Have you renewed your CIMA DRLL Directorship registration for 2021?
Under the Cayman Islands’ Director Registration and Licensing Law (DRLL) all directors of Cayman Islands Monetary Authority (CIMA) regulated Mutual Funds or Securities investment Business Licensee (SIBL) registered companies must register with CIMA prior to appointment.
Registered, Professional and Corporate Directors are required to review their registration information on a yearly basis and submit an annual fee. To do this, Directors should log into the web portal no later than 15 January and complete their renewal.
Any change to the Director’s information must be updated and provided to CIMA within 21 days of the change to avoid penalties.
The annual fees are:
(a) For a registered director, CI$700 (US$853.65);
(b) For a licensed professional director, CI$3,000 (US$3,658.48); and
(c) For a licensed corporate director, CI$8,000 (US$9,755.96)
The renewal payment can only be made by Visa or MasterCard directly by each applicant via CIMAs web portal.
What if the director no longer needs to be registered?
If a director is no longer be acting on behalf of a CIMA Registered Fund or SIBL registered Management Company and wishes to cease to be a Registered, Professional or Corporate Director, then they must resign from all directorships and surrender their current license/registration prior to January 1, 2021.
A de-registration fee of CI$600 (US$731.71) will apply. Failure to surrender prior to the start of the next calendar year will make the 2021 fees mandatory.
Want to know more?
Head to CIMA’s website for more information.
This article is not intended to be financial advice and is of a general nature only that does not take into account your individual objectives, financial situation or needs. While all efforts have been made to ensure the information contained in this article is accurate, errors may occur.