Cayman Islands are among most popular jurisdictions used to register trusts and funds, which explains the interest of a number of professionals in the whole situation around a public Beneficiary Register to be introduced by local authorities.
As the regulatory authorities are still in the process of providing consultations, the ultimate decision hasn’t been taken yet. Suggestions and recommendations concern an idea not to make the Register public, meanwhile ensuring a due and free access for the regulatory body to the registries that are required to be maintained by companies, funds and trusts and reviewed by licensed service suppliers on regular basis.
The rules will include some exemptions. The companies listed on the Stock Exchanges as well as licensed funds, regulated by Mutual Funds Law, together with private funds, which are controlled by licensed market agents from the EU, US, FATF countries, will make exception.
The suggested approach is intended to ensure the British crown’s requirements on Beneficiary Register are observed, and international regulations, such as Common Reporting Standard (CRS) and the 4th EU Directive are followed.