For a better experience on Cayman Islands Monetary Authority, update your browser.
Cayman Islands
SIX, Cricket Square
PO Box 10052
Grand Cayman KY1-1001
Cayman Islands
linkedin

Follow us on Facebook

linkedin

Follow us on LinkedIn

Call us on

+1 (345) 949-7089

Business Hours

Monday - Friday, 8:30 a.m - 5:00 p.m

Surrender of Director Registration or Professional Director Licence

General Industry Notices
Date: Wed, 20 January 2021

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:

  • 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 DRLA

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..