Public Consultation on Proposed Amendments to SIBL
The Cayman Islands Government has published the Securities Investment Business (Amendment) Bill, 2019 (“Bill”)1, which became available for public consultation on 16 April 2019.
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The Cayman Islands Government has published the Securities Investment Business (Amendment) Bill, 2019 (“Bill”)1, which became available for public consultation on 16 April 2019.
The Bill proposes a number of amendments to the Securities Investment Business Law (2019 Revision) (“SIBL”) in response to various evolving global standards and initiatives applicable to all major financial services jurisdictions. The amendments are not expected to affect fund vehicles themselves, but will impact all persons currently registered with the Cayman Islands Monetary Authority as ‘Excluded Persons’ under SIBL. In particular, the Bill aims to broaden the scope of both the regulatory requirements and the related supervisory framework for SIBL Excluded Persons, with effect from August 2019.
The Government has invited the public to send their comments on the Bill2 to the Department of Financial Services Policy and Legislation’s Senior Policy Analyst, Rolna DaCosta. The public consultation period is expected to remain open until at least 7 May 2019.
Following this public consultation period and further review of the Bill as the legislative process progresses, we expect the Bill to be passed into law in the coming months.
If you would like to make a submission on the Bill, please speak with your usual Maples Group contact or you may contact any one of the below members of our dedicated Funds & Investment Management team.
1http://www.gov.ky/portal/pls/portal/docs/1/12782501.PDF
2https://reaction.maples.com/reaction/pdf/PublicConsultationBeginsonAmendmenttoSecuritiesLawApril2019.pdf