Re-registration as a Registered Person – Requirement for Two Directors

The Cayman Islands Monetary Authority (the “Authority”) has previously notified all persons currently registered as excluded persons under the Securities Investment Business Law (2019 Revision) (“SIBL EPs”) that, as a result of recent amendments to the Securities Investment Business Law (2019 Revision), SIBL EPs who wish to continue to carry on business in or from within the Cayman Islands must re-register as a “registered person”, by 15 January 2020. 

In order to reregister as a registered person, a SIBL EP that is a company incorporated under the Companies Law (2018 Revision) must have a minimum of either- (i) two directors who are individuals; or (ii) one corporate director, each of whom must be in compliance with the Directors Registration and Licensing Law, 2014 (the “DRLL”).

The Authority’s records indicate that the Registrant has only one individual director who is registered or licensed under the DRLL. Please be advised therefore, that if, by 15 January 2020, the Registrant does not appoint a second director who is registered or licensed under the DRLL, an application for reregistration as a registered person will be refused. 

The Registrant is encouraged to submit, as soon as possible, either in advance of or with the filing of its re-registration application, a certified copy of its current Register of Directors that evidences the appointment of a second director who is registered or licensed under the DRLL. Please do so by sending an email with the attached Register of Directors to contactsecurities@cimoney.com.ky.

Securities Supervision Division

Cayman Islands Monetary Authority