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Amendment of section 2 of the Limited Liability Companies Law (2020 Revision) - 3. 4. 5. Repeal and substitution of section 78 - duty to establish and maintain beneficial 6. 7. 8. Amendment of section 100 - failure of a limited liability company to establish or maintain 9. 10. Limited Liability Companies (Amendment) Law, 2020 Law 5 of 2020 LIMITED LIABILITY COMPANIES (AMENDMENT) LAW, 2020 (Law 5 of 2020) A LAW TO AMEND THE LIMITED LIABILITY 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 Limited Liability 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 Limited Liability Companies Law (2020 Revision) - interpretation 2. The Limited Liability Companies Law (2020 Revision), in this Law referred to as the \u201cprincipal Law\u201d is amended in section 2 by inserting after the definition of the word \u201cAuthority\u201d the following definition \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);\u201d. (Law 5 of 2020) I Assent, Martyn Roper Governor Date: 10th day of February, 2020 Limited Liability Companies (Amendment) Law, 2020 Law 5 of 2020\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 71 - application 3. The principal Law is amended in section 71(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_4\", \"num\": \"4.\", \"text\": \"Amendment of section 73 - duty of limited liability companies to identify beneficial owners 4. The principal Law is amended in section 73(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_5\", \"num\": \"5.\", \"text\": \"Repeal and substitution of section 78 - duty to establish and maintain beneficial ownership register 5. The principal Law is amended by repealing section 78 and substituting the following section \u2014 \u201cDuty to establish and maintain beneficial ownership register 78. A limited liability company to which this Part applies shall keep its beneficial ownership register at the limited liability company\u2019s registered office.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 88 - limits on searches that may be executed 6. The principal Law is amended in section 88 as follows \u2014 (a) in subsection (1)(a) by deleting the words \u201c, provided that the senior official certifies that the request meets the conditions referred to in section 262(2) of that Law\u201d; and (b) by inserting after subsection (2), the following subsection \u2014 \u201c(3) The competent authority may execute a search of the beneficial ownership register of a limited liability company in accordance with this Part for the purpose of verifying the accuracy of the information provided by the limited liability company.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Insertion of section 90A - request for additional information 7. The principal Law is amended by inserting after section 90, the following section \u2014 \u201cRequest for additional information 90A. (1) The competent authority may by notice in writing, request additional information from a limited liability company or corporate services provider for the purposes of carrying out its functions under this Part. (2) A limited liability company or corporate services provider which receives a notice under subsection (1) shall comply with the notice within the period and in the manner specified in the notice. Limited Liability Companies (Amendment) Law, 2020 Law 5 of 2020 (3) If there is a default in complying with subsection (2), the limited liability 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.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Amendment of section 100 - failure of a limited liability company to establish or maintain beneficial ownership register 8. The principal Law is amended in section 100(1) by inserting after the words \u201ccompany that knowingly\u201d the words \u201cand wilfully\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Amendment of section 101 - failure to comply with notices 9. The principal Law is amended in section 101(1)(a) by inserting after the word \u201cknowingly\u201d the words \u201cand wilfully\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Amendment of section 102 - failure to provide information 10. The principal Law is amended in section 102(1)(a) by inserting after the word \u201cknowingly\u201d the words \u201cand wilfully\u201d. Passed by the Legislative Assembly the 31st day of January, 2020. Hon. W. 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AND\nFOR INCIDENTAL 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 Limited Liability Companies (Amendment)\nLaw, 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 Limited Liability Companies Law (2020\nRevision) - interpretation\n2.\nThe Limited Liability Companies Law (2020 Revision), in this Law referred to as the\n\u201cprincipal Law\u201d is amended in section 2 by inserting after the definition of the word\n\u201cAuthority\u201d the following definition \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);\u201d.\n(Law 5 of 2020)\nI Assent,\nMartyn Roper\nGovernor\nDate: 10th day of February, 2020\n\nSection 3\nLimited Liability Companies (Amendment) Law, 2020\n\nPage 6\nLaw 5 of 2020\nc\n\n3.