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THE LIMITED LIABILITY PARTNERSHIP (AMENDMENT) LAW, 2018 (LAW 42 OF 2018) The Limited Liability Partnership (Amendment) Law, 2018 The Limited Liability Partnership (Amendment) Law, 2018 Law 42 of 2018 I Assent Martyn Roper Governor. 14th December, 2018 A LAW TO AMEND THE LIMITED LIABILITY PARTNERSHIP LAW, 2017 TO REQUIRE LIMITED LIABILITY PARTNERSHIPS REGISTERED IN THE ISLANDS TO ESTABLISH, MAINTAIN AND REGULARLY UPDATE BENEFICIAL OWNERSHIP REGISTERS; TO IDENTIFY LIMITED LIABILITY PARTNERSHIPS THAT ARE EXEMPT FROM THESE REQUIREMENTS AND REQUIRE THEM TO FILE WRITTEN CONFIRMATIONS OF EXEMPTION; TO ENABLE THE REGISTERS TO BE SEARCHED BY THE COMPETENT AUTHORITY DESIGNATED UNDER THE COMPANIES LAW (2018 REVISION); AND FOR INCIDENTAL AND CONNECTED MATTERS ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"(1) This Law may be cited as the Limited Liability Partnership (Amendment) Law, 2018. (2) This Law shall come into force on such date as may be appointed by the Cabinet and different dates may be appointed for different provisions.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"The Limited Liability Partnership Law, 2017, in this Law referred to as \u201cthe principal Law\u201d, is amended by inserting after Part 7 the following Part - \u201cPART 8 - BENEFICIAL OWNERSHIP REGISTERS Interpretation\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_51\", \"num\": \"51.\", \"text\": \"(1) In this Part - \u201cbeneficial owner\u201d, in relation to a limited liability Short title and commencement Insertion of new Part 8 The Limited Liability Partnership (Amendment) Law, 2018 (2018 Revision) (2018 Revision) partnership, has the meaning assigned by sections 54(3), (4) and (5); \u201cbeneficial ownership register\u201d means a register of adequate, accurate and current beneficial ownership information maintained by a limited liability partnership pursuant to section 59, containing the required particulars of registrable persons in relation to the limited liability partnership; \u201ccompetent authority\u201d means the Minister referred to in section 246(1) of the Companies Law (2018 Revision) or the person designated by the Minister under that section; \u201ccorporate services provider\u201d means an individual or legal entity that provides corporate services under the Companies Management Law (2018 Revision), the Banks and Trust Companies Law (2018 Revision), the Insurance Law, 2010 or any other regulatory law pursuant to which the individual or legal entity is licensed or permitted to provide registered office services; \u201cindividual\u201d means a natural person; \u201clegal entity\u201d means a company, limited liability company, limited liability partnership or other body that is a legal person under the law by which it is governed; \u201cprescribed\u201d means prescribed by regulations made under section 87; \u201cregistrable person\u201d means an individual or relevant legal entity that is a registrable person under section 58; \u201cregulatory law\u201d means a law defined as such in section 2 of the Monetary Authority Law (2018 Revision), other than the Directors Registration and Licensing Law, 2014; \u201crelevant interest\u201d means an interest that a person holds in a limited liability partnership consisting of - (a) a partnership interest; or (b) the right to appoint or remove a majority of the managing partners of the limited liability The Limited Liability Partnership (Amendment) Law, 2018 partnership; \u201crelevant legal entity\u201d, in relation to a limited liability partnership, has the meaning assigned by section 55(3); \u201crequired particulars\u201d means particulars in respect of a registrable person required to be kept in a limited liability partnership\u2019s beneficial ownership register pursuant to sections 60 and 61; \u201crestrictions notice\u201d means a notice issued under section 72; and \u201cspecified conditions\u201d means the conditions specified in sections 54(3), (4) and (5). (2) This Part is to be read and have effect as if each of the following were an individual, even if they are legal persons under the laws by which they are governed - (a) a corporation sole; (b) a government or government department of a country or territory or a part of a country or territory; (c) an international organization whose members include two or more countries or territories (or their governments); and (d) a local authority or local government body. Application Schedule 4 (2018 Revision) (2015 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_52\", \"num\": \"52.\", \"text\": \"(1) This Part applies in respect of limited liability partnerships formed and registered, except a legal entity or subsidiary of one or more legal entities, each of which is - (a) listed on the Cayman Islands Stock Exchange or an approved stock exchange in Schedule 4 of the Companies Law (2018 Revision); (b) registered or holding a licence under a regulatory law (other than  a limited liability partnership registered as an excluded person under 5(4) of the Securities Investment Business Law (2015 Revision)); (c) managed, arranged, administered, operated or promoted by an approved person as a special purpose vehicle, private equity fund, collective investment scheme or investment The Limited Liability Partnership (Amendment) Law, 2018 (2018 Revision) (2015 Revision) fund, including where the vehicle, fund or scheme is a Cayman Islands exempted limited partnership; (d) regulated in a jurisdiction included in a list published by the Anti-Money Laundering Steering Group of countries and territories whose Anti-Money Laundering legislation is deemed to be equivalent to the Anti-Money Laundering legislation of the Islands; (e) a general partner of a vehicle, fund or scheme referred to in paragraph (c) which vehicle, fund or scheme - (i) is registered or holds a licence under a regulatory law; or (ii) is managed, arranged, administered, operated or promoted by an approved person; (f) holding directly a legal or beneficial interest in the shares of a legal entity which holds a licence under the Banks and Trust Companies Law (2018 Revision), the Companies Management Law (2018 Revision), the Insurance Law, 2010, Part III of the Mutual Funds Law (2015 Revision) or the Securities Investment Business Law (2015 Revision); or (g) exempted by the Regulations. (2) For the avoidance of doubt, a legal entity shall not be considered - (a) to be operated or managed by an approved person solely as a consequence of the entity having appointed an individual who is an employee of a legal entity which holds a licence under a regulatory law as a director or managing partner; or (b) to be managed, arranged, administered, operated or promoted by an approved person solely as a consequence of the entity having appointed an approved person to provide its registered office in the Cayman Islands. (3) In this section, \u201capproved person\u201d means a person The Limited Liability Partnership (Amendment) Law, 2018 (2015 Revision) (2018 Revision) Schedule 4 (2018 Revision) or a subsidiary of a person that is - (a) regulated, registered or holding a licence in the Islands under a regulatory law (other than a person registered as an excluded person under 5(4) of the Securities Investment Business Law (2015 Revision)); (b) regulated in an equivalent legislation jurisdiction that is included in the list published in the Gazette and referred to in regulations 22(d) and 23(1) of the AntiMoney Laundering Regulations (2018 Revision); or (c) listed on the Cayman Islands Stock Exchange or an approved stock exchange in Schedule 4 of the Companies Law (2018 Revision). (4) For the purposes of this section, a limited liability partnership (\u201cS\u201d) is a subsidiary of one or more legal entities described in subsection (1) if - (a) such legal entities, separately or collectively, hold in excess of seventy-five percent of the partnership interests with respect to profit sharing or voting rights in S or distributions of capital from S; (b) each such legal entity is a partner of S and, separately or collectively, such legal entities have the right to appoint or remove a majority of its managing partners; or (c) it is a subsidiary of one or more legal entities each of which is itself a subsidiary of one or more legal entities described in subsection (1). Competent authority\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_53\", \"num\": \"53.\", \"text\": \"The competent authority may do all things necessary or convenient to be done in the performance of the competent authority\u2019s functions under this Part, including executing requests by senior officials referred to in section 69(1) to search for information concerning the beneficial ownership of limited liability partnerships registered in the Islands. The Limited Liability Partnership (Amendment) Law, 2018 Identifying Beneficial Owners, Relevant Legal Entities and Registrable Persons Duty of limited liability partnerships to identify beneficial owners\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_54\", \"num\": \"54.\", \"text\": \"(1) Limited liability partnerships to which this Part applies shall take reasonable steps to identify any individual who is a beneficial owner of the limited liability partnership. (2) For the purpose of identifying individuals who are beneficial owners under subsection (1), a limited liability partnership is entitled to rely, without further enquiry, on the response of a person to a notice in writing sent in good faith by the limited liability partnership, unless it has reason to believe that the response is misleading or false. (3) An individual (\u201cX\u201d) is a beneficial owner of a limited liability partnership (\u201cY\u201d) if the individual meets one or more of the following conditions in relation to the limited liability partnership - (a) X must hold, directly or indirectly, a partnership interest in Y representing a right to share in more than 25 percent of any surplus limited liability partnership property of Y on a winding up of Y; (b) X must hold, directly or indirectly, a partnership interest in Y representing more than 25 percent of the rights to vote on those matters that are to be decided by a vote at meetings of the partners of Y; or (c) X must hold the right, directly or indirectly, to appoint or remove a majority of the managing partners of Y or those persons who hold a majority of the voting rights at meetings of the partners. (4) If no individual meets the conditions in subsection (3), X is a beneficial owner of limited liability partnership Y if X has the absolute and unconditional legal right to exercise, or actually exercises, significant influence or control over Y through the interests described in subsection (3) other than where that influence or control is soley in the capacity of a professional advisor or professional manager. (5) If no individual meets the conditions in subsections (3) and (4) but the trustees of a trust (or the The Limited Liability Partnership (Amendment) Law, 2018 members of a partnership or other entity that under the law by which it is governed is not a legal person) meet one of those conditions in relation to limited liability partnership Y in their capacity as such, X is a beneficial owner of Y if X has the absolute and unconditional legal right to exercise, or actually exercises, significant influence or control over the activities of that trust (or partnership or other entity) other than where that influence or control is soley in the capacity of a professional advisor or professional manager. Duty of limited liability partnerships to identify relevant legal entities\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_55\", \"num\": \"55.\", \"text\": \"(1) A limited liability partnership to which this Part applies shall take reasonable steps to identify all relevant legal entities that exist in relation to the limited liability partnership. (2) For the purpose of identifying relevant legal entities under subsection (1), a limited liability partnership is entitled to rely, without further enquiry, on the response of a legal entity to a notice in writing sent in good faith by the limited liability partnership, unless it has reason to believe that the response is misleading or false. (3) A \u201crelevant legal entity\u201d, in relation to a limited liability partnership, is a legal entity that - (a)  is incorporated, formed or registered (including by way of continuation or as a foreign company) in the Islands under the laws of the Islands; and (b) would be a beneficial owner of the limited liability partnership if it were an individual. Duty of limited liability partnerships to give notice to registrable persons\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_56\", \"num\": \"56.