The Authority reminds a registered director or professional director of their ongoing obligations as imposed by the DRLA. All registered and professional directors should therefore ensure that they familiarise themselves with such obligations, including the requisite process for surrendering their registration or licence.
Section 25(4) of the DRLA outlines that “[a] registered director, professional director or corporate director may surrender the registration or licence of that registered director, professional director or corporate director upon application to the Authority in the prescribed form and payment to the Authority of the prescribed fee.”
Additionally, Section 6 of The Directors Registration and Licensing (Registration and Licensing) Regulations, 2014, outlines the applicable fee - “A person surrendering - (a) registration shall pay to the Authority a fee of six hundred dollars; or (b) a professional director’s licence or a corporate director’s licence shall pay to the Authority a fee of eight hundred dollars.”
Accordingly, as outlined in the Investment Funds FAQs section on the website, please see the following information regarding the surrender process:
The director must sign into the Director Gateway Portal, input the information required under “Surrender” and pay the surrender fee of CI$600 (for a registered director) or CI$800 (for a professional director). The director will also be required to confirm the following on the portal:
It is again reiterated that each registered or licensed director is bound by obligations imposed, pursuant to the DRLA, and thus the necessary steps should be taken by each director to ensure their ongoing compliance with this act..