Cayman Islands – Proposed Introduction of Beneficial Ownership Registers
Following last years’ public consultation the Cayman Islands government has placed before parliament draft legislation requiring Cayman registered companies to maintain a beneficial ownership register that will be electronically accessible by the Cayman authorities.
The amendments affect Companies Law, LLC Law and Companies Management Law and will require all companies incorporated under the legislation to continue to maintain a register of beneficial ownership at the entity’s registered office. The register will be kept by the provider of the registered office in the Cayman Islands on a new electronic beneficial ownership platform.
The register will be searchable only by the Cayman Authority but as a UK Crown Dependency the UK authorities can request information from the register. Access to the register is otherwise confidential and is not open to public inspection.
The draft law will apply to all companies, subject to certain limited exceptions, principally quoted companies and all individuals who, in summary, hold over 25% of the shares or voting rights or who exercise significant control. The details recorded are sufficient for the accurate identification of the individual concerned.
A failure to maintain the register can result in prosecution and fine or imprisonment on conviction.
It is anticipated that the bill will be passed into law and will take effect by 30th
Further details of the draft law can be found in a more detailed article at: http://rosemont-int.com/news/17-03-2017-cayman-islands-proposed-introduction-of-beneficial-ownership-registers/