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(1) This Law may be cited as the Securities Investment Business (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. 2. Amendment of section 2 of the Securities Investment Business Law (2020 Revision) - interpretation 2. The Securities Investment Business Law (2020 Revision), in this Law referred to as the \u201cprincipal Law\u201d, is amended in section 2 as follows \u2014 (a) by renumbering the section as section 2(1); (b) in subsection (1) as renumbered as follows \u2014 (Law 16 of 2020) I Assent, Martyn Roper Governor Date: 25th day of May, 2020 Securities Investment Business (Amendment) Law, 2020 Law 16 of 2020 (i) by deleting the definition of \u201cequity interest\u201d and substituting the following definition \u2014 \u201c \u201cequity interest\u201d means a share, trust unit, partnership interest or any other representation of an interest that \u2014 (a) carries an entitlement to participate in the profits or gains of the company, unit trust or partnership; and (b) is redeemable or repurchasable at the option of the investor and, in respect of a company incorporated in accordance with the Companies Law (2020 Revision) (including an existing company as defined in that Law), in accordance with but subject to section 37 of the Companies Law (2020 Revision) before the commencement of winding-up or the dissolution of the company, unit trust or partnership, but does not include debt, or alternative financial instruments as prescribed under the Banks and Trust Companies Law (2020 Revision);\u201d; (ii) by deleting the definition of \u201clisted security\u201d and substituting the following definition \u2014 \u201c \u201clisted security\u201d means any security which is listed on the Exchange or a virtual asset trading platform which is a recognized securities exchange;\u201d; (iii) by deleting the definition of \u201crecognised securities exchange\u201d and substituting the following definition \u2014 \u201c \u201crecognized securities exchange\u201d means the Exchange or any other securities exchange or virtual asset trading platform licensed under the Virtual Asset (Service Providers) Law, 2020 that the Authority has declared by notice published in the Gazette to be a recognized exchange for the purposes of this Law;\u201d; and (iv) by inserting in the appropriate alphabetical sequence the following definitions \u2014 \u201c \u201cfiat currency\u201d means currency that is issued by the relevant body in a country or by a government that is designated as legal tender in its country of issuance through, among other things, government decree or law; and \u201cvirtual asset\u201d means a digital representation of value that can be digitally traded or transferred and can be used for payment or investment purposes but does not include a digital representation of fiat currencies;\u201d; and Securities Investment Business (Amendment) Law, 2020 Law 16 of 2020 (c) by inserting after subsection (1) as renumbered, the following subsections \u2014 \u201c(2) For the purposes of this Law, \u201cvirtual asset trading platform\u201d means a centralized or decentralized digital platform \u2014 (a) which facilitates the exchange of virtual assets for fiat currency or other virtual assets on behalf of third parties for a fee, commission, spread or other benefit; and (b) which \u2014 (i) holds custody of or controls virtual assets on behalf of its clients to facilitate an exchange; or (ii) purchases virtual assets from a seller when transactions or bids and offers are matched in order to sell them to a buyer, and includes its owner or operator, but does not include a platform that only provides a forum where sellers and buyers may post bids and offers and a forum where the parties trade in a separate platform or in a peer-to-peer manner. (3) For the purposes of the definition of \u201cvirtual asset trading platform\u201d, where a single entity or group that controls the platform cannot be identified, the operator of the platform shall be deemed the owner of the entity under which the platform operates.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 14 - certain prohibitions on licensee 3. The principal Law is amended in section 14 by inserting after subsection (2) the following subsection \u2014 \u201c(3) A licensee shall list on the Exchange or a virtual asset trading platform which is licensed under the Virtual Asset (Service Providers) Law, 2020 any virtual assets which are securities under this Law and are being issued, sold or advertised to persons in the Islands.