New Law - Cayman Hedge Fund Directors'

Related: Cayman Islands Offshore Company Formation
At this stage, it is not clear who will have access to this information.The new Law gives CIMA the power to: 1. refuse registration and license applications 2. undertake site inspections to examine affairs or business of any registered of licensed director for compliance with this new law to require information from any person CIMA thinks is acting as a director and who should be registered or licensed but is not a registered or licensed director.
The new Law gives CIMA the following enforcement power: 1. Impose criminal sanctions and penalties 2. suspend or cancel the registration 3. suspend or revoke a license 4. impose conditions on directors 5. require directors to reduce the number of appointments they have (after examining their capacity levels)www.tax-news.com
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