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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 business and affairs of a Cayman Islands company are usually managed by its board of directors. [23] The board must consist of one or more persons, and these may be individuals or companies. Directors owe strict duties of good faith to exercise their powers for a proper purpose and in the best interests of the company. [24]
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 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]
Here’s what you need to know as the deadline approaches.
The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands and supervises its currency board. [2]The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters.
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In July 2016, FinCEN enacted new rules regarding beneficial ownership: [2] Financial institutions must collect from the legal entity customer the name, date of birth, address, and social security number or other government identification number (passport number or other similar information in the case of foreign persons) for individuals who own ...