\", \"text\": \"(1) Subject to subsection (5), a limited liability partnership to which this Part applies shall give notice in writing to beneficial owners and relevant legal entities identified by the limited liability partnership under sections 54 and 55 and to any person that it knows or has reasonable cause to believe is a registrable person in relation to it. (2) The notice shall require the persons to whom it is addressed, within one month of the date of receipt of the notice - (a) to state whether or not they are registrable persons, within the meaning of this Part; and The Limited Liability Partnership (Amendment) Law, 2018 (b) if they are registrable persons, to confirm or correct any required particulars that are included in the notice and supply any required particulars that are missing from the notice. (3) A limited liability partnership may also give notice in writing to a partner or a legal entity that it knows or has reasonable cause to believe is a relevant legal entity in relation to that limited liability partnership (or would be a relevant legal entity if it were registered under this Law), if the limited liability partnership knows or has reasonable cause to believe that such partner or legal entity knows the identity of a registrable person. (4) A notice under subsection (3) may require the persons to whom it is addressed - (a) to state whether or not they know the identity of a registrable person or any person likely to have that knowledge; and (b) to supply, within one month of receipt of the notice and at the expense of the limited liability partnership, any required particulars respecting such registrable persons that are within the addressee\u2019s knowledge and to state whether the particulars are being supplied with or without the knowledge of the person concerned. (5) A limited liability partnership is not required to give a notice to an individual or a relevant legal entity if - (a) the limited liability partnership knows that the individual or entity is not a registrable person; or (b) the limited liability partnership has already been informed of the person\u2019s status as a registrable person in relation to it, and has received all the required particulars. (6) A person to whom a notice under this section is given is not required by that notice to disclose any information - (a)  in respect of which a claim to legal professional privilege could be maintained in The Limited Liability Partnership (Amendment) Law, 2018 legal proceedings; or (b) that the person is prohibited by any law applicable in the Islands from disclosing. Duty of beneficial owners and relevant legal entities to supply information\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_57\", \"num\": \"57.\", \"text\": \"(1) This section applies to a person if - (a) the person is a registrable person in respect of a limited liability partnership to which this Part applies; (b) the person knows the facts referred to in paragraph (a); (c) the person has no reason to believe that the person\u2019s required particulars are stated in the limited liability partnership\u2019s beneficial ownership register; (d) the person has not received a notice from the limited liability partnership under section 56; and (e) the circumstances described in paragraphs (a), (b), (c) and (d) have continued for a period of at least one month. (2) The person shall - (a) notify the limited liability partnership of the person\u2019s status as a registrable person in relation to the limited liability partnership; (b) state the date, to the best of the person\u2019s knowledge, on which the person acquired that status; and (c) give the limited liability partnership the required particulars. (3) The duty under subsection (2) must be complied with by the end of the period of one month beginning with the day on which the conditions in subsections (1)(a), (b) and (c) were first met with respect to the person. Individuals and relevant legal entities that are registrable persons\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_58\", \"num\": \"58.\", \"text\": \"(1) The following are registrable persons in relation to a limited liability partnership - (a) an individual whom the limited liability partnership identifies pursuant to section 54 as a beneficial owner; and (b) a relevant legal entity identified by the limited liability partnership pursuant to The Limited Liability Partnership (Amendment) Law, 2018 section 55 - (i) that directly holds  a partnership interest or meets one or more of the specified conditions directly in respect of the limited liability partnership; and (ii) through which any beneficial owner or relevant legal entity indirectly owns a partnership interest. (2) Whether a person holds a partnership interest in a limited liability partnership or meets a specified condition in relation to it directly or indirectly shall be determined in the manner prescribed. Establishing Beneficial Ownership Registers Duty to establish and maintain beneficial ownership register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_59\", \"num\": \"59.\", \"text\": \"A limited liability partnership to which this Part applies by virtue of section 52(1) shall - (a) keep its beneficial ownership register at the limited liability partnership\u2019s registered office; and (b) engage a corporate services provider or the Registrar to establish and maintain its beneficial ownership register. Role of corporate services provider and Registrar\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_60\", \"num\": \"60.\", \"text\": \"(1) A limited liability partnership to which this Part applies shall provide in writing to the corporate services provider or the Registrar, as the case may be, the required particulars of registrable persons in respect of that limited liability partnership, once those particulars have been confirmed. (2) A limited liability partnership that is exempt from the application of this Part shall, in the prescribed manner, provide to the corporate services provider or the Registrar, as the case may be - (a) written confirmation of the exemption - (i) identifying the paragraph under section 52(1) that provides for the exemption; and (ii) including the prescribed information about the regulated legal entity, regulated parent entity or approved The Limited Liability Partnership (Amendment) Law, 2018 person referred to in that paragraph; and (b) instructions to file the written confirmation with the competent authority. (3) The limited liability partnership referred to in subsection (1) shall instruct the corporate services provider or the Registrar, as the case may be, to enter the required particulars of registrable persons in the limited liability partnership\u2019s beneficial ownership register in the prescribed form and manner, or if no registrable persons are identified, to enter a nil return. (4) It is not required for particulars to be entered in the register concerning an individual or relevant legal entity that is not a registrable person. (5) For the purposes of this section, particulars are considered to have been confirmed if - (a) the limited liability partnership has reasonable grounds to believe that they were supplied or confirmed by the individual or entity to whom the particulars relate; (b) another person supplied or confirmed them to the limited liability partnership, and the limited liability partnership has reasonable grounds to believe that this was done with the knowledge of the individual or entity to whom the particulars relate; or (c) the particulars were included in a statement referred to in section 18 and delivered to the Registrar by persons wishing to form the limited liability partnership. Required particulars\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_61\", \"num\": \"61.\", \"text\": \"(1) The required particulars of an individual are - (a) full legal name; (b) residential address and, if different, an address for service of notices under this Law; (c) date of birth; (d) information identifying the individual from the individual\u2019s passport, driver\u2019s licence or other government-issued document, including - The Limited Liability Partnership (Amendment) Law, 2018 (i) identifying number; (ii) country of issue; and (iii) date of issue and of expiry; and (e) the date on which the individual became or ceased to be a registrable person in relation to the limited liability partnership in question. (2) In the case of a person in relation to whom this Part has effect by virtue of section 51(2), the required particulars are - (a) name; (b) principal office; (c) the legal form of the person and the law by which the person is governed; and (d) the date on which the person became or ceased to be a registrable person in relation to the legal entity in question. (3) The required particulars of a relevant legal entity are - (a) corporate or firm name; (b) registered or principal office; (c) the legal form of the entity and the law by which it is governed; (d) if applicable, the register of companies or limited liability companies in which it is entered and its registration number in that register; and (e) the date on which it became or ceased to be a registrable person in relation to the limited liability partnership in question. Duty of limited liability partnership to keep register up to date\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_62\", \"num\": \"62.\", \"text\": \"(1) If a limited liability partnership to which this Part applies becomes aware of a relevant change with respect to a registrable person whose required particulars are stated in its beneficial ownership register, the limited liability partnership shall give notice to the registrable person, as soon as reasonably practicable after it learns of the change or first has reasonable cause to believe that the change has occurred, requesting confirmation of the change. (2) If the person to which a notice is sent under The Limited Liability Partnership (Amendment) Law, 2018 subsection (1) confirms the relevant change, the limited liability partnership shall record the details of the change and instruct the corporate services provider or the Registrar, as the case may be, to enter in the limited liability partnership\u2019s beneficial ownership register in the prescribed form and manner - (a) the details of the relevant change confirmed by the limited liability partnership; (b) the date on which the change was made; and (c) whether there are further alterations to be made. (3) For the purposes of this section, a relevant change occurs if - (a) the registrable person ceases to be a registrable person in relation to the limited liability partnership; or (b) any other change occurs as a result of which the required particulars stated respecting the registrable person in the limited liability partnership\u2019s beneficial ownership register are materially incorrect or incomplete. (4) A relevant change with respect to a registrable person is considered to have been confirmed if - (a) the limited liability partnership has given notice to the registrable person requesting confirmation, within the period of one month from the date of the notice, of the relevant change, the date of the change and the required particulars included in the notice; and (b) the details, date and required particulars of the change have been supplied or confirmed to the limited liability partnership by the registrable person or by another person with the knowledge of the registrable person. Consequences of failure to disclose beneficial ownership\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_63\", \"num\": \"63.\", \"text\": \"(1)  If a limited liability partnership\u2019s corporate services provider or the Registrar, as the case may be, is of the opinion that a limited liability partnership has failed to comply with section 60 or 62 without reasonable excuse or has made a statement to either of them that is false, deceptive The Limited Liability Partnership (Amendment) Law, 2018 or misleading in respect of a material particular, the limited liability partnership\u2019s corporate services provider or the Registrar, as the case may be, shall give notice of the opinion to the limited liability partnership. (2) On receipt of a notice under subsection (1), the limited liability partnership shall provide its corporate services provider or the Registrar, as the case may be, with - (a) the missing particulars required under section 60 or 62 pertaining to registrable persons; and (b)  a justification or correction respecting any statement identified in the notice. (3) If the notified limited liability partnership fails, due to the failure of a registrable person to comply with the obligations under this Law, to provide the missing particulars referred to in subsection (2)(a) within one month of receipt of the notice, the limited liability partnership shall - (a) subject to section 72, issue a restrictions notice to the registrable persons whose particulars are missing with regard to the partnership interest or other relevant interest of such registrable persons in the limited liability partnership; and (b) send a copy of the notice to the competent authority within two weeks of issuing it. (4) A person to whom a restrictions notice is issued under this section may apply to the Court to set aside any restriction or cancellation imposed by the notice. Duty of other persons to update register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_64\", \"num\": \"64.\", \"text\": \"(1) This section applies to persons if - (a) they have stated that they are registrable persons, within the meaning of this Part, in response to a notice received under section 56 or they have reason to believe that their required particulars are stated in a limited liability partnership\u2019s beneficial ownership register; (b) a relevant change, within the meaning of section 62(3), occurs with respect to the The Limited Liability Partnership (Amendment) Law, 2018 person; (c) they know of the change; (d) they have no knowledge that the beneficial ownership register has been altered to reflect the change; and (e) they have not received a notice from the limited liability partnership under section 62 by the end of the period of one month beginning with the day on which the change occurred. (2) A person to which this section applies shall - (a) notify the limited liability partnership of the relevant change; (b) state the date on which the relevant change occurred; and (c) give the limited liability partnership any information needed to update the limited liability partnership\u2019s beneficial ownership register. (3) The duty under subsection (2) shall be complied with by the end of the period of one month beginning with the day on which the person discovered the relevant change. Removal of entries from limited liability partnership\u2019s beneficial ownership register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_65\", \"num\": \"65.