On 29 June, STEP reported that Cayman Island companies classed as ‘registered persons’ will be exempted from the beneficial ownership reporting obligations imposed by the Companies Law or the Limited Liability Companies Law. They include the nearly 3,000 financial institutions previously known as ‘excluded persons’ under the Securities Investment Business Law (SIBL) and which were allowed to offer securities investment services to sophisticated and high-net-worth individuals without obtaining a licence.  They do have some new ongoing obligations under the SIBL.




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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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