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by Hardin Compliance Consulting

As of July 1, 2018, companies and limited liability companies incorporated or registered in the Cayman Islands are required to maintain a beneficial ownership register at their Cayman Islands-registered offices (or appointed service provider), unless an exemption applies. Hedge funds and private investment companies registered as companies or limited liability companies in the Cayman Islands should check with their Cayman service providers to confirm whether they comply.

Generally, hedge funds regulated or licensed with the Cayman Islands Monetary Authority, and hedge funds and private equity funds managed or administered by a person (or a subsidiary of a person) who is regulated or listed in Cayman or an approved jurisdiction, are exempt from this requirement. Approved jurisdictions include Canada, Hong Kong, Ireland, the United Kingdom and the United States.

The Cayman Islands government passed two laws outlining this new beneficial ownership regime, The Beneficial Ownership Regulations, 2018, and The Beneficial Ownership Regulations, 2018. These new laws require companies and limited liability companies to maintain a beneficial ownership register unless an exemption applies. The register must include details of the individuals who ultimately own or control more than 25% of the equity interests, voting rights, or have rights to appoint or remove a majority of the company directors, or LLC managers, together with details of ce......................

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