\", \"text\": \"A limited liability partnership may cause an entry relating to a person that is no longer a registrable person to be removed from its beneficial ownership register on the expiration of five years from the date on which the person ceased to be a registrable person in relation to the limited liability partnership. Power of Court to rectify beneficial ownership register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_66\", \"num\": \"66.\", \"text\": \"(1) If - (a) the name of any individual or relevant legal entity is, without sufficient cause, entered in or omitted from a limited liability partnership\u2019s beneficial ownership register as a registrable person; or (b) default is made or unnecessary delay takes place in entering on a limited liability partnership\u2019s beneficial ownership register the fact that the individual or relevant legal entity has ceased to be a registrable person, The Limited Liability Partnership (Amendment) Law, 2018 the person aggrieved, or any individual or relevant legal entity that is a registrable person in relation to the limited liability partnership, may apply to the Court for rectification of the limited liability partnership\u2019s beneficial ownership register. (2) The Court may - (a) refuse the application; or (b) order rectification of the beneficial ownership register and payment by the limited liability partnership of any damages sustained by any person aggrieved. (3) On an application under this section, the Grand Court may decide any question - (a) as to whether the name of any person who is a party to the application should or should not be entered in or omitted from the limited liability partnership\u2019s beneficial ownership register; and (b) that is necessary or expedient to be decided for rectification of the limited liability partnership\u2019s beneficial ownership register. (4) If the Court makes an order for rectification of a limited liability partnership\u2019s beneficial ownership register against the limited liability partnership, it shall direct notice of the rectification to be given to the competent authority. Access to Beneficial Ownership Information Duty of competent authority to establish search platform\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_67\", \"num\": \"67.\", \"text\": \"(1) The competent authority shall establish a search platform by means of which access may be provided to information on all beneficial ownership registers maintained by corporate services providers or the Registrar on behalf of limited liability partnerships subject to this Part. (2) The search platform must - (a) be secure and accessible only by the competent authority; (b) be able to search all limited liability The Limited Liability Partnership (Amendment) Law, 2018 partnership beneficial ownership information provided to the competent authority by corporate services providers or the Registrar by the name of an individual, legal entity or limited liability partnership; and (c) prevent communication to any person of the fact that a search is being made or has taken place, except where the competent authority expressly discloses such communication. Duties of the Registrar and corporate services providers\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_68\", \"num\": \"68.\", \"text\": \"(1) A corporate services provider engaged by a limited liability partnership pursuant to section 59, or the Registrar if so engaged, shall offer the limited liability partnership an information technology solution, either directly or through another corporate services provider, that enables the corporate services provider or the Registrar, as the case may be - (a) to establish and maintain the limited liability partnership\u2019s beneficial ownership register on behalf of the limited liability partnership; and (b) to provide information on the beneficial ownership register to the competent authority by means of the search platform established by the competent authority pursuant to section 67. (2) The corporate services provider shall regularly deposit beneficial ownership information received from limited liability partnerships that have engaged the corporate services provider in such place, in such manner and at such intervals as may be prescribed. (3) If there is default in complying with subsection (2), the corporate services provider and any officer of the corporate services provider who is in default - (a) shall incur a penalty of five hundred dollars; and (b) shall incur an additional penalty of one thousand dollars and a further penalty of one hundred dollars for every day during which the default continues if the competent authority is satisfied that the default was The Limited Liability Partnership (Amendment) Law, 2018 knowingly or wilfully authorized or permitted. Limits on searches that may be executed (2018 Revision) (2018 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_69\", \"num\": \"69.\", \"text\": \"(1) The competent authority shall execute a search of a limited liability partnership\u2019s beneficial ownership register by means of the search platform if formally requested to do so - (a) by a senior official referred to in section 262(1) of the Companies Law (2018 Revision), provided that the senior official certifies that the request meets the conditions referred to in section 262(2) of that Law; or (b) by the Financial Crime Unit of the Royal Cayman Islands Police Service, provided that a senior official of the Unit certifies that the request meets the conditions referred to in section 262(3) of the Companies Law (2018 Revision). (2) No person shall use the search platform to search a limited liability partnership\u2019s beneficial ownership register except the competent authority. Disclosure of beneficial ownership information by the Cayman Islands Monetary Authority (2018 Revision) Non-disclosure of  information concerning requests for beneficial ownership\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_70\", \"num\": \"70.\", \"text\": \"(1) The Cayman Islands Monetary Authority may, on request by the competent authority, disclose any information in its possession respecting - (a) a limited liability partnership; or (b) a subsidiary of such a limited liability partnership registered or holding a licence under a regulatory law, that the limited liability partnership would be required to provide under this Part as required particulars if this Part applied to it. (2) For greater certainty, section 50(1) of the Monetary Authority Law (2018 Revision) does not apply to a disclosure made under this section.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_71\", \"num\": \"71.\", \"text\": \"(1) Neither the competent authority nor any employee, servant or agent of the competent authority shall disclose any information relating to a request for beneficial ownership information referred to in section 69, including the fact that The Limited Liability Partnership (Amendment) Law, 2018 information (Law 23 of 2016) (2017 Revision) such a request was made or that a search was carried out, to any person other than the authorized personnel of the competent authority or the law enforcement agency that requested the search. (2) Information maintained by corporate services providers and the Registrar in respect of beneficial ownership of a limited liability partnership is deemed to be confidential information under the Confidential Information Disclosure Law, 2016. (3) Subject to sections 18 and 19 of the Tax Information Law (2017 Revision), information deemed to be confidential under subsection (2) shall only be disclosed in accordance with the Confidential Information Disclosure Law, 2016. Enforcement Right to issue restrictions notice\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_72\", \"num\": \"72.\", \"text\": \"(1) A limited liability partnership to which this Part applies may send a restrictions notice to a person who has a relevant interest in that limited liability partnership if - (a) a notice under section 56 or 62 was served on the person; (b) the person has not, by the end of the period of one month beginning with the date of receipt of the notice - (i) complied with the notice; or (ii) provided the limited liability partnership with a valid reason sufficient to justify the person's failure to comply with the notice; and (c) the relevant interest is not subject to a security interest granted to a third party who is not affiliated with the person. (2) In deciding whether to send a restrictions notice, the limited liability partnership shall have regard to the effect of the notice on the rights of persons in respect of the relevant interest, including third parties, persons with a security interest over the relevant interest, other holders of a partnership interest and other beneficial owners. The Limited Liability Partnership (Amendment) Law, 2018 Effect of restrictions notice\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_73\", \"num\": \"73.\", \"text\": \"(1) The effect of a restrictions notice with respect to a relevant interest is as follows - (a) any transfer or agreement to transfer the interest is void; (b) no rights are exercisable in respect of the interest; (c) no additional rights may be granted in respect of the interest or in pursuance of an offer made to the interest-holder; (d) except in a liquidation, no payment may be made of sums due from the limited liability partnership in respect of the interest, whether in respect of capital or otherwise; and (e) other than in a liquidation, an agreement to transfer any of the following associated rights in relation to the relevant interest is void - (i) a right to be granted additional rights in respect of the relevant interest; or (ii) a right to receive payment of any sums due from the limited liability partnership in respect of the relevant interest. (2) This section does not apply to an agreement to transfer a relevant interest referred to in subsection (1)(a) or to an associated right referred to in subsection (1)(e), if the agreement results from the making of an order referred to in section 76(2)(b). Protection of third party rights\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_74\", \"num\": \"74.\", \"text\": \"(1) The Court may, on application by any person aggrieved, give a direction for the purpose of protecting the rights of third parties, persons with a security interest over the relevant interest, holders of a partnership interest or other beneficial owners in respect of a relevant interest, if the Court is satisfied that a restrictions notice unfairly affects those rights. (2) An order under this section - (a) shall direct, subject to such terms as the Court thinks fit, that certain acts will not constitute a breach of the restrictions placed The Limited Liability Partnership (Amendment) Law, 2018 on the relevant interest by the restrictions notice; (b) shall specify the acts that will not constitute a breach of the restrictions; and (c) may confine the direction to cases where those acts are done by persons, or for purposes, described in the order. Breach of restrictions an offence\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_75\", \"num\": \"75.\", \"text\": \"(1) A person commits an offence who, knowing that a relevant interest is subject to restrictions - (a) exercises or purports to exercise any right to dispose of the relevant interest; (b) exercises or purports to exercise any right to dispose of any right to be issued with the relevant interest; or (c) votes in respect of the relevant interest (whether as holder of the interest or as proxy) or appoints a proxy to vote in respect of the relevant interest. (2) A person who has a relevant interest that the person knows to be subject to restrictions commits an offence if the person - (a) knows a person to be entitled (apart from the restrictions) to vote in respect of the interest, whether as holder or as proxy; (b) does not know the person to be aware of the fact that the interest is subject to restrictions; and (c) fails to notify the person of the fact referred to in paragraph (b). (3) A person commits an offence if the person - (a) has a relevant interest that the person knows to be subject to restrictions or is entitled to an associated right; and (b) enters into an agreement that is void by virtue of section 73(1)(a) or (e). (4) A person who commits an offence under this section is liable on summary conviction to a fine of five thousand dollars. The Limited Liability Partnership (Amendment) Law, 2018 (5) No person commits an offence who contravenes subsections (1) to (3) in furtherance of compliance with a direction of the Court given under section 74 or 76. Offence: issuing partnership interests contrary to restriction\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_76\", \"num\": \"76.\", \"text\": \"Subject to a direction given under section 74 or 75, a limited liability partnership that issues partnership interests in contravention of a restriction imposed by virtue of a restrictions notice commits an offence and is liable on summary conviction to a fine of five thousand dollars. Relaxation of restrictions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_77\", \"num\": \"77.