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Amendment of section 2 of the Companies Law (2020 Revision) - definitions and 3. 4. 5. 6. 7. 8. 9. Amendment of section 277 - unlawful search or disclosure of beneficial ownership 10. Companies (Amendment) Law, 2020 Law 4 of 2020 COMPANIES (AMENDMENT) LAW, 2020 (Law 4 of 2020) A LAW TO AMEND THE COMPANIES LAW (2020 REVISION) TO INCREASE THE EFFECTIVENESS OF THE BENEFICIAL OWNERSHIP REGIME; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title and commencement 1. (1) This Law may be cited as the Companies (Amendment) Law, 2020. (2) This Law shall come into force on such date as may be appointed by Order made by the Cabinet and different dates may be appointed for different provisions of this Law and in relation to different matters.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 2 of the Companies Law (2020 Revision) - definitions and interpretation 2. The Companies Law (2020 Revision), in this Law referred to as the \u201cprincipal Law\u201d, is amended in section 2 by inserting in the appropriate alphabetical sequence, the following definitions \u2014 \u201c  \u201cCayman Islands Stock Exchange\u201d means the Cayman Islands Stock Exchange Company incorporated under section 4 of the Stock Exchange Company Law (2014 Revision); and (Law 4 of 2020) I Assent, Martyn Roper Governor Date: 10th day of February, 2020 Companies (Amendment) Law, 2020 Law 4 of 2020 \u201cCayman Islands exempted limited partnership\u201d means an exempted limited partnership registered in accordance with section 9 of the Exempted Limited Partnership Law (2018 Revision);\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 40 - register of members 3. The principal Law is amended in section 40(3)(a), by inserting after the words \u201crights conferred on shareholders\u201d the words \u201c, including the right to appoint or remove directors,\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 244 - interpretation 4. The principal Law is amended in section 244(1), in the definition of \u201cbeneficial ownership register\u201d, by inserting after the word \u201ccurrent\u201d the words \u201cbeneficial ownership\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 245 - application 5. The principal Law is amended in section 245(3)(a) by deleting the words \u201cin excess of 75%\u201d and substituting the words \u201cseventy-five per cent or more\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 247 - duty of companies to identify beneficial owners 6. The principal Law is amended in section 247(3) by deleting the words \u201cmore than 25%\u201d wherever they appear and substituting the words \u201ctwenty-five per cent or more\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Amendment of section 252 - duty to establish and maintain beneficial ownership register 7. The principal Law is amended in section 252 as follows \u2014 (a) by repealing subsections (2) and (3) and substituting the following subsections \u2014 \u201c(2) A corporate services provider engaged for the provision of registered office services by \u2014 (a) an exempted company; (b) an ordinary non-resident company; or (c) a company registered to carry on a special economic zone business in a special economic zone under the Special Economic Zones Law (2017 Revision), shall keep the beneficial ownership register of the company. (3) An ordinary resident company to which this Part applies may engage the Registrar to assist the company to establish and maintain its beneficial ownership register. Companies (Amendment) Law, 2020 Law 4 of 2020 (3A) Where an ordinary resident company does not engage the Registrar under subsection (3), the corporate services provider engaged by the ordinary resident company shall keep the beneficial ownership register of the ordinary resident company.\u201d; and (b) by inserting after subsection (4), the following subsection \u2014 \u201c(5) In this section \u2014 \u201cordinary non-resident company\u201d means a company designated by the Financial Secretary as a non-resident company in accordance with section 2(3) of the Local Companies (Control) Law (2019 Revision); and \u201cordinary resident company\u201d means a company which carries on business in the Islands in accordance with section 2(2) of the Local Companies (Control) Law (2019 Revision).\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Amendment of section 262 - limits on searches that may be executed 8. The principal Law is amended in section 262 as follows \u2014 (a) in subsection (1) by deleting the words \u201cSubject to subsection (2), the\u201d and substituting the word \u201cThe\u201d; (b) by repealing subsection (2); and (c) by inserting after subsection (3), the following subsection \u2014 \u201c(3A)The competent authority may execute a search of the beneficial ownership register of a company in accordance with this Part for the purpose of verifying the accuracy of the information provided by the company.