Directors registered with the Cayman Islands Monetary Authority (“CIMA”) under the Directors Registration and Licensing Act (Revised) as a result of being appointed as a director of a 'covered entity' are imminently required to either renew or cancel their registration.
In general, this affects directors of investment funds registered under the Mutual Funds Act and investment managers registered as a 'registered person' under the Securities Investment Business Act. It does not affect directors of investment funds registered under the Private Funds Act.
Directors of covered entities who remain in office on 1 January 2022 and will remain so for all or part of 2022, must pay 2022 renewal fees of US$853.65 on or before 15 January 2022. Payments received after 15 January 2022 will incur penalties.
If a director has resigned or been removed as a director on or before 31 December 2021, or the covered entity has successfully completed its de-registration from CIMA on or before 31 December 2021, then that director may cancel his registration (assuming he is not a director of an additional covered entity).
De-registration and the payment of the cancellation fee of US$731.71 must be completed on or before 31 December 2021. If payment of the cancellation fee is received after that date CIMA will charge full registration fees for 2022 (without any offset) and penalties will accrue if such registration fees are not paid in full on or before 15 January 2022.
Renewals and cancellations should be made and paid for through CIMA’s portal https://gateway.cimaconnect.com by using the login credentials previously supplied upon registration.