Companies (Amendment) (No. 3) Act, 2020 (Act 60 of 2020)

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Section 1

Act 60 of 2020

COMPANIES (AMENDMENT) (NO. 3) ACT, 2020 (Act 60 of 2020) AN ACT TO AMEND THE COMPANIES ACT (2020 REVISION) TO INCLUDE THE CUSTOMS AND BORDER CONTROL SERVICE IN THE LIST OF ENTITIES WHICH MAY REQUEST INFORMATION FROM THE REGISTRAR; TO REPEAL SECTIONS OF THE ACT RELATING TO BEARER SHARES; TO ADJUST REFERENCES TO THE LIST OF EQUIVALENT JURISDICTIONS PUBLISHED UNDER THE ANTI-MONEY LAUNDERING REGULATIONS (2020 REVISION); TO REQUIRE COMPANIES TO MAINTAIN AND FILE WITH THE REGISTRAR, INFORMATION ON THE NATURE OF ITS BUSINESS; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands.

(2) This Act shall come into force on such date as may be appointed by Order made by the Cabinet and different dates may be appointed for different provisions of this Act and in relation to different matters.

and interpretation

amended in section 2(1) by repealing the definition of the word “custodian”.

(Act 60 of 2020) I Assent, Martyn Roper Governor Date: 6th day of January, 2021

Section 3 Companies (Amendment) (No. 3) Act, 2020

Act 60 of 2020

(a) by inserting after paragraph (b) the following paragraph — “(ba) the Customs and Border Control Service established under section 3 of the Customs and Border Control Act, 2018;”; and (b) by repealing paragraph (f) and substituting the following paragraph — “(f) a competent authority as defined under section 2(1) of the Proceeds of Crime Act (2020 Revision).”.

shares, calls, etc.

(a) in paragraph (g), by deleting the word “and” appearing at the end of the paragraph;

(b) in paragraph (h), by deleting the words “they hold,” and substituting the words “they hold; and”; and (c) by inserting after paragraph (h), the following paragraph — “(i) nature of the business,”.

Part — “Part XV - Prohibition on Bearer Shares

incorporated under this Act shall not issue bearer shares.

(2) In relation to a company which has been struck off the companies register, subsection (1) applies to that company if the company is reinstated.

(3) An order of the Court shall not permit a company which has been struck off the companies register to be reinstated with bearer shares in issue.

(4) Bearer shares issued prior to the commencement of the Companies (Amendment) (No. 3) Act, 2020 or issued contrary to subsection (1) shall be void.”.

Companies (Amendment) (No. 3) Act, 2020 Section 6

Act 60 of 2020

(a) in subsection (1), by repealing paragraph (d) and substituting the following paragraph — “(d) regulated in a jurisdiction that is designated as having measures for combating money laundering and the financing of terrorism which are equivalent to that of the Islands in accordance with section 5(2) of the Proceeds of Crime Act (2020 Revision)”; and (b) in subsection (2)(b), by deleting the words “included in the list published in the Gazette and referred to in regulations 22(d) and 23(1) of the AntiMoney Laundering Regulations (2020 Revision)” and substituting the words “designated as having measures for combating money laundering and the financing of terrorism which are equivalent to that of the Islands in accordance with section 5(2) of the Proceeds of Crime Act (2020 Revision)”.

by the Cayman Islands Monetary Authority

substituting the following subsection — “(1) Notwithstanding section 245(1), the Cayman Islands Monetary Authority may, on the request of the competent authority, disclose any information — (a) relating to a company or a subsidiary of a company which is exempt from this Part pursuant to sections 245(1)(b),(c), (e) or (f); and (b) that the company or subsidiary which is exempt from this Part pursuant to sections 245(1)(b),(c), (e) or (f) would be required to provide under this Part as required particulars, if this Part applied to that company or subsidiary.”.

Section 8 Companies (Amendment) (No. 3) Act, 2020

Act 60 of 2020

Passed by the Parliament the 16th day of December, 2020.

Hon. W. McKeeva Bush Speaker Zena Merren-Chin Clerk of the Parliament