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Amendment of section 277 - unlawful search or disclosure of beneficial ownership information 9. The principal Law is amended in section 277 by deleting the words \u201csection 262(2)\u201d and substituting the words \u201csection 262(3A)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Insertion of section 279A - request for additional information 10. The principal Law is amended by inserting after section 279, the following section \u2014 \u201cRequest for additional information 279A.(1) The competent authority may request by notice in writing, additional information from a company or corporate services provider for the purposes of carrying out its functions under this Part. Companies (Amendment) Law, 2020 Law 4 of 2020 (2) A company or corporate services provider which receives a notice for information under subsection (1) shall comply with the notice within the period and in the manner specified in the request. (3) If there is a default in complying with subsection (2), the company or corporate services provider which is in default \u2014 (a) shall incur a penalty of five hundred dollars; and (b) if the competent authority is satisfied that the default was knowingly and wilfully authorised or permitted, shall incur in addition to the penalty under paragraph (a), a penalty of one thousand dollars and a further penalty of one hundred dollars for every day during which the default continues.\u201d. Passed by the Legislative Assembly the 31st day of January, 2020. Hon. W. 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definitions and\ninterpretation..............................................................................................................................5\n3.\nAmendment of section 40 - register of members ........................................................................6\n4.\nAmendment of section 244 - interpretation .................................................................................6\n5.\nAmendment of section 245 - application ....................................................................................6\n6.\nAmendment of section 247 - duty of companies to identify beneficial owners .............................6\n7.\nAmendment of section 252 - duty to establish and maintain beneficial ownership register .........6\n8.\nAmendment of section 262 - limits on searches that may be executed.......................................7\n9.\nAmendment of section 277 - unlawful search or disclosure of beneficial ownership\ninformation .................................................................................................................................7\n10.\nInsertion of section 279A - request for additional information .....................................................7\n\nCompanies (Amendment) Law, 2020\nSection 1\n\nc\nLaw 4 of 2020\nPage 5\n\nCAYMAN ISLANDS\n\nCOMPANIES (AMENDMENT) LAW, 2020\n(Law 4 of 2020)\nA LAW TO AMEND THE COMPANIES LAW (2020 REVISION) TO INCREASE THE\nEFFECTIVENESS\nOF\nTHE\nBENEFICIAL\nOWNERSHIP\nREGIME;\nAND\nFOR\nINCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Law may be cited as the Companies (Amendment) Law, 2020.\n(2) This Law shall come into force on such date as may be appointed by Order\nmade by the Cabinet and different dates may be appointed for different\nprovisions of this Law and in relation to different matters.\n2.\nAmendment of section 2 of the Companies Law (2020 Revision) -\ndefinitions and interpretation\n2.\nThe Companies Law (2020 Revision), in this Law referred to as the \u201cprincipal\nLaw\u201d, is amended in section 2 by inserting in the appropriate alphabetical sequence,\nthe following definitions \u2014\n\u201c  \u201cCayman Islands Stock Exchange\u201d means the Cayman Islands\nStock Exchange Company incorporated under section 4 of the Stock\nExchange Company Law (2014 Revision); and\n(Law 4 of 2020)\nI Assent,\nMartyn Roper\nGovernor\nDate: 10th day of February, 2020\n\nSection 3\nCompanies (Amendment) Law, 2020\n\nPage 6\nLaw 4 of 2020\nc\n\n\u201cCayman Islands exempted limited partnership\u201d means an\nexempted limited partnership registered in accordance with section\n9 of the Exempted Limited Partnership Law (2018 Revision);\u201d.\n3.\nAmendment of section 40 - register of members\n3.