\", \"text\": \"(1) A limited liability partnership that issues a restrictions notice, or any person aggrieved by such notice, may apply to the Court for an order directing that the relevant interest cease to be subject to restrictions. (2) The Court may only make an order under this section if - (a) the Court is satisfied that the information required by the notice served under section 56 or 64 has been disclosed to the limited liability partnership and no unfair advantage has accrued to any person as a result of the earlier failure to make that disclosure; or (b) the relevant interest is to be transferred for valuable consideration and the Court approves the transfer. (3) An order made by virtue of subsection (2)(b) may continue, in whole or in part, the restrictions mentioned in section 73(1)(c) and (d) so far as they relate to a right acquired or offer made before the transfer. (4) Where any restrictions continue in force by virtue of subsection (3) - (a) an application may be made under this section for an order directing that the relevant interest cease to be subject to those restrictions; and (b) subsection (2) does not apply in relation to the making of such an order. Orders for sale\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_78\", \"num\": \"78.\", \"text\": \"(1) On application by a limited liability partnership The Limited Liability Partnership (Amendment) Law, 2018 that issues a restrictions notice, the Court may order that the relevant interest subject to restrictions be sold, provided that the Court approves the sale. (2) A Court that makes an order under subsection (1) may make such further order relating to the sale or transfer of the interest as it thinks fit on application by - (a) the limited liability partnership that issued the restrictions notice; (b) the person appointed in pursuance of the order to effect the sale; or (c) any person with an interest in the relevant interest. (3) On making an order under subsection (1) or (2), the Court may order that the applicant's costs be paid from the proceeds of sale. Proceeds of sale of relevant interest\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_79\", \"num\": \"79.\", \"text\": \"(1) If a relevant interest is sold pursuant to an order under section 77, the proceeds of the sale, less the costs of the sale, must be paid into the Court for the benefit of persons who are beneficially interested in the relevant interest. (2) A person who is beneficially interested in the relevant interest may apply to the Court for the whole or part of those proceeds to be paid to that person. (3) On an application under subsection (2), the Court shall order the payment to the applicant of - (a) the whole of the proceeds of sale together with any interest on the proceeds; or (b) if another person was also beneficially interested in the relevant interest at the time of the sale, such proportion of the proceeds (and any interest) as the value of the applicant's interest bears to the total value of the relevant interest. (4) Where the Court has ordered under section 77(3) that the costs of an applicant be paid from the proceeds of sale, the applicant is entitled to payment of those costs before any person receives any part of the proceeds under this The Limited Liability Partnership (Amendment) Law, 2018 section. Limited liability partnership may withdraw restrictions notice\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_80\", \"num\": \"80.\", \"text\": \"A limited liability partnership that issues a restrictions notice to a person shall by notice withdraw the restrictions notice if - (a) it is satisfied that there is a valid reason sufficient to justify the person's failure to comply with the notice served under section 56 or 62; (b) the notice served under section 56 or 62 is complied with; or (c) the limited liability partnership discovers that the rights of a third party in respect of the relevant interest are being unfairly affected by the restrictions notice. Offences Failure of a limited liability partnership to establish or maintain beneficial ownership register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_81\", \"num\": \"81.\", \"text\": \"A limited liability partnership that knowingly and wilfully contravenes section 54(1), 55(1), 59, 60(1) or (2) or 62(2) or knowingly and wilfully fails to issue a notice as required by section 56, 62 or 63(3) commits an offence and is liable on summary conviction for each such contravention - (a) to a fine of twenty-five thousand dollars; and (b) if the offence is a continuing one, to a fine of five hundred dollars for each day or part of a day during which the offence continues, up to a maximum of twenty-five thousand dollars. Failure to comply with notices\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_82\", \"num\": \"82.\", \"text\": \"(1) A person to whom a notice under section 56 or 62 is addressed commits an offence if the person - (a) knowingly and wilfully fails to comply with the notice; or (b) in purported compliance with the notice - (i) makes a statement that the person knows to be false in a material particular; or (ii) recklessly makes a statement that is false in a material particular. (2) A person does not commit an offence under subsection (1)(a) if the person proves that the requirement to The Limited Liability Partnership (Amendment) Law, 2018 give information was frivolous or vexatious. (3) A person who is guilty of an offence under this section is liable - (a) on conviction on indictment, to imprisonment for a term of two years or a fine of ten thousand dollars, or to both; (b) on summary conviction to imprisonment for a term of twelve months or a fine of five thousand dollars, or to both. Failure to provide information\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_83\", \"num\": \"83.\", \"text\": \"(1) A person commits an offence if the person - (a) knowingly and wilfully fails to comply with a duty under section 57 or 64 within the time required by that section; or (b) in purported compliance with such a duty - (i) makes a statement that the person knows to be false in a material particular; or (ii) recklessly makes a statement that is false in a material particular. (2) A person who is guilty of an offence under this section is liable - (a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine of ten thousand dollars, or to both; (b) on summary conviction to imprisonment for a term of twelve months or to a fine of five thousand dollars, or to both. Unlawful search or disclosure of beneficial ownership information\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_84\", \"num\": \"84.\", \"text\": \"A person who conducts a search of a limited liability partnership\u2019s beneficial ownership register contrary to section 69(1) or (2) or who discloses beneficial ownership information contrary to section 71 commits an offence and is liable on summary conviction to a fine of ten thousand dollars or imprisonment for twelve months, or to both. Offences by partners and managers\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_85\", \"num\": \"85.\", \"text\": \"Where a limited liability partnership or a legal entity is guilty of an offence under this Part and it is proved that the offence was committed with the consent or connivance of, or was attributable to, wilful default on the part of a partner or The Limited Liability Partnership (Amendment) Law, 2018 person concerned in the management of the limited liability partnership or legal entity, the partner or person is guilty of the same offence and liable to the same penalty as the limited liability partnership or legal entity. Supplementary Provisions Exemptions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_86\", \"num\": \"86.\", \"text\": \"(1) The competent authority, if satisfied, having regard to any undertaking given by an individual or a legal entity, that there are special reasons for an exemption from compliance with a notice or duty under this Part, may exempt - (a) the individual or legal entity from complying with a notice issued under section 56 or 62; (b) a limited liability partnership from taking steps to identify that individual or legal entity or give notice under sections 56 or 62 to or with respect to them; (c) anyone from sending a notice or giving information pursuant to a notice under section 56(3); (d) the individual or legal entity from the duties imposed by sections 57 and 62; or (e) the individual or legal entity from being entered on a limited liability partnership\u2019s beneficial ownership register as a registrable person in relation to any limited liability partnership. (2) The competent authority shall exercise the exemption powers in subsection (1) in accordance with the prescribed criteria. Regulations under this Part\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_87\", \"num\": \"87.\", \"text\": \"(1) The Cabinet may make regulations respecting anything required to carry out this Part or prescribing anything required to be prescribed under this Part, including regulations - (a) specifying criteria for the exercise of the competent authority\u2019s exemption powers under section 86; (b) respecting the giving of notices under section 56 or 62, including the form, content and The Limited Liability Partnership (Amendment) Law, 2018 manner of giving such notices; (c) to add to or remove from any of the lists of required particulars, including specifying the particulars required respecting the nature of control of an individual over the limited liability partnership referred to in the particulars; (d) requiring additional matters to be noted in a limited liability partnership's beneficial ownership register; (e) requiring the competent authority, a corporate services provider, the Registrar or a limited liability partnership to refrain from using or disclosing particulars of a prescribed kind from a limited liability partnership\u2019s beneficial ownership register (or to refrain from doing so except in prescribed circumstances) where an application is made to the competent authority requesting the respective entity to refrain from so doing; (f) specifying the manner and form in which a limited liability partnership shall keep its beneficial ownership register; (g) setting the fees that the Registrar may charge for services pursuant to an engagement by a limited liability partnership pursuant to section 59 to establish and maintain the company\u2019s beneficial ownership register; (h) respecting the procedure to be followed by limited liability partnerships issuing and withdrawing restrictions notices, including regulations providing for - (i) the form and content of restrictions notices, and the manner in which they must be given; (ii) the factors to be taken into account in deciding what counts as a reason sufficient to justify a person's failure to comply with a notice issued under section 56 or 62; and (iii) the effect of withdrawing a restrictions notice on matters that are pending with The Limited Liability Partnership (Amendment) Law, 2018 respect to the relevant interest when the notice is withdrawn. (2) The Cabinet may make regulations respecting the interpretation of the terms \u201cbeneficial owner\u201d, \u201csignificant influence or control\u201d, \u201cspecified conditions\u201d, \u201cregistrable person\u201d and \u201crelevant interest\u201d, including regulations - (a) to replace any or all references in section 54(3) to a percentage figure with references to some other (larger or smaller) percentage figure; (b) to change or supplement the specified conditions in section 54(3) so as to include circumstances (for example, circumstances involving more complex structures) that give individuals a level of control over limited liability partnership Y broadly similar to the level of control given by the other specified conditions; and (c) specifying the circumstances in which a person holds a right in a limited liability partnership or meets a specified condition in relation to it directly or indirectly through any number of persons or arrangements of any description. (3) The Cabinet may, by affirmative resolution, make regulations to add to, remove from or otherwise revise the list of limited liability partnerships to which this Part applies or does not apply under section 52(1)(g).\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"No prosecution may be commenced against a limited liability partnership for an offence under section 81, as enacted by clause 2 of this Law, unless the act or Transitional provision The Limited Liability Partnership (Amendment) Law, 2018 omission that constituted the offence took place at least three months after the coming into force of that section. Passed by the Legislative Assembly the 22nd day of November, 2018. Dr. Hon. W. McKeeva Bush Speaker. Zena Merren-Chin Clerk of the Legislative Assembly.\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2018_01_01\", \"date\": \"2018-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2018_01_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2018_01_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2018\/42\", \"FRBRdate\": [{\"date\": \"2018-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2018\/42\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2018-0042\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"42 of 2018\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"amending\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2018\/42\/eng@2018-01-01\", \"FRBRdate\": [{\"date\": \"2018-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2018\/42\/eng@2018-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2018\/42\/eng@2018-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2018\/42\/eng@2018-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Health Practice Law (Medical Tourism Provider and Medical Tourism Facility) (Cayman IVF Limited) Order\", \"actNumber\": \"42 of 2018\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nSupplement No. 16 published with Extraordinary\n\nGazette No. 97 dated 19th December, 2018.