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 16 - powers and duties of the Authority 4. The principal Law is amended in section 16 by inserting after subsection (1A) the following subsections \u2014 \u201c(1B) The Authority may exempt a person from registration or licensing under this Law where \u2014 (a) the person is engaged in an activity which requires a licence under the Virtual Asset (Service Providers) Law, 2020 and the Authority determines that the activity would be more capably supervised under the Virtual Asset (Service Providers) Law, Securities Investment Business (Amendment) Law, 2020 Law 16 of 2020 2020 due to the technology and method of delivery, nature and complexity of the activity, or the supervisory needs of the person carrying out the activity; or (b) the Authority determines that additional licensing or registration under this Law is unnecessary as the person is already licensed under the Virtual Asset (Service Providers) Law, 2020. (1C) Where the Authority exempts a person from registration or licencing in accordance with subsection (1B)(a), it shall require the person to apply for a licence under the Virtual Asset (Service Providers) Law, 2020.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 27 - territorial scope of offence of insider dealing 5. The principal Law is amended in section 27(1) as follows \u2014 (a) in paragraph (a), by deleting the words \u201calleged dealings; or\u201d and substituting the words \u201calleged dealings;\u201d; (b) in paragraph (b), by deleting the words \u201cthe Exchange.\u201d and substituting the words \u201cthe Exchange; or\u201d; and (c) by inserting after paragraph (b) the following paragraph \u2014 \u201c(c) the dealing occurred on a virtual asset trading platform which is a recognized securities exchange.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 34 - definition of \\\"made public\\\" 6. The principal Law is amended in section 34(2)(a) by inserting after the words \u201cthe Exchange\u201d the words \u201cor a virtual asset trading platform which is a recognized securities exchange\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Amendment of Schedule 1 - securities 7. The principal Law is amended in Schedule 1 as follows \u2014 (a) in paragraph 7 by inserting after the words \u201cmade on such an exchange\u201d, the words \u201cor in the case of a virtual asset, if it is traded on any virtual asset trading platform\u201d; (b) in paragraph 11 as follows \u2014 (i) in subparagraph (a), by inserting after the words \u201csecurities exchange\u201d the words \u201cor virtual asset trading platform\u201d; and (ii) in subparagraph (b), by inserting after the words \u201ca securities exchange\u201d the words \u201c, a virtual asset trading platform\u201d; and Securities Investment Business (Amendment) Law, 2020 Law 16 of 2020 (c) by inserting after paragraph 13 the following paragraph \u2014 \u201c Virtual Assets\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Virtual assets which can be sold, traded or exchanged immediately or at any time in the future that \u2014 (a) represent or can be converted into any of the securities listed in paragraphs 1 to 13 of this Schedule; or (b) represent a derivative of any of the securities listed in paragraphs 1 to 13 of this Schedule.\u201d. 8. Amendment of Schedule 3 \u2013 excluded activities 8. The principal Law is amended in Schedule 3 in paragraph (1) by repealing subparagraph (2) and substituting the following subparagraph \u2014 \u201c(2) Issuing, redeeming or repurchasing securities: Where a company, partnership or trust issues, redeems or repurchases \u2014 (a) any of its securities; or (b) any of its virtual assets which are securities under this Law, falling within paragraphs 1 to 3 of Schedule 1.\u201d. Passed by the Legislative Assembly the 20th day of May, 2020. Hon. 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TO AMEND CERTAIN DEFINITIONS; AND FOR INCIDENTAL AND\nCONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Law may be cited as the Securities Investment Business (Amendment)\nLaw, 2020.\n(2) This Law shall come into force on such date as may be appointed by Order made\nby the Cabinet and different dates may be appointed for different provisions of\nthis Law and in relation to different matters.\n2.\nAmendment of section 2 of the Securities Investment Business Law (2020\nRevision) - interpretation\n2.