Continuing Requirements Under The Securities Investment Business Act

• Law Firm: Conyers
• Subject Matter: Corporate/Commercial Law, Government, Public Sector, Corporate and Company Law, Directors and Officers, Money Laundering, Shareholders
• Author: Conyers
• Published date: 03 April 2023

Preface

This publication has been prepared for the assistance of entities registered or to be registered under the Securities Investment Business Act (2020 Revision) ('SIBA') in the Cayman Islands ('Cayman'). It deals in broad terms with the requirements of Cayman law and is not intended to be exhaustive but merely to provide brief details and information which we hope will be of use to our clients. We recommend that our clients and prospective clients seek legal advice in Cayman on their specific proposals before taking steps to implement them.

Conyers

For general information on the Securities Investment Business Act ('SIBA'), see our publication Securities Investment Business in the Cayman Islands.

1. APPLICATION FOR REGISTERED PERSON (NEW APPLICANT)

A new applicant for registration must file Form APP-101-75 "Application for SIBA Registered Person", through the Cayman Islands Monetary Authority (the 'Authority') REEFS portal, together with the required supporting information and the required application fee.

Information and documentary requirements include the following:

1. client list (to include both regulated and unregulated entities);
2. details of all directors, principals of the general partner and managing members (as appropriate) (to include at least two natural persons);
3. details of senior officers or managers (excluding anti-money laundering officers ('AML Officers') - see further below);
4. details of all shareholders who are natural persons accompanied by a personal questionnaire for each shareholder with a shareholding of 10% or more;
5. details of all corporate shareholders as well as the first and last names of each 10% or greater ultimate beneficial owner ('UBO'), accompanied by a personal questionnaire for each UBO;
6. register of directors or equivalent showing persons who act in a similar capacity to a director;
7. register of members/ shareholders/ managing members (as appropriate) reflecting the beneficial owners and UBOs;
8. an organisational chart in pictorial format outlining whether the applicant operates as a single structure or has affiliates (both financial and non-financial) by way of common ownership. For each affiliate, the applicant must provide the (i) name of the entity; (ii) jurisdiction of incorporation; (iii) nature of the business; and (iv) name of the regulatory body who has oversight of the affiliate's business, if applicable; and
9. details of the natural persons appointed as the AML Officers together with their curriculum vitae in...