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Amendment Bills for the Cayman Islands Monetary Authority's (CIMA)

Seven amendment Bills, proposed to strengthen the Cayman Islands Monetary Authority's (CIMA) powers to apply proportionate and dissuasive sanctions to all types of legal persons within its supervision, were published on 27 March in The Cayman Islands Gazette.

The Bills are:

  • Monetary Authority (Amendment) Bill, 2023;

  • Companies Management (Amendment) Bill, 2023;

  • Directors Registration and Licensing (Amendment) Bill, 2023;

  • Insurance (Amendment) Bill, 2023;

  • Money Services (Amendment) Bill, 2023;

  • Securities Investment Business (Amendment) Bill, 2023; and the

  • Virtual Asset (Service Providers) (Amendment) Bill, 2023.

The Bills seek to extend CIMA's sanctions regime to these legal persons who fall under CIMA's supervision: partnerships, exempted liability partnerships (ELPs), limited liability partnerships (LLPs), partners of such partnerships, and unincorporated associations other than a partnership; and the persons concerned in the management or control of such associations.

Source: CIG News

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