\nThe Securities Investment Business Law (2020 Revision), in this Law referred to as\nthe \u201cprincipal Law\u201d, is amended in section 2 as follows \u2014\n(a)\nby renumbering the section as section 2(1);\n(b) in subsection (1) as renumbered as follows \u2014\n(Law 16 of 2020)\nI Assent,\nMartyn Roper\nGovernor\nDate: 25th day of May, 2020\n\nSection 2\nSecurities Investment Business (Amendment) Law, 2020\n\nPage 6\nLaw 16 of 2020\nc\n\n(i)\nby deleting the definition of \u201cequity interest\u201d and substituting the\nfollowing definition \u2014\n\u201c \u201cequity interest\u201d means a share, trust unit, partnership interest or\nany other representation of an interest that \u2014\n(a)\ncarries an entitlement to participate in the profits or\ngains of the company, unit trust or partnership; and\n(b) is redeemable or repurchasable at the option of the\ninvestor and, in respect of a company incorporated\nin accordance with the Companies Law (2020\nRevision) (including an existing company as defined\nin that Law), in accordance with but subject to\nsection 37 of the Companies Law (2020 Revision)\nbefore the commencement of winding-up or the\ndissolution of the company, unit trust or partnership,\nbut does not include debt, or alternative financial instruments\nas prescribed under the Banks and Trust Companies Law (2020\nRevision);\u201d;\n(ii) by deleting the definition of \u201clisted security\u201d and substituting the\nfollowing definition \u2014\n\u201c \u201clisted security\u201d means any security which is listed on the\nExchange or a virtual asset trading platform which is a recognized\nsecurities exchange;\u201d;\n(iii) by deleting the definition of \u201crecognised securities exchange\u201d and\nsubstituting the following definition \u2014\n\u201c \u201crecognized securities exchange\u201d means the Exchange or any\nother securities exchange or virtual asset trading platform licensed\nunder the Virtual Asset (Service Providers) Law, 2020 that the\nAuthority has declared by notice published in the Gazette to be a\nrecognized exchange for the purposes of this Law;\u201d; and\n(iv) by inserting in the appropriate alphabetical sequence the following\ndefinitions \u2014\n\u201c \u201cfiat currency\u201d means currency that is issued by the relevant body\nin a country or by a government that is designated as legal tender\nin its country of issuance through, among other things,\ngovernment decree or law; and\n\u201cvirtual asset\u201d means a digital representation of value that can be\ndigitally traded or transferred and can be used for payment or\ninvestment purposes but does not include a digital representation\nof fiat currencies;\u201d; and\n\nSecurities Investment Business (Amendment) Law, 2020\nSection 3\n\nc\nLaw 16 of 2020\nPage 7\n\n(c)\nby inserting after subsection (1) as renumbered, the following\nsubsections \u2014\n\u201c(2) For the purposes of this Law, \u201cvirtual asset trading platform\u201d\nmeans a centralized or decentralized digital platform \u2014\n(a)\nwhich facilitates the exchange of virtual assets for fiat currency\nor other virtual assets on behalf of third parties for a fee,\ncommission, spread or other benefit; and\n(b) which \u2014\n(i)\nholds custody of or controls virtual assets on behalf of its\nclients to facilitate an exchange; or\n(ii) purchases virtual assets from a seller when transactions or\nbids and offers are matched in order to sell them to a\nbuyer,\nand includes its owner or operator, but does not include a platform\nthat only provides a forum where sellers and buyers may post bids\nand offers and a forum where the parties trade in a separate platform\nor in a peer-to-peer manner.\n(3) For the purposes of the definition of \u201cvirtual asset trading\nplatform\u201d, where a single entity or group that controls the platform\ncannot be identified, the operator of the platform shall be deemed the\nowner of the entity under which the platform operates.\u201d.\n3.\nAmendment of section 14 - certain prohibitions on licensee\n3.\nThe principal Law is amended in section 14 by inserting after subsection (2) the\nfollowing subsection \u2014\n\u201c(3) A licensee shall list on the Exchange or a virtual asset trading\nplatform which is licensed under the Virtual Asset (Service\nProviders) Law, 2020 any virtual assets which are securities under\nthis Law and are being issued, sold or advertised to persons in the\nIslands.\u201d.\n4.\nAmendment of section 16 - powers and duties of the Authority\n4.\nThe principal Law is amended in section 16 by inserting after subsection (1A) the\nfollowing subsections \u2014\n\u201c(1B)\nThe Authority may exempt a person from registration or licensing\nunder this Law where \u2014\n(a)\nthe person is engaged in an activity which requires a licence\nunder the Virtual Asset (Service Providers) Law, 2020 and the\nAuthority determines that the activity would be more capably\nsupervised under the Virtual Asset (Service Providers) Law,\n\nSection 5\nSecurities Investment Business (Amendment) Law, 2020\n\nPage 8\nLaw 16 of 2020\nc\n\n2020 due to the technology and method of delivery, nature and\ncomplexity of the activity, or the supervisory needs of the\nperson carrying out the activity; or\n(b) the Authority determines that additional licensing or\nregistration under this Law is unnecessary as the person is\nalready licensed under the Virtual Asset (Service Providers)\nLaw, 2020.