Directors of “covered entities” need to be registered under the DRLA. Covered entities comprise registered persons under the Securities Investment Business Act and mutual funds registered under the Mutual Funds Act.
Directors who have registered with the Cayman Islands Monetary Authority (“CIMA”) under the DRLA who wish to renew their registration for next year need to take the following steps:
- access CIMA’s portal https://gateway.cimaconnect.com/ using the login credentials previously supplied to the director on registration; and
- pay the annual fee by 15 January at the latest.
If the password has been forgotten, click on the “forgot password” link on the home page and input your email address to reset. Follow the instructions to make payment. Payments received after 15 January will incur late payment penalties.
A director who does not wish to renew his registration must deregister on or before 31 December in the current year in order to avoid the registration fees for the next year. Again, deregistration has to be done online (https://gateway.cimaconnect.com/) by following the prescribed steps under the “Surrender” tab and paying the deregistration fee.
After the deregistration fee has been paid, a letter to the Authority confirming the following has to be submitted:
- the director has resigned as a director of all covered entities;
- the director no longer plans to act as a director of any covered entities; and
- if the director would like to act as a director of any other covered entity, or wishes to resume directorship services after he/she has surrendered the registration, he/she will need to re-register under the DRLL.
CIMA will check its records to confirm that a deregistering director is no longer listed as a director for any covered entity. If he/she remains listed as a director on a covered entity, the deregistration will not be processed.