\nAmendment of section 71 - application\n3.\nThe principal Law is amended in section 71(3)(a) by deleting the words \u201cin excess\nof 75%\u201d and substituting the words \u201cseventy-five per cent or more\u201d.\n4.\nAmendment of section 73 - duty of limited liability companies to identify\nbeneficial owners\n4.\nThe principal Law is amended in section 73(3) by deleting the words \u201cmore than\n25%\u201d wherever they appear and substituting the words \u201ctwenty-five per cent or\nmore\u201d.\n5.\nRepeal and substitution of section 78 - duty to establish and maintain\nbeneficial ownership register\n5.\nThe principal Law is amended by repealing section 78 and substituting the\nfollowing section \u2014\n\n\u201cDuty to establish and maintain beneficial ownership register\n78. A limited liability company to which this Part applies shall keep its\nbeneficial ownership register at the limited liability company\u2019s registered\noffice.\u201d.\n6.\nAmendment of section 88 - limits on searches that may be executed\n6.\nThe principal Law is amended in section 88 as follows \u2014\n(a)\nin subsection (1)(a) by deleting the words \u201c, provided that the senior\nofficial certifies that the request meets the conditions referred to in\nsection 262(2) of that Law\u201d; and\n(b) by inserting after subsection (2), the following subsection \u2014\n\u201c(3) The competent authority may execute a search of the beneficial\nownership register of a limited liability company in accordance with\nthis Part for the purpose of verifying the accuracy of the\ninformation provided by the limited liability company.\u201d.\n7.\nInsertion of section 90A - request for additional information\n7.\nThe principal Law is amended by inserting after section 90, the following section \u2014\n\n\u201cRequest for additional information\n90A. (1) The competent authority may by notice in writing, request\nadditional information from a limited liability company or corporate\nservices provider for the purposes of carrying out its functions\nunder this Part.\n(2) A limited liability company or corporate services provider which\nreceives a notice under subsection (1) shall comply with the notice\nwithin the period and in the manner specified in the notice.\n\nLimited Liability Companies (Amendment) Law, 2020\nSection 8\n\nc\nLaw 5 of 2020\nPage 7\n\n(3) If there is a default in complying with subsection (2), the limited\nliability company or corporate services provider which is in\ndefault \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.\n8.\nAmendment of section 100 - failure of a limited liability company to\nestablish or maintain beneficial ownership register\n8.\nThe principal Law is amended in section 100(1) by inserting after the words\n\u201ccompany that knowingly\u201d the words \u201cand wilfully\u201d.\n9.\nAmendment of section 101 - failure to comply with notices\n9.\nThe principal Law is amended in section 101(1)(a) by inserting after the word\n\u201cknowingly\u201d the words \u201cand wilfully\u201d.\n10.\nAmendment of section 102 - failure to provide information\n10. The principal Law is amended in section 102(1)(a) by inserting after the word\n\u201cknowingly\u201d the words \u201cand wilfully\u201d.\n\nPassed by the Legislative Assembly the 31st day of January, 2020.\nHon. W. McKeeva Bush\nSpeaker\nZena Merren-Chin\nClerk of the Legislative Assembly","akn_extracted_at":"2026-06-22 15:42:07.347444+00","cms_id":"2020-0005","law_type":"amending","year":"2020","number":"5","title":"Private Funds (Savings and Transitional Provisions) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"6346","expr_id":"1505","kind":"akn_xml","filename":"2020-0005.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0005\/2020-0005.akn.xml","content_md5":"98ad3c24d37f053df4571ea1cfd7d1dc","byte_size":"8917","http_last_modified":null,"fetched_at":"2026-06-22 15:42:07.486698+00"},{"file_id":"3009","expr_id":"1505","kind":"pristine_pdf","filename":"2020-0005.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0005\/2020-0005.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2020\/2020-0005\/2020-0005.pdf","content_md5":"72b042b615523f551c92a14ff4fe2001","byte_size":"575906","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.813274+00"},{"file_id":"3010","expr_id":"1505","kind":"working_pdf","filename":"2020-0005.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0005\/2020-0005.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0005\/2020-0005.pdf","content_md5":"72b042b615523f551c92a14ff4fe2001","byte_size":"575906","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.813274+00"}],"paragraph_count":3,"latest_history":null},"quality":{"expr_id":"1505","doc_id":"1505","quality_state":"known_issue","quality_score":"47","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\": 1, \"high\": 1, \"medium\": 2}","finding_summary":"stored title is not visible in the opening extracted text; repeated line furniture detected: cayman islands x3; limited liability companies x3; amendment law 2020 x3","assessed_at":"2026-06-22 15:29:46.60527+00","updated_at":"2026-06-22 15:29:46.60527+00"}}