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:

• Monetary Authority (Amendment) Bill, 2022
• Monetary Authority (Administrative Fines) (Amendment) Regulations, 2022
• Companies Management (Amendment) Bill, 2022
• Directors Registration and Licensing (Amendment) Bill, 2022
• Insurance (Amendment) (No.2) Bill, 2022
• Money Services (Amendment) Bill, 2022
• Securities Investment Business (Amendment) Bill, 2022
• Virtual Assets (Service Providers) (Amendment) Bill, 2022

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