The Cayman Islands beneficial ownership regime has been amended and the following important changes came into force as of 29 June 2020:

• New administrative fines apply for companies that breach specified beneficial ownership provisions of the Companies Law or the Limited Liability Companies Law
• Responsibility will be placed on the registered office provider, instead of the company, with respect to restrictions notices
• Companies registered as a “Registered Person” under the Securities Investment Business Law will be exempt from the beneficial ownership requirements set out in the Companies Law or the Limited Liability Companies Law

For more detail please see our client alert.