\n\nTHE LIMITED LIABILITY PARTNERSHIP (AMENDMENT) LAW, 2018\n\n(LAW 42 OF 2018)\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n2\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n3\nCAYMAN ISLANDS\n\nLaw 42 of 2018\n\nI Assent\n\nMartyn Roper\n\nGovernor.\n\n14th December, 2018\n\nA LAW TO AMEND THE LIMITED LIABILITY PARTNERSHIP LAW,\n2017 TO REQUIRE LIMITED LIABILITY PARTNERSHIPS\nREGISTERED IN THE ISLANDS TO ESTABLISH, MAINTAIN AND\nREGULARLY UPDATE BENEFICIAL OWNERSHIP REGISTERS; TO\nIDENTIFY LIMITED LIABILITY PARTNERSHIPS THAT ARE\nEXEMPT FROM THESE REQUIREMENTS AND REQUIRE THEM TO\nFILE WRITTEN CONFIRMATIONS OF EXEMPTION; TO ENABLE\nTHE REGISTERS TO BE SEARCHED BY THE COMPETENT\nAUTHORITY DESIGNATED UNDER THE COMPANIES LAW (2018\nREVISION); AND FOR INCIDENTAL AND CONNECTED MATTERS\nENACTED by the Legislature of the Cayman Islands.\n1.\n(1) This Law may be cited as the Limited Liability Partnership\n(Amendment) Law, 2018.\n\n(2) This Law shall come into force on such date as may be appointed by\nthe Cabinet and different dates may be appointed for different provisions.\n2.\nThe Limited Liability Partnership Law, 2017, in this Law referred to as \u201cthe\nprincipal Law\u201d, is amended by inserting after Part 7 the following Part -\n\u201cPART 8 - BENEFICIAL OWNERSHIP REGISTERS\nInterpretation\n\n51. (1) In this Part -\n\u201cbeneficial owner\u201d, in relation to a limited liability\nShort title and\ncommencement\nInsertion of new Part 8\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n4\n\n (2018 Revision)\n\n(2018 Revision)\n\npartnership, has the meaning assigned by sections 54(3), (4)\nand (5);\n\u201cbeneficial ownership register\u201d means a register of adequate,\naccurate and current beneficial ownership information\nmaintained by a limited liability partnership pursuant to\nsection 59, containing the required particulars of registrable\npersons in relation to the limited liability partnership;\n\u201ccompetent authority\u201d means the Minister referred to in\nsection 246(1) of the Companies Law (2018 Revision) or the\nperson designated by the Minister under that section;\n\u201ccorporate services provider\u201d means an individual or legal\nentity that provides corporate services under the Companies\nManagement Law (2018 Revision), the Banks and Trust\nCompanies Law (2018 Revision), the Insurance Law, 2010 or\nany other regulatory law pursuant to which the individual or\nlegal entity is licensed or permitted to provide registered\noffice services;\n\u201cindividual\u201d means a natural person;\n\u201clegal entity\u201d means a company, limited liability company,\nlimited liability partnership or other body that is a legal\nperson under the law by which it is governed;\n\u201cprescribed\u201d means prescribed by regulations made under\nsection 87;\n\u201cregistrable person\u201d means an individual or relevant legal\nentity that is a registrable person under section 58;\n\u201cregulatory law\u201d means a law defined as such in section 2 of\nthe Monetary Authority Law (2018 Revision), other than the\nDirectors Registration and Licensing Law, 2014;\n\u201crelevant interest\u201d means an interest that a person holds in a\nlimited liability partnership consisting of -\n(a) a partnership interest; or\n(b) the right to appoint or remove a majority of\nthe managing partners of the limited liability\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n5\n\npartnership;\n\u201crelevant legal entity\u201d, in relation to a limited liability\npartnership, has the meaning assigned by section 55(3);\n\u201crequired particulars\u201d means particulars in respect of a\nregistrable person required to be kept in a limited liability\npartnership\u2019s beneficial ownership register pursuant to\nsections 60 and 61;\n\u201crestrictions notice\u201d means a notice issued under section 72;\nand\n\u201cspecified conditions\u201d means the conditions specified in\nsections 54(3), (4) and (5).\n(2) This Part is to be read and have effect as if each of\nthe following were an individual, even if they are legal\npersons under the laws by which they are governed -\n(a) a corporation sole;\n(b) a government or government department of a\ncountry or territory or a part of a country or\nterritory;\n(c) an international organization whose members\ninclude two or more countries or territories\n(or their governments); and\n(d) a local authority or local government body.\nApplication\n\nSchedule 4\n(2018 Revision)\n\n(2015 Revision)\n\n52. (1) This Part applies in respect of limited liability\npartnerships formed and registered, except a legal entity or\nsubsidiary of one or more legal entities, each of which is -\n(a) listed on the Cayman Islands Stock Exchange\nor an approved stock exchange in Schedule 4\nof the Companies Law (2018 Revision);\n(b) registered or holding a licence under a\nregulatory law (other than  a limited liability\npartnership registered as an excluded person\nunder\nsection\n5(4)\nof\nthe\nSecurities\nInvestment Business Law (2015 Revision));\n(c) managed, arranged, administered, operated\nor promoted by an approved person as a\nspecial purpose vehicle, private equity fund,\ncollective investment scheme or investment\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n6\n\n(2018 Revision)\n\n(2015 Revision)\n\nfund, including where the vehicle, fund or\nscheme is a Cayman Islands exempted\nlimited partnership;\n(d) regulated in a jurisdiction included in a list\npublished by the Anti-Money Laundering\nSteering Group of countries and territories\nwhose Anti-Money Laundering legislation is\ndeemed to be equivalent to the Anti-Money\nLaundering legislation of the Islands;\n(e) a general partner of a vehicle, fund or\nscheme referred to in paragraph (c) which\nvehicle, fund or scheme -\n(i)\nis registered or holds a licence under a\nregulatory law; or\n(ii) is managed, arranged, administered,\noperated or promoted by an approved\nperson;\n(f)\nholding directly a legal or beneficial interest\nin the shares of a legal entity which holds a\nlicence\nunder\nthe\nBanks\nand\nTrust\nCompanies\nLaw\n(2018\nRevision),\nthe\nCompanies\nManagement\nLaw\n(2018\nRevision), the Insurance Law, 2010, Part III\nof the Mutual Funds Law (2015 Revision) or\nthe Securities Investment Business Law\n(2015 Revision); or\n(g) exempted by the Regulations.\n(2) For the avoidance of doubt, a legal entity shall not\nbe considered -\n(a) to be operated or managed by an approved\nperson solely as a consequence of the entity\nhaving appointed an individual who is an\nemployee of a legal entity which holds a\nlicence under a regulatory law as a director\nor managing partner; or\n(b) to be managed, arranged, administered,\noperated or promoted by an approved person\nsolely as a consequence of the entity having\nappointed an approved person to provide its\nregistered office in the Cayman Islands.\n(3) In this section, \u201capproved person\u201d means a person\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n7\n\n(2015 Revision)\n\n(2018 Revision)\n\nSchedule 4\n(2018 Revision)\n\nor a subsidiary of a person that is -\n(a) regulated, registered or holding a licence in\nthe Islands under a regulatory law (other than\na person registered as an excluded person\nunder\nsection\n5(4)\nof\nthe\nSecurities\nInvestment Business Law (2015 Revision));\n(b) regulated\nin\nan\nequivalent\nlegislation\njurisdiction that is included in the list\npublished in the Gazette and referred to in\nregulations 22(d) and 23(1) of the AntiMoney\nLaundering\nRegulations\n(2018\nRevision); or\n(c) listed on the Cayman Islands Stock Exchange\nor an approved stock exchange in Schedule 4\nof the Companies Law (2018 Revision).\n(4) For the purposes of this section, a limited liability\npartnership (\u201cS\u201d) is a subsidiary of one or more legal entities\ndescribed in subsection (1) if -\n(a) such legal entities, separately or collectively,\nhold in excess of seventy-five percent of the\npartnership interests with respect to profit\nsharing or voting rights in S or distributions\nof capital from S;\n(b) each such legal entity is a partner of S and,\nseparately or collectively, such legal entities\nhave the right to appoint or remove a\nmajority of its managing partners; or\n(c) it is a subsidiary of one or more legal entities\neach of which is itself a subsidiary of one or\nmore legal entities described in subsection\n(1).\nCompetent\nauthority\n53. The competent authority may do all things necessary or\nconvenient to be done in the performance of the competent\nauthority\u2019s functions under this Part, including executing\nrequests by senior officials referred to in section 69(1) to\nsearch for information concerning the beneficial ownership\nof limited liability partnerships registered in the Islands.\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n8\n\nIdentifying Beneficial Owners, Relevant Legal Entities and\nRegistrable Persons\nDuty of limited\nliability\npartnerships to\nidentify\nbeneficial\nowners\n54. (1) Limited liability partnerships to which this Part\napplies shall take reasonable steps to identify any individual\nwho is a beneficial owner of the limited liability partnership.\n(2) For the purpose of identifying individuals who are\nbeneficial owners under subsection (1), a limited liability\npartnership is entitled to rely, without further enquiry, on the\nresponse of a person to a notice in writing sent in good faith\nby the limited liability partnership, unless it has reason to\nbelieve that the response is misleading or false.\n(3) An individual (\u201cX\u201d) is a beneficial owner of a\nlimited liability partnership (\u201cY\u201d) if the individual meets one\nor more of the following conditions in relation to the limited\nliability partnership -\n(a) X must hold, directly or indirectly, a\npartnership interest in Y representing a right\nto share in more than 25 percent of any\nsurplus limited liability partnership property\nof Y on a winding up of Y;\n(b) X must hold, directly or indirectly, a\npartnership interest in Y representing more\nthan 25 percent of the rights to vote on those\nmatters that are to be decided by a vote at\nmeetings of the partners of Y; or\n(c) X must hold the right, directly or indirectly,\nto appoint or remove a majority of the\nmanaging partners of Y or those persons who\nhold a majority of the voting rights at\nmeetings of the partners.\n(4) If no individual meets the conditions in subsection\n(3), X is a beneficial owner of limited liability partnership Y\nif X has the absolute and unconditional legal right to\nexercise, or actually exercises, significant influence or\ncontrol over Y through the interests described in subsection\n(3) other than where that influence or control is soley in the\ncapacity of a professional advisor or professional manager.\n(5) If no individual meets the conditions in\nsubsections (3) and (4) but the trustees of a trust (or the\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n9\nmembers of a partnership or other entity that under the law\nby which it is governed is not a legal person) meet one of\nthose conditions in relation to limited liability partnership Y\nin their capacity as such, X is a beneficial owner of Y if X\nhas the absolute and unconditional legal right to exercise, or\nactually exercises, significant influence or control over the\nactivities of that trust (or partnership or other entity) other\nthan where that influence or control is soley in the capacity of\na professional advisor or professional manager.\nDuty of limited\nliability\npartnerships to\nidentify relevant\nlegal entities\n\n55. (1) A limited liability partnership to which this Part\napplies shall take reasonable steps to identify all relevant\nlegal entities that exist in relation to the limited liability\npartnership.\n(2) For the purpose of identifying relevant legal\nentities under subsection (1), a limited liability partnership is\nentitled to rely, without further enquiry, on the response of a\nlegal entity to a notice in writing sent in good faith by the\nlimited liability partnership, unless it has reason to believe\nthat the response is misleading or false.\n(3) A \u201crelevant legal entity\u201d, in relation to a limited\nliability partnership, is a legal entity that -\n(a)  is\nincorporated,\nformed\nor\nregistered\n(including by way of continuation or as a\nforeign company) in the Islands under the\nlaws of the Islands; and\n(b) would be a beneficial owner of the limited\nliability partnership if it were an individual.\nDuty of limited\nliability\npartnerships to\ngive notice to\nregistrable\npersons\n56. (1) Subject to subsection (5), a limited liability\npartnership to which this Part applies shall give notice in\nwriting to beneficial owners and relevant legal entities\nidentified by the limited liability partnership under sections\n54 and 55 and to any person that it knows or has reasonable\ncause to believe is a registrable person in relation to it.