\nThe principal Law is amended in section 40(3)(a), by inserting after the words\n\u201crights conferred on shareholders\u201d the words \u201c, including the right to appoint or\nremove directors,\u201d.\n4.\nAmendment of section 244 - interpretation\n4.\nThe principal Law is amended in section 244(1), in the definition of \u201cbeneficial\nownership register\u201d, by inserting after the word \u201ccurrent\u201d the words \u201cbeneficial\nownership\u201d.\n5.\nAmendment of section 245 - application\n5.\nThe principal Law is amended in section 245(3)(a) by deleting the words \u201cin excess\nof 75%\u201d and substituting the words \u201cseventy-five per cent or more\u201d.\n6.\nAmendment of section 247 - duty of companies to identify beneficial\nowners\n6.\nThe principal Law is amended in section 247(3) by deleting the words \u201cmore than\n25%\u201d wherever they appear and substituting the words \u201ctwenty-five per cent or\nmore\u201d.\n7.\nAmendment of section 252 - duty to establish and maintain beneficial\nownership register\n7.\nThe principal Law is amended in section 252 as follows \u2014\n(a)\nby repealing subsections (2) and (3) and substituting the following\nsubsections \u2014\n\u201c(2) A corporate services provider engaged for the provision of\nregistered office services by \u2014\n(a)\nan exempted company;\n(b) an ordinary non-resident company; or\n(c)\na company registered to carry on a special economic zone\nbusiness in a special economic zone under the Special\nEconomic Zones Law (2017 Revision),\nshall keep the beneficial ownership register of the company.\n(3) An ordinary resident company to which this Part applies may\nengage the Registrar to assist the company to establish and maintain\nits beneficial ownership register.\n\nCompanies (Amendment) Law, 2020\nSection 8\n\nc\nLaw 4 of 2020\nPage 7\n\n(3A) Where an ordinary resident company does not engage the Registrar\nunder subsection (3), the corporate services provider engaged by the\nordinary resident company shall keep the beneficial ownership\nregister of the ordinary resident company.\u201d; and\n(b) by inserting after subsection (4), the following subsection \u2014\n\u201c(5) In this section \u2014\n\u201cordinary non-resident company\u201d means a company designated\nby the Financial Secretary as a non-resident company in accordance\nwith section 2(3) of the Local Companies (Control) Law (2019\nRevision); and\n\u201cordinary resident company\u201d means a company which carries on\nbusiness in the Islands in accordance with section 2(2) of the Local\nCompanies (Control) Law (2019 Revision).\u201d.\n8.\nAmendment of section 262 - limits on searches that may be executed\n8.\nThe principal Law is amended in section 262 as follows \u2014\n(a)\nin subsection (1) by deleting the words \u201cSubject to subsection (2), the\u201d\nand substituting the word \u201cThe\u201d;\n(b) by repealing subsection (2); and\n(c)\nby inserting after subsection (3), the following subsection \u2014\n\u201c(3A)The competent authority may execute a search of the beneficial\nownership register of a company in accordance with this Part for the\npurpose of verifying the accuracy of the information provided by\nthe company.\u201d.\n9.\nAmendment of section 277 - unlawful search or disclosure of beneficial\nownership information\n9.\nThe principal Law is amended in section 277 by deleting the words \u201csection 262(2)\u201d\nand substituting the words \u201csection 262(3A)\u201d.\n10.\nInsertion of section 279A - request for additional information\n10. The principal Law is amended by inserting after section 279, the following\nsection \u2014\n\n\u201cRequest for additional information\n279A.(1) The competent authority may request by notice in writing,\nadditional information from a company or corporate services\nprovider for the purposes of carrying out its functions under this\nPart.\n\nSection 10\nCompanies (Amendment) Law, 2020\n\nPage 8\nLaw 4 of 2020\nc\n\n(2) A company or corporate services provider which receives a notice\nfor information under subsection (1) shall comply with the notice\nwithin the period and in the manner specified in the request.\n(3) If there is a default in complying with subsection (2), the company\nor corporate services provider which is in default \u2014\n(a)\nshall incur a penalty of five hundred dollars; and\n(b) if the competent authority is satisfied that the default was\nknowingly and wilfully authorised or permitted, shall incur in\naddition to the penalty under paragraph (a), a penalty of one\nthousand dollars and a further penalty of one hundred dollars\nfor every day during which the default continues.\u201d.\n\nPassed by the Legislative Assembly the 31st day of January, 2020.\nHon. 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