Cayman Islands Government Announced New Registration and Licensing Requirements for Directors of Regulated Investment Funds
Any member, partner or employee of an investment manager to a Cayman Islands based private investment fund that acts as a director to such fund has to register with CIMA.
The Cayman Islands Directors Registration and Licensing Law 2014 (the "Law") came into effect on June 4, 2014. The Law requires all directors of regulated investment funds (including private investment funds) to register or obtain a license.
The Law sets out categories of persons who act as directors. The category of directors are as follows:
- Registered Director - a natural person who acts as director for less than twenty funds (including any member, partner or employee of an investment manager to a private investment fund acting in such capacity). The Law requires that persons, whether residents of the Cayman Islands or elsewhere, who fall within the category of Registered Director are required to register with CIMA and pay an annual fee of US $854 by January 15.
- Professional Director - a natural person who acts as director for twenty or more funds. Persons who are Professional Directors, whether residents of the Cayman Islands or elsewhere, are required to be licensed by CIMA and pay an annual fee of US $3,658 by January 15.
If you have additional questions, please reach out to your Sadis & Goldberg contact for further clarification of this new regulation.