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Cayman Islands government publishes consultation on amendments to the Monetary Authority Act and other key regulatory laws

28 Jul 2022

On 20 July 2022, the Cayman government circulated a consultation note, requesting feedback on the proposal to amend the Monetary Authority Act (2020 Revision) and specific regulatory laws, as follows:

  • Afford CIMA the power to apply administrative fines to partnerships, exempted limited partnerships, limited liability partnerships, partners, unincorporated associations and persons concerned in the management or control of unincorporated associations
  • Extend criminal liability to partnerships, exempted limited partnerships or limited liability partnerships, partners; unincorporated associations and persons concerned in the management or control of unincorporated associations
  • Enhance international cooperation with overseas regulatory authorities and local cooperation with the beneficial ownership competent authority
  • Ensure that the “disgorgement principle” is applicable to all persons regulated under the regulatory laws

The following is a list of the proposed amendment Bills and amendment Regulations:

If you would like to make a submission, please do so in the format detailed in the consultation paper by Friday 29 July 2022.