\n(1C) Where the Authority exempts a person from registration or licencing\nin accordance with subsection (1B)(a), it shall require the person to\napply for a licence under the Virtual Asset (Service Providers) Law,\n2020.\u201d.\n5.\nAmendment of section 27 - territorial scope of offence of insider dealing\n5.\nThe principal Law is amended in section 27(1) as follows \u2014\n(a)\nin paragraph (a), by deleting the words \u201calleged dealings; or\u201d and\nsubstituting the words \u201calleged dealings;\u201d;\n(b) in paragraph (b), by deleting the words \u201cthe Exchange.\u201d and substituting\nthe words \u201cthe Exchange; or\u201d; and\n(c)\nby inserting after paragraph (b) the following paragraph \u2014\n\u201c(c) the dealing occurred on a virtual asset trading platform which\nis a recognized securities exchange.\u201d.\n6.\nAmendment of section 34 - definition of \"made public\"\n6.\nThe principal Law is amended in section 34(2)(a) by inserting after the words \u201cthe\nExchange\u201d the words \u201cor a virtual asset trading platform which is a recognized\nsecurities exchange\u201d.\n7.\nAmendment of Schedule 1 - securities\n7.\nThe principal Law is amended in Schedule 1 as follows \u2014\n(a)\nin paragraph 7 by inserting after the words \u201cmade on such an exchange\u201d,\nthe words \u201cor in the case of a virtual asset, if it is traded on any virtual\nasset trading platform\u201d;\n(b) in paragraph 11 as follows \u2014\n(i)\nin subparagraph (a), by inserting after the words \u201csecurities\nexchange\u201d the words \u201cor virtual asset trading platform\u201d; and\n(ii) in subparagraph (b), by inserting after the words \u201ca securities\nexchange\u201d the words \u201c, a virtual asset trading platform\u201d; and\n\nSecurities Investment Business (Amendment) Law, 2020\nSection 8\n\nc\nLaw 16 of 2020\nPage 9\n\n(c)\nby inserting after paragraph 13 the following paragraph \u2014\n\u201c\n\nVirtual Assets\n14. Virtual assets which can be sold, traded or exchanged immediately or\nat any time in the future that \u2014\n(a) represent or can be converted into any of the securities listed in\nparagraphs 1 to 13 of this Schedule; or\n(b) represent a derivative of any of the securities listed in\nparagraphs 1 to 13 of this Schedule.\u201d.\n\n8.\nAmendment of Schedule 3 \u2013 excluded activities\n8.\nThe principal Law is amended in Schedule 3 in paragraph (1) by repealing\nsubparagraph (2) and substituting the following subparagraph \u2014\n\u201c(2) Issuing, redeeming or repurchasing securities:\n\nWhere a company, partnership or trust issues, redeems or\nrepurchases \u2014\n(a)\nany of its securities; or\n(b) any of its virtual assets which are securities under this Law,\nfalling within paragraphs 1 to 3 of Schedule 1.\u201d.\nPassed by the Legislative Assembly the 20th day of May, 2020.\nHon. Barbara Conolly\nDeputy Speaker\nZena Merren-Chin\nClerk of the Legislative Assembly","akn_extracted_at":"2026-06-22 15:42:07.177783+00","cms_id":"2020-0016","law_type":"amending","year":"2020","number":"16","title":"Private Funds (Fees) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"6355","expr_id":"1514","kind":"akn_xml","filename":"2020-0016.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0016\/2020-0016.akn.xml","content_md5":"d89fc661cf33b146e8954aef3cf270b7","byte_size":"12346","http_last_modified":null,"fetched_at":"2026-06-22 15:42:07.31759+00"},{"file_id":"3027","expr_id":"1514","kind":"pristine_pdf","filename":"2020-0016.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0016\/2020-0016.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2020\/2020-0016\/2020-0016.pdf","content_md5":"230e6b427b4fa7dccfe22604340e0e54","byte_size":"777632","http_last_modified":null,"fetched_at":"2026-06-21 23:09:37.974868+00"},{"file_id":"3028","expr_id":"1514","kind":"working_pdf","filename":"2020-0016.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0016\/2020-0016.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0016\/2020-0016.pdf","content_md5":"230e6b427b4fa7dccfe22604340e0e54","byte_size":"777632","http_last_modified":null,"fetched_at":"2026-06-21 23:09:37.974868+00"}],"paragraph_count":2,"latest_history":null},"quality":{"expr_id":"1514","doc_id":"1514","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: cayman islands x3; securities investment business x3; amendment law 2020 x3","assessed_at":"2026-06-22 15:29:46.604517+00","updated_at":"2026-06-22 15:29:46.604517+00"}}