, the corporate director will be contacted by the Authority and notified of the refusal for its application.

The corporate director will receive a notice from the Authority providing you with confirmation of licensing. In order to maintain good standing, the corporate director will be required to pay an annual fee no later than 15 January of each year and reconfirm the information provided by it at the time of its application.

It must be covered by a plan that has D&O insurance. This can be a plan it gets on its own, one that is offered by the covered entities it acts on, part of a group plan, or any other acceptable coverage. Insurance does not have to be from a Cayman Islands insurer, but should be from a reputable insurer familiar with this type of insurance.

You can send an email to DirectorsLicensing@cimoney.com.ky . You will be contacted by the Authority’s Fiduciary Division.

DRLL Termination Administration Procedures - Registered Directors

You will need to sign into the Portal and complete the information under “Surrender”, and pay the surrender fee of CI$600.
Once you have paid the fee, you will be required to submit a letter to the Authority confirming the following:

  • that you have resigned as a director of all covered entities,
  • that you no longer plan to act as a director on covered entities, and
  • that if you would like to act on any other covered entity or wish to resume directorship services after you have surrendered your registration, you will need to re-apply under the DRLL.

On receipt of the fee and the letter, we will check our records to confirm that you are no longer listed as a director on any covered entity. If you remain listed as a director on a covered entity pursuant to our records, we will be unable to process your application for the surrender of your registration.

The covered entities have an obligation to notify the Authority of any changes to its board of directors. You will need to liaise with your covered entities to ensure that they have duly notified the Authority of your resignation(s).

If you are still a director on a covered entity on 31 December, we will be unable to process your application for surrender for that calendar year. You will be liable for fees for the next calendar year.

To surrender your registration, you will follow the requirements in item 1.

DRLL Termination Administrative Procedures - Licensed Professional Directors

You will need to sign into the Portal and complete the information under “Surrender”, and pay the surrender fee of CI$800.
Once you have paid the fee, you will be required to submit a letter to the Authority confirming the following:

  • that you have resigned as a director of all covered entities,
  • that you no longer plan to act as a director on covered entities, and
  • that if you would like to act on any other covered entity or wish to resume directorship services after you have surrendered your licence, you will need to re-apply under the DRLL.

On receipt of the fee and the letter, we will check our records to confirm that you are no longer listed as a director on any covered entity. If you remain listed as a director on a covered entity pursuant to our records, we will be unable to process your application for the surrender of your registration.

The covered entities have an obligation to notify the Authority of any changes to its board of directors. You will need to liaise with your covered entities to ensure that they have duly notified the Authority of your resignation(s).

If you are still a director on a covered entity on 31 December, we will be unable to process your application for surrender for that calendar year. You will be liable for fees for the next calendar year.

DRLL Termination Administrative Procedures - Corporate Directors

You will need to sign into the Portal and complete the information under “Surrender”, and pay the surrender fee of CI$800. Once you have paid the fee, the appropriate Division will contact you on your next steps.

If your company is still a director on a covered entity on 31 December, we will be unable to process its application for surrender for that calendar year. Your company will be liable for fees for the next calendar year.

DRLL Termination Administration Procedures - Special Situations

You will need to sign into the Portal and complete the information under “Change Category or Surrender”, and pay the surrender fee of CI$600. You will also need to pay the application and annual fee for the licensed professional director and complete the application form.

Once the Authority has received your application, you will be required to submit a letter to the Authority confirming that you have notified all of the covered entities you act as a director for that you have applied for a licence as a professional director. The Authority will then process your application for a licence in accordance with the usual process.

You will need to sign into the Portal and complete the information under “Change Category or Surrender”, and pay the surrender fee of CI$800. You will also need to pay the application and annual fee for the registered director and complete the application form.

Once the Authority has received your application, you will be required to submit a letter to the Authority confirming that you have notified all of the covered entities you act as a director for that you have applied for registration as a director. The Authority will then process your application in accordance with the usual process.

Contact the Authority directly for further assistance.