\n(2) The notice shall require the persons to whom it is\naddressed, within one month of the date of receipt of the\nnotice -\n(a) to state whether or not they are registrable\npersons, within the meaning of this Part; and\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n10\n(b) if they are registrable persons, to confirm or\ncorrect any required particulars that are\nincluded in the notice and supply any\nrequired particulars that are missing from the\nnotice.\n(3) A limited liability partnership may also give notice\nin writing to a partner or a legal entity that it knows or has\nreasonable cause to believe is a relevant legal entity in\nrelation to that limited liability partnership (or would be a\nrelevant legal entity if it were registered under this Law), if\nthe limited liability partnership knows or has reasonable\ncause to believe that such partner or legal entity knows the\nidentity of a registrable person.\n(4) A notice under subsection (3) may require the\npersons to whom it is addressed -\n(a) to state whether or not they know the identity\nof a registrable person or any person likely to\nhave that knowledge; and\n(b) to supply, within one month of receipt of the\nnotice and at the expense of the limited\nliability partnership, any required particulars\nrespecting such registrable persons that are\nwithin the addressee\u2019s knowledge and to\nstate whether the particulars are being\nsupplied with or without the knowledge of\nthe person concerned.\n(5) A limited liability partnership is not required to\ngive a notice to an individual or a relevant legal entity if -\n(a) the limited liability partnership knows that\nthe individual or entity is not a registrable\nperson; or\n(b) the limited liability partnership has already\nbeen informed of the person\u2019s status as a\nregistrable person in relation to it, and has\nreceived all the required particulars.\n(6) A person to whom a notice under this section is\ngiven is not required by that notice to disclose any\ninformation -\n(a)  in respect of which a claim to legal\nprofessional privilege could be maintained in\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n11\nlegal proceedings; or\n(b) that the person is prohibited by any law\napplicable in the Islands from disclosing.\nDuty of\nbeneficial\nowners and\nrelevant legal\nentities to supply\ninformation\n\n57. (1) This section applies to a person if -\n(a) the person is a registrable person in respect\nof a limited liability partnership to which this\nPart applies;\n(b) the person knows the facts referred to in\nparagraph (a);\n(c) the person has no reason to believe that the\nperson\u2019s required particulars are stated in the\nlimited\nliability partnership\u2019s beneficial\nownership register;\n(d) the person has not received a notice from the\nlimited liability partnership under section 56;\nand\n(e) the circumstances described in paragraphs\n(a), (b), (c) and (d) have continued for a\nperiod of at least one month.\n(2) The person shall -\n(a) notify the limited liability partnership of the\nperson\u2019s status as a registrable person in\nrelation to the limited liability partnership;\n(b) state the date, to the best of the person\u2019s\nknowledge, on which the person acquired\nthat status; and\n(c) give the limited liability partnership the\nrequired particulars.\n(3) The duty under subsection (2) must be complied\nwith by the end of the period of one month beginning with\nthe day on which the conditions in subsections (1)(a), (b) and\n(c) were first met with respect to the person.\nIndividuals and\nrelevant legal\nentities that are\nregistrable\npersons\n\n58. (1) The following are registrable persons in relation to\na limited liability partnership -\n(a) an individual whom the limited liability\npartnership identifies pursuant to section 54\nas a beneficial owner; and\n(b) a relevant legal entity identified by the\nlimited liability partnership pursuant to\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n12\nsection 55 -\n(i)\nthat directly holds  a partnership\ninterest or meets one or more of the\nspecified conditions directly in respect\nof the limited liability partnership; and\n(ii) through which any beneficial owner or\nrelevant legal entity indirectly owns a\npartnership interest.\n(2) Whether a person holds a partnership interest in a\nlimited liability partnership or meets a specified condition in\nrelation to it directly or indirectly shall be determined in the\nmanner prescribed.\n\nEstablishing Beneficial Ownership Registers\nDuty to establish\nand maintain\nbeneficial\nownership\nregister\n\n59. A limited liability partnership to which this Part applies\nby virtue of section 52(1) shall -\n(a) keep its beneficial ownership register at the\nlimited liability partnership\u2019s registered\noffice; and\n(b) engage a corporate services provider or the\nRegistrar to establish and maintain its\nbeneficial ownership register.\nRole of\ncorporate\nservices provider\nand Registrar\n60. (1) A limited liability partnership to which this Part\napplies shall provide in writing to the corporate services\nprovider or the Registrar, as the case may be, the required\nparticulars of registrable persons in respect of that limited\nliability partnership, once those particulars have been\nconfirmed.\n(2) A limited liability partnership that is exempt from\nthe application of this Part shall, in the prescribed manner,\nprovide to the corporate services provider or the Registrar, as\nthe case may be -\n(a) written confirmation of the exemption -\n(i)\nidentifying the paragraph under section\n52(1) that provides for the exemption;\nand\n(ii) including the prescribed information\nabout\nthe\nregulated\nlegal\nentity,\nregulated parent entity or approved\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n13\nperson referred to in that paragraph;\nand\n(b) instructions to file the written confirmation\nwith the competent authority.\n(3) The limited liability partnership referred to in\nsubsection (1) shall instruct the corporate services provider\nor the Registrar, as the case may be, to enter the required\nparticulars of registrable persons in the limited liability\npartnership\u2019s beneficial ownership register in the prescribed\nform and manner, or if no registrable persons are identified,\nto enter a nil return.\n(4) It is not required for particulars to be entered in\nthe register concerning an individual or relevant legal entity\nthat is not a registrable person.\n(5) For the purposes of this section, particulars are\nconsidered to have been confirmed if -\n(a) the\nlimited\nliability\npartnership\nhas\nreasonable grounds to believe that they were\nsupplied or confirmed by the individual or\nentity to whom the particulars relate;\n(b) another person supplied or confirmed them\nto the limited liability partnership, and the\nlimited liability partnership has reasonable\ngrounds to believe that this was done with\nthe knowledge of the individual or entity to\nwhom the particulars relate; or\n(c) the particulars were included in a statement\nreferred to in section 18 and delivered to the\nRegistrar by persons wishing to form the\nlimited liability partnership.\nRequired\nparticulars\n\n61. (1) The required particulars of an individual are -\n(a) full legal name;\n(b) residential address and, if different, an\naddress for service of notices under this Law;\n(c) date of birth;\n(d) information identifying the individual from\nthe individual\u2019s passport, driver\u2019s licence or\nother\ngovernment-issued\ndocument,\nincluding -\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n14\n(i)\nidentifying number;\n(ii) country of issue; and\n(iii) date of issue and of expiry; and\n(e) the date on which the individual became or\nceased to be a registrable person in relation\nto the limited liability partnership in\nquestion.\n(2) In the case of a person in relation to whom this\nPart has effect by virtue of section 51(2), the required\nparticulars are -\n(a) name;\n(b) principal office;\n(c) the legal form of the person and the law by\nwhich the person is governed; and\n(d) the date on which the person became or\nceased to be a registrable person in relation\nto the legal entity in question.\n(3) The required particulars of a relevant legal entity\nare -\n(a) corporate or firm name;\n(b) registered or principal office;\n(c) the legal form of the entity and the law by\nwhich it is governed;\n(d) if applicable, the register of companies or\nlimited liability companies in which it is\nentered and its registration number in that\nregister; and\n(e) the date on which it became or ceased to be a\nregistrable person in relation to the limited\nliability partnership in question.\nDuty of limited\nliability\npartnership to\nkeep register up\nto date\n\n62. (1) If a limited liability partnership to which this Part\napplies becomes aware of a relevant change with respect to a\nregistrable person whose required particulars are stated in its\nbeneficial ownership register, the limited liability partnership\nshall give notice to the registrable person, as soon as\nreasonably practicable after it learns of the change or first has\nreasonable cause to believe that the change has occurred,\nrequesting confirmation of the change.\n(2) If the person to which a notice is sent under\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n15\nsubsection (1) confirms the relevant change, the limited\nliability partnership shall record the details of the change and\ninstruct the corporate services provider or the Registrar, as\nthe case may be, to enter in the limited liability partnership\u2019s\nbeneficial ownership register in the prescribed form and\nmanner -\n(a) the details of the relevant change confirmed\nby the limited liability partnership;\n(b) the date on which the change was made; and\n(c) whether there are further alterations to be\nmade.\n(3) For the purposes of this section, a relevant change\noccurs if -\n(a) the registrable person ceases to be a\nregistrable person in relation to the limited\nliability partnership; or\n(b) any other change occurs as a result of which\nthe required particulars stated respecting the\nregistrable person in the limited liability\npartnership\u2019s beneficial ownership register\nare materially incorrect or incomplete.\n(4) A relevant change with respect to a registrable\nperson is considered to have been confirmed if -\n(a) the limited liability partnership has given\nnotice to the registrable person requesting\nconfirmation, within the period of one month\nfrom the date of the notice, of the relevant\nchange, the date of the change and the\nrequired particulars included in the notice;\nand\n(b) the details, date and required particulars of\nthe change have been supplied or confirmed\nto the limited liability partnership by the\nregistrable person or by another person with\nthe knowledge of the registrable person.\nConsequences of\nfailure to\ndisclose\nbeneficial\nownership\n63. (1)  If a limited liability partnership\u2019s corporate\nservices provider or the Registrar, as the case may be, is of\nthe opinion that a limited liability partnership has failed to\ncomply with section 60 or 62 without reasonable excuse or\nhas made a statement to either of them that is false, deceptive\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n16\nor misleading in respect of a material particular, the limited\nliability partnership\u2019s corporate services provider or the\nRegistrar, as the case may be, shall give notice of the opinion\nto the limited liability partnership.\n(2) On receipt of a notice under subsection (1), the\nlimited liability partnership shall provide its corporate\nservices provider or the Registrar, as the case may be, with -\n(a) the missing particulars required under\nsection 60 or 62 pertaining to registrable\npersons; and\n(b)  a justification or correction respecting any\nstatement identified in the notice.\n(3) If the notified limited liability partnership fails,\ndue to the failure of a registrable person to comply with the\nobligations under this Law, to provide the missing particulars\nreferred to in subsection (2)(a) within one month of receipt of\nthe notice, the limited liability partnership shall -\n(a) subject to section 72, issue a restrictions\nnotice to the registrable persons whose\nparticulars are missing with regard to the\npartnership interest or other relevant interest\nof such registrable persons in the limited\nliability partnership; and\n(b) send a copy of the notice to the competent\nauthority within two weeks of issuing it.\n(4) A person to whom a restrictions notice is issued\nunder this section may apply to the Court to set aside any\nrestriction or cancellation imposed by the notice.\nDuty of other\npersons to\nupdate register\n\n64. (1) This section applies to persons if -\n(a) they have stated that they are registrable\npersons, within the meaning of this Part, in\nresponse to a notice received under section\n56 or they have reason to believe that their\nrequired particulars are stated in a limited\nliability partnership\u2019s beneficial ownership\nregister;\n(b) a relevant change, within the meaning of\nsection 62(3), occurs with respect to the\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n17\nperson;\n(c) they know of the change;\n(d) they have no knowledge that the beneficial\nownership register has been altered to reflect\nthe change; and\n(e) they have not received a notice from the\nlimited liability partnership under section 62\nby the end of the period of one month\nbeginning with the day on which the change\noccurred.\n(2) A person to which this section applies shall -\n(a) notify the limited liability partnership of the\nrelevant change;\n(b) state the date on which the relevant change\noccurred; and\n(c) give the limited liability partnership any\ninformation needed to update the limited\nliability partnership\u2019s beneficial ownership\nregister.