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Cayman has introduced a new regime for the licensing and registration of directors of investment fund companies that are “regulated” under the Mutual Funds Law (2013 Revision) and directors of companies registered as “excluded persons” under paragraphs 1 and 4 of Schedule 4 of the Securities Investment and Business Law (2011 Revision).
The Cayman Islands is a leading financial services centre.. Cayman Islands company law is primarily codified in the Companies Law (2018 Revision) and the Limited Liability Companies Law, 2016, [1] and to a lesser extent in the Securities and Investment Business Law (2015 Revision).
The law of the Cayman Islands is a combination of common law and statute, and is based heavily upon English law. Law in the Cayman Islands tends to be a combination of the very old and the very new. As a leading offshore financial centre , the Cayman Islands has extremely modern statutes dealing with company law , insolvency , banking law ...
The Cayman Islands Department of Commerce & Investment, formerly known as the Cayman Islands Investment Bureau (until 2010), is a government agency that was established to promote investment in the Cayman Islands. The department offers several free services to foreign investors seeking to establish a business in the Cayman Islands.
The CDD is controlled by a board of supervisors (BoS), five individuals elected by the landowners of the district. The board then elects one supervisor as chairperson, names a secretary and a treasurer who need not be board members, and hires a district manager, who will be responsible for daily operations of the CDD. [1]
The CDD rule enhances CDD requirements for "U.S. banks, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities. [3]" The CDD rule requires that financial institutions identify and verify the identity of customers associated with open accounts. The CDD rule has four core requirements: [3]
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The Cayman Islands is the fifth-largest banking centre in the world, [16] with $1.5 trillion in banking liabilities as of June 2007. [14] In March 2017 there were 158 banks, 11 of which were licensed to conduct banking activities with domestic (Cayman-based) and international clients, and the remaining 147 were licensed to operate on an ...