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Intertrust : Tick tock goes the Cayman Beneficial Ownership Regime clock

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  1. regulated in a jurisdiction included in a list published by the Anti-Money Laundering Steering Group of countries and territories whose anti-money laundering legislation is deemed to be equivalent to that of the Cayman Islands;
  2. the general partner of special purpose vehicle, private equity fund, collective investment scheme or investment fund that is registered or holds a license under a regulatory law or is managed, arranged, administered, operated or promoted by an approved person;
  3. the holder of a direct legal or beneficial interest in the shares of a legal entity which holds a license under the Banks and Trust Companies Law, the Companies Management Law, the Insurance Law, the Mutual Funds Law (Part III only) or the Securities Investment Business Law of the Cayman Islands.
  4. company or limited liability that is registered as an excluded person under section 5(4) of the Securities Investment Business Law of the Cayman Islands (a SIBL Excluded Person) will no longer be able to rely on the regulated person exemption;
  5. a SIBL Excluded Person will no longer be an 'approved person' within the meaning of the Regime;
  6. the Directors Registration and Licensing Law of the Cayman Islands is not a 'regulatory law' within the meaning of the Regime;
  7. an entity will not be considered to be managed, arranged, administered, operated or promoted by an approved person solely as a consequence of that entity having appointed an individual who is an employee of a legal entity that holds a license under a regulatory law as a director
  8. an entity will not be considered to be managed, arranged, administered, operated or promoted by an approved person solely as a consequence of that entity having appointed an approved person to act as its registered office in the Cayman Islands.

Published January 10, 2018

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