\n(3) The duty under subsection (2) shall be complied\nwith by the end of the period of one month beginning with\nthe day on which the person discovered the relevant change.\nRemoval of\nentries from\nlimited liability\npartnership\u2019s\nbeneficial\nownership\nregister\n65. A limited liability partnership may cause an entry\nrelating to a person that is no longer a registrable person to\nbe removed from its beneficial ownership register on the\nexpiration of five years from the date on which the person\nceased to be a registrable person in relation to the limited\nliability partnership.\nPower of Court\nto rectify\nbeneficial\nownership\nregister\n\n66. (1) If -\n(a) the name of any individual or relevant legal\nentity is, without sufficient cause, entered in\nor\nomitted\nfrom\na\nlimited\nliability\npartnership\u2019s beneficial ownership register as\na registrable person; or\n(b) default is made or unnecessary delay takes\nplace in entering on a limited liability\npartnership\u2019s beneficial ownership register\nthe fact that the individual or relevant legal\nentity has ceased to be a registrable person,\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n18\nthe person aggrieved, or any individual or relevant legal\nentity that is a registrable person in relation to the limited\nliability partnership, may apply to the Court for rectification\nof the limited liability partnership\u2019s beneficial ownership\nregister.\n(2) The Court may -\n(a) refuse the application; or\n(b) order\nrectification\nof\nthe\nbeneficial\nownership register and payment by the\nlimited liability partnership of any damages\nsustained by any person aggrieved.\n(3) On an application under this section, the Grand\nCourt may decide any question -\n(a) as to whether the name of any person who is\na party to the application should or should\nnot be entered in or omitted from the limited\nliability partnership\u2019s beneficial ownership\nregister; and\n(b) that is necessary or expedient to be decided\nfor rectification of the limited liability\npartnership\u2019s beneficial ownership register.\n(4) If the Court makes an order for rectification of a\nlimited liability partnership\u2019s beneficial ownership register\nagainst the limited liability partnership, it shall direct notice\nof the rectification to be given to the competent authority.\n\nAccess to Beneficial Ownership Information\n\nDuty of\ncompetent\nauthority to\nestablish search\nplatform\n67. (1) The competent authority shall establish a search\nplatform by means of which access may be provided to\ninformation on all beneficial ownership registers maintained\nby corporate services providers or the Registrar on behalf of\nlimited liability partnerships subject to this Part.\n(2) The search platform must -\n(a) be secure and accessible only by the\ncompetent authority;\n(b) be able to search all limited liability\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n19\npartnership beneficial ownership information\nprovided to the competent authority by\ncorporate services providers or the Registrar\nby the name of an individual, legal entity or\nlimited liability partnership; and\n(c) prevent communication to any person of the\nfact that a search is being made or has taken\nplace, except where the competent authority\nexpressly discloses such communication.\nDuties of the\nRegistrar and\ncorporate\nservices\nproviders\n\n68. (1) A corporate services provider engaged by a\nlimited liability partnership pursuant to section 59, or the\nRegistrar if so engaged, shall offer the limited liability\npartnership an information technology solution, either\ndirectly or through another corporate services provider, that\nenables the corporate services provider or the Registrar, as\nthe case may be -\n(a) to establish and maintain the limited liability\npartnership\u2019s beneficial ownership register\non behalf of the limited liability partnership;\nand\n(b) to provide information on the beneficial\nownership register to the competent authority\nby means of the search platform established\nby the competent authority pursuant to\nsection 67.\n(2) The corporate services provider shall regularly\ndeposit beneficial ownership information received from\nlimited liability partnerships that have engaged the corporate\nservices provider in such place, in such manner and at such\nintervals as may be prescribed.\n(3) If there is default in complying with subsection\n(2), the corporate services provider and any officer of the\ncorporate services provider who is in default -\n(a) shall incur a penalty of five hundred dollars;\nand\n(b) shall incur an additional penalty of one\nthousand dollars and a further penalty of one\nhundred dollars for every day during which\nthe default continues if the competent\nauthority is satisfied that the default was\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n20\nknowingly\nor\nwilfully\nauthorized\nor\npermitted.\nLimits on\nsearches that\nmay be executed\n\n(2018 Revision)\n\n(2018 Revision)\n69. (1) The competent authority shall execute a search of\na limited liability partnership\u2019s beneficial ownership register\nby means of the search platform if formally requested to do\nso -\n(a) by a senior official referred to in section\n262(1) of the Companies Law (2018\nRevision), provided that the senior official\ncertifies that the request meets the conditions\nreferred to in section 262(2) of that Law; or\n(b) by the Financial Crime Unit of the Royal\nCayman Islands Police Service, provided that\na senior official of the Unit certifies that the\nrequest meets the conditions referred to in\nsection 262(3) of the Companies Law (2018\nRevision).\n(2) No person shall use the search platform to search a\nlimited liability partnership\u2019s beneficial ownership register\nexcept the competent authority.\nDisclosure of\nbeneficial\nownership\ninformation by\nthe Cayman\nIslands\nMonetary\nAuthority\n\n(2018 Revision)\n\nNon-disclosure\nof  information\nconcerning\nrequests for\nbeneficial\nownership\n70. (1) The Cayman Islands Monetary Authority may, on\nrequest by the competent authority, disclose any information\nin its possession respecting -\n(a) a limited liability partnership; or\n(b) a subsidiary of such a limited liability\npartnership registered or holding a licence\nunder a regulatory law,\nthat the limited liability partnership would be required to\nprovide under this Part as required particulars if this Part\napplied to it.\n(2) For greater certainty, section 50(1) of the\nMonetary Authority Law (2018 Revision) does not apply to a\ndisclosure made under this section.\n71. (1) Neither the competent authority nor any employee,\nservant or agent of the competent authority shall disclose any\ninformation relating to a request for beneficial ownership\ninformation referred to in section 69, including the fact that\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n21\ninformation\n\n(Law 23 of\n2016)\n\n(2017 Revision)\n\nsuch a request was made or that a search was carried out, to\nany person other than the authorized personnel of the\ncompetent authority or the law enforcement agency that\nrequested the search.\n(2) Information maintained by corporate services\nproviders and the Registrar in respect of beneficial ownership\nof a limited liability partnership is deemed to be confidential\ninformation under the Confidential Information Disclosure\nLaw, 2016.\n(3) Subject to sections 18 and 19 of the Tax\nInformation Law (2017 Revision), information deemed to be\nconfidential under subsection (2) shall only be disclosed in\naccordance with the Confidential Information Disclosure\nLaw, 2016.\n\nEnforcement\nRight to issue\nrestrictions\nnotice\n72. (1) A limited liability partnership to which this Part\napplies may send a restrictions notice to a person who has a\nrelevant interest in that limited liability partnership if -\n(a) a notice under section 56 or 62 was served\non the person;\n(b) the person has not, by the end of the period\nof one month beginning with the date of\nreceipt of the notice -\n(i)\ncomplied with the notice; or\n(ii) provided\nthe\nlimited\nliability\npartnership\nwith\na\nvalid\nreason\nsufficient to justify the person's failure\nto comply with the notice; and\n(c) the relevant interest is not subject to a\nsecurity interest granted to a third party who\nis not affiliated with the person.\n(2) In deciding whether to send a restrictions notice,\nthe limited liability partnership shall have regard to the effect\nof the notice on the rights of persons in respect of the\nrelevant interest, including third parties, persons with a\nsecurity interest over the relevant interest, other holders of a\npartnership interest and other beneficial owners.\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n22\nEffect of\nrestrictions\nnotice\n\n73. (1) The effect of a restrictions notice with respect to a\nrelevant interest is as follows -\n(a) any transfer or agreement to transfer the\ninterest is void;\n(b) no rights are exercisable in respect of the\ninterest;\n(c) no additional rights may be granted in\nrespect of the interest or in pursuance of an\noffer made to the interest-holder;\n(d) except in a liquidation, no payment may be\nmade of sums due from the limited liability\npartnership in respect of the interest, whether\nin respect of capital or otherwise; and\n(e) other than in a liquidation, an agreement to\ntransfer any of the following associated\nrights in relation to the relevant interest is\nvoid -\n(i)\na right to be granted additional rights in\nrespect of the relevant interest; or\n(ii) a right to receive payment of any sums\ndue\nfrom\nthe\nlimited\nliability\npartnership in respect of the relevant\ninterest.\n(2) This section does not apply to an agreement to\ntransfer a relevant interest referred to in subsection (1)(a) or\nto an associated right referred to in subsection (1)(e), if the\nagreement results from the making of an order referred to in\nsection 76(2)(b).\nProtection of\nthird party rights\n\n74. (1) The Court may, on application by any person\naggrieved, give a direction for the purpose of protecting the\nrights of third parties, persons with a security interest over\nthe relevant interest, holders of a partnership interest or other\nbeneficial owners in respect of a relevant interest, if the Court\nis satisfied that a restrictions notice unfairly affects those\nrights.\n(2) An order under this section -\n(a) shall direct, subject to such terms as the\nCourt thinks fit, that certain acts will not\nconstitute a breach of the restrictions placed\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n23\non the relevant interest by the restrictions\nnotice;\n(b) shall specify the acts that will not constitute a\nbreach of the restrictions; and\n(c) may confine the direction to cases where\nthose acts are done by persons, or for\npurposes, described in the order.\nBreach of\nrestrictions an\noffence\n\n75. (1) A person commits an offence who, knowing that a\nrelevant interest is subject to restrictions -\n(a) exercises or purports to exercise any right to\ndispose of the relevant interest;\n(b) exercises or purports to exercise any right to\ndispose of any right to be issued with the\nrelevant interest; or\n(c) votes in respect of the relevant interest\n(whether as holder of the interest or as\nproxy) or appoints a proxy to vote in respect\nof the relevant interest.\n(2) A person who has a relevant interest that the\nperson knows to be subject to restrictions commits an offence\nif the person -\n(a) knows a person to be entitled (apart from the\nrestrictions) to vote in respect of the interest,\nwhether as holder or as proxy;\n(b) does not know the person to be aware of the\nfact that the interest is subject to restrictions;\nand\n(c) fails to notify the person of the fact referred\nto in paragraph (b).\n(3) A person commits an offence if the person -\n(a) has a relevant interest that the person knows\nto be subject to restrictions or is entitled to\nan associated right; and\n(b) enters into an agreement that is void by\nvirtue of section 73(1)(a) or (e).\n(4) A person who commits an offence under this\nsection is liable on summary conviction to a fine of five\nthousand dollars.\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n24\n(5) No person commits an offence who contravenes\nsubsections (1) to (3) in furtherance of compliance with a\ndirection of the Court given under section 74 or 76.\nOffence: issuing\npartnership\ninterests contrary\nto restriction\n76. Subject to a direction given under section 74 or 75, a\nlimited liability partnership that issues partnership interests in\ncontravention of a restriction imposed by virtue of a\nrestrictions notice commits an offence and is liable on\nsummary conviction to a fine of five thousand dollars.\nRelaxation of\nrestrictions\n\n77. (1) A limited liability partnership that issues a\nrestrictions notice, or any person aggrieved by such notice,\nmay apply to the Court for an order directing that the relevant\ninterest cease to be subject to restrictions.\n(2) The Court may only make an order under this\nsection if -\n(a) the Court is satisfied that the information\nrequired by the notice served under section\n56 or 64 has been disclosed to the limited\nliability partnership and no unfair advantage\nhas accrued to any person as a result of the\nearlier failure to make that disclosure; or\n(b) the relevant interest is to be transferred for\nvaluable\nconsideration\nand\nthe\nCourt\napproves the transfer.\n(3) An order made by virtue of subsection (2)(b) may\ncontinue, in whole or in part, the restrictions mentioned in\nsection 73(1)(c) and (d) so far as they relate to a right\nacquired or offer made before the transfer.\n(4) Where any restrictions continue in force by virtue\nof subsection (3) -\n(a) an application may be made under this\nsection for an order directing that the\nrelevant interest cease to be subject to those\nrestrictions; and\n(b) subsection (2) does not apply in relation to\nthe making of such an order.\nOrders for sale\n78. (1) On application by a limited liability partnership\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n25\n\nthat issues a restrictions notice, the Court may order that the\nrelevant interest subject to restrictions be sold, provided that\nthe Court approves the sale.\n(2) A Court that makes an order under subsection (1)\nmay make such further order relating to the sale or transfer of\nthe interest as it thinks fit on application by -\n(a) the limited liability partnership that issued\nthe restrictions notice;\n(b) the person appointed in pursuance of the\norder to effect the sale; or\n(c) any person with an interest in the relevant\ninterest.\n(3) On making an order under subsection (1) or (2),\nthe Court may order that the applicant's costs be paid from\nthe proceeds of sale.\nProceeds of sale\nof relevant\ninterest\n79. (1) If a relevant interest is sold pursuant to an order\nunder section 77, the proceeds of the sale, less the costs of\nthe sale, must be paid into the Court for the benefit of\npersons who are beneficially interested in the relevant\ninterest.\n(2) A person who is beneficially interested in the\nrelevant interest may apply to the Court for the whole or part\nof those proceeds to be paid to that person.\n(3) On an application under subsection (2), the Court\nshall order the payment to the applicant of -\n(a) the whole of the proceeds of sale together\nwith any interest on the proceeds; or\n(b) if another person was also beneficially\ninterested in the relevant interest at the time\nof the sale, such proportion of the proceeds\n(and any interest) as the value of the\napplicant's interest bears to the total value of\nthe relevant interest.\n(4) Where the Court has ordered under section 77(3)\nthat the costs of an applicant be paid from the proceeds of\nsale, the applicant is entitled to payment of those costs before\nany person receives any part of the proceeds under this\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n26\nsection.\nLimited liability\npartnership may\nwithdraw\nrestrictions\nnotice\n\n80. A limited liability partnership that issues a restrictions\nnotice to a person shall by notice withdraw the restrictions\nnotice if -\n(a) it is satisfied that there is a valid reason\nsufficient to justify the person's failure to\ncomply with the notice served under section\n56 or 62;\n(b) the notice served under section 56 or 62 is\ncomplied with; or\n(c) the limited liability partnership discovers that\nthe rights of a third party in respect of the\nrelevant interest are being unfairly affected\nby the restrictions notice.\n\nOffences\nFailure of a\nlimited liability\npartnership to\nestablish or\nmaintain\nbeneficial\nownership\nregister\n81. A limited liability partnership that knowingly and\nwilfully contravenes section 54(1), 55(1), 59, 60(1) or (2) or\n62(2) or knowingly and wilfully fails to issue a notice as\nrequired by section 56, 62 or 63(3) commits an offence and is\nliable on summary conviction for each such contravention -\n(a) to a fine of twenty-five thousand dollars; and\n(b) if the offence is a continuing one, to a fine of\nfive hundred dollars for each day or part of a\nday during which the offence continues, up\nto a maximum of twenty-five thousand\ndollars.\nFailure to\ncomply with\nnotices\n\n82. (1) A person to whom a notice under section 56 or 62\nis addressed commits an offence if the person -\n(a) knowingly and wilfully fails to comply with\nthe notice; or\n(b) in purported compliance with the notice -\n(i)\nmakes a statement that the person\nknows to be false in a material\nparticular; or\n(ii) recklessly makes a statement that is\nfalse in a material particular.\n(2) A person does not commit an offence under\nsubsection (1)(a) if the person proves that the requirement to\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n27\ngive information was frivolous or vexatious.\n(3) A person who is guilty of an offence under this\nsection is liable -\n(a) on\nconviction\non\nindictment,\nto\nimprisonment for a term of two years or a\nfine of ten thousand dollars, or to both;\n(b) on summary conviction to imprisonment for\na term of twelve months or a fine of five\nthousand dollars, or to both.\nFailure to\nprovide\ninformation\n\n83. (1) A person commits an offence if the person -\n(a) knowingly and wilfully fails to comply with a\nduty under section 57 or 64 within the time\nrequired by that section; or\n(b) in purported compliance with such a duty -\n(i)\nmakes a statement that the person\nknows to be false in a material\nparticular; or\n(ii) recklessly makes a statement that is\nfalse in a material particular.\n(2) A person who is guilty of an offence under this\nsection is liable -\n(a) on\nconviction\non\nindictment,\nto\nimprisonment for a term not exceeding two\nyears or a fine of ten thousand dollars, or to\nboth;\n(b) on summary conviction to imprisonment for\na term of twelve months or to a fine of five\nthousand dollars, or to both.\nUnlawful search\nor disclosure of\nbeneficial\nownership\ninformation\n84. A person who conducts a search of a limited liability\npartnership\u2019s beneficial ownership register contrary to\nsection 69(1) or (2) or who discloses beneficial ownership\ninformation contrary to section 71 commits an offence and is\nliable on summary conviction to a fine of ten thousand\ndollars or imprisonment for twelve months, or to both.\nOffences by\npartners and\nmanagers\n85. Where a limited liability partnership or a legal entity is\nguilty of an offence under this Part and it is proved that the\noffence was committed with the consent or connivance of, or\nwas attributable to, wilful default on the part of a partner or\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n28\nperson concerned in the management of the limited liability\npartnership or legal entity, the partner or person is guilty of\nthe same offence and liable to the same penalty as the limited\nliability partnership or legal entity.\n\nSupplementary Provisions\nExemptions\n\n86. (1) The competent authority, if satisfied, having\nregard to any undertaking given by an individual or a legal\nentity, that there are special reasons for an exemption from\ncompliance with a notice or duty under this Part, may\nexempt -\n(a) the individual or legal entity from complying\nwith a notice issued under section 56 or 62;\n(b) a limited liability partnership from taking\nsteps to identify that individual or legal entity\nor give notice under sections 56 or 62 to or\nwith respect to them;\n(c) anyone from sending a notice or giving\ninformation pursuant to a notice under\nsection 56(3);\n(d) the individual or legal entity from the duties\nimposed by sections 57 and 62; or\n(e) the individual or legal entity from being\nentered on a limited liability partnership\u2019s\nbeneficial ownership register as a registrable\nperson in relation to any limited liability\npartnership.\n(2) The competent authority shall exercise the\nexemption powers in subsection (1) in accordance with the\nprescribed criteria.\nRegulations\nunder this Part\n\n87. (1) The Cabinet may make regulations respecting\nanything required to carry out this Part or prescribing\nanything required to be prescribed under this Part, including\nregulations -\n(a) specifying criteria for the exercise of the\ncompetent authority\u2019s exemption powers\nunder section 86;\n(b) respecting the giving of notices under section\n56 or 62, including the form, content and\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n29\nmanner of giving such notices;\n(c) to add to or remove from any of the lists of\nrequired particulars, including specifying the\nparticulars required respecting the nature of\ncontrol of an individual over the limited\nliability partnership referred to in the\nparticulars;\n(d) requiring additional matters to be noted in a\nlimited\nliability\npartnership's\nbeneficial\nownership register;\n(e) requiring\nthe\ncompetent\nauthority,\na\ncorporate services provider, the Registrar or\na limited liability partnership to refrain from\nusing\nor\ndisclosing\nparticulars\nof\na\nprescribed kind from a limited liability\npartnership\u2019s beneficial ownership register\n(or to refrain from doing so except in\nprescribed\ncircumstances)\nwhere\nan\napplication is made to the competent\nauthority requesting the respective entity to\nrefrain from so doing;\n(f)\nspecifying the manner and form in which a\nlimited liability partnership shall keep its\nbeneficial ownership register;\n(g) setting the fees that the Registrar may charge\nfor services pursuant to an engagement by a\nlimited liability partnership pursuant to\nsection 59 to establish and maintain the\ncompany\u2019s beneficial ownership register;\n(h) respecting the procedure to be followed by\nlimited liability partnerships issuing and\nwithdrawing restrictions notices, including\nregulations providing for -\n(i)\nthe form and content of restrictions\nnotices, and the manner in which they\nmust be given;\n(ii) the factors to be taken into account in\ndeciding what counts as a reason\nsufficient to justify a person's failure to\ncomply with a notice issued under\nsection 56 or 62; and\n(iii) the effect of withdrawing a restrictions\nnotice on matters that are pending with\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n30\nrespect to the relevant interest when the\nnotice is withdrawn.\n(2) The Cabinet may make regulations respecting the\ninterpretation of the terms \u201cbeneficial owner\u201d, \u201csignificant\ninfluence or control\u201d, \u201cspecified conditions\u201d, \u201cregistrable\nperson\u201d and \u201crelevant interest\u201d, including regulations -\n(a) to replace any or all references in section\n54(3) to a percentage figure with references\nto some other (larger or smaller) percentage\nfigure;\n(b) to change or supplement the specified\nconditions in section 54(3) so as to include\ncircumstances (for example, circumstances\ninvolving more complex structures) that give\nindividuals a level of control over limited\nliability partnership Y broadly similar to the\nlevel of control given by the other specified\nconditions; and\n(c) specifying the circumstances in which a\nperson holds a right in a limited liability\npartnership or meets a specified condition in\nrelation to it directly or indirectly through\nany number of persons or arrangements of\nany description.\n(3) The Cabinet may, by affirmative resolution, make\nregulations to add to, remove from or otherwise revise the list\nof limited liability partnerships to which this Part applies or\ndoes not apply under section 52(1)(g).\u201d.\n3.\nNo prosecution may be commenced against a limited liability partnership for\nan offence under section 81, as enacted by clause 2 of this Law, unless the act or\n\nTransitional provision\n\nThe Limited Liability Partnership (Amendment) Law, 2018\n\n31\nomission that constituted the offence took place at least three months after the\ncoming into force of that section.\n\nPassed by the Legislative Assembly the 22nd day of November, 2018.\n\nDr. Hon. W. McKeeva Bush\n\nSpeaker.\n\nZena Merren-Chin\n\nClerk of the Legislative Assembly.","akn_extracted_at":"2026-06-22 15:43:49.692156+00","cms_id":"2018-0042","law_type":"amending","year":"2018","number":"42","title":"Health Practice Law (Medical Tourism Provider and Medical Tourism Facility) (Cayman IVF Limited) Order","status":"in_force"},"provenance":{"files":[{"file_id":"6306","expr_id":"1465","kind":"akn_xml","filename":"2018-0042.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2018\/2018-0042\/2018-0042.akn.xml","content_md5":"df4bc9cbe375205b51a55943786d281c","byte_size":"58156","http_last_modified":null,"fetched_at":"2026-06-22 15:43:49.950805+00"},{"file_id":"2929","expr_id":"1465","kind":"pristine_pdf","filename":"2018-0042.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2018\/2018-0042\/2018-0042.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2018\/2018-0042\/2018-0042.pdf","content_md5":"de766279b9b01f3ca449a454eac85afc","byte_size":"458873","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.789337+00"},{"file_id":"2930","expr_id":"1465","kind":"working_pdf","filename":"2018-0042.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2018\/2018-0042\/2018-0042.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2018\/2018-0042\/2018-0042.pdf","content_md5":"de766279b9b01f3ca449a454eac85afc","byte_size":"458873","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.789337+00"}],"paragraph_count":38,"latest_history":null},"quality":{"expr_id":"1465","doc_id":"1465","quality_state":"known_issue","quality_score":"55","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata,verify_title_metadata}","finding_severity_counts":"{\"low\": 2, \"high\": 1, \"medium\": 1}","finding_summary":"stored title is not visible in the opening extracted text; repeated line furniture detected: the limited liability partnership amendment law 20 x31; 2018 revision x9; partnership x6","assessed_at":"2026-06-22 15:29:46.415521+00","updated_at":"2026-06-22 15:29:46.415521+00"}}