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The Companies Management Law (2018 Revision) is amended in section 18 as follows \u2014 (a) in subsection (1) as follows \u2014 (i) by deleting the words \u201cIf the Authority is of the opinion that a licensee\u201d and substituting the words \u201cWhere the Authority is of the opinion that\u201d; (ii) by repealing paragraphs (a) to (e) and substituting the following paragraphs \u2014 \u201c(a) a licensee is or appears likely to become unable to meet the licensee\u2019s obligations as they fall due; (b) a licensee is carrying on business in a manner detrimental to the public interest or the interest of the licensee\u2019s clients or creditors; (c) a licensee has contravened this Law, Part XVIIA of the Companies Law (2020 Revision) or Part 12 of the Limited Liability Companies Law (2020 Revision); (d) a licensee has failed to comply with a condition of the licensee\u2019s licence; (e) the direction and management of a licensee\u2019s business is not being conducted in a fit and proper manner; (f) a person holding a position as a director, manager or officer of a licensee\u2019s business is not a fit and proper person to hold the respective position; or (g) a person holding or acquiring control or ownership of a licensee is not a fit and proper person to have such control or ownership,\u201d; and (iii) by inserting after subparagraph (ic), the following subparagraph \u2014 Companies Management (Amendment) Law, 2020 Law 26 of 2020 \u201c(id) impose an administrative fine in accordance with section 42A of the Monetary Authority Law (2020 Revision);\u201d; and (b) by repealing subsection (7). 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TO ALIGN THE FITNESS AND\nPROPRIETY PROVISIONS UNDER SECTION 18 OF THE LAW WITH OTHER\nREGULATORY\nLAWS;\nTO\nEMPOWER\nTHE\nAUTHORITY\nTO\nIMPOSE\nADMINISTRATIVE FINES; AND FOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Law may be cited as the Companies Management (Amendment) Law, 2020.\n(Law 26 of 2020)\nI Assent,\nMartyn Roper\nGovernor\nDate: 7th day of July, 2020\n\nSection 2\nCompanies Management (Amendment) Law, 2020\n\nPage 4\nLaw 26 of 2020\nc\n\n2.\nAmendment of section 2 of the Companies Management Law (2018 Revision)\n- definitions\n2.\nThe Companies Management Law (2018 Revision) is amended in section 2, in\nparagraph (b) of the definition of the word \u201ccustodian\u201d, by deleting the words\n\u201cincluded in the list published in the Gazette and referred to in regulations 22(d) and\n23(1) of the Anti-Money Laundering Regulations (2018 Revision)\u201d and substituting\nthe words \u201cdesignated as having measures for combating money laundering and the\nfinancing of terrorism which are equivalent to that of the Islands in accordance with\nsection 5(2)(a) of the Proceeds of Crime Law (2020 Revision)\u201d.\n3.\nAmendment of section 18 of the Companies Management Law (2018\nRevision) - additional powers of Authority\n3.\nThe Companies Management Law (2018 Revision) is amended in section 18 as\nfollows \u2014\n(a)\nin subsection (1) as follows \u2014\n(i)\nby deleting the words \u201cIf the Authority is of the opinion that a\nlicensee\u201d and substituting the words \u201cWhere the Authority is of the\nopinion that\u201d;\n(ii) by repealing paragraphs (a) to (e) and substituting the following\nparagraphs \u2014\n\u201c(a)\na licensee is or appears likely to become unable to meet the\nlicensee\u2019s obligations as they fall due;\n(b) a licensee is carrying on business in a manner detrimental to the\npublic interest or the interest of the licensee\u2019s clients or\ncreditors;\n(c)\na licensee has contravened this Law, Part XVIIA of the\nCompanies Law (2020 Revision) or Part 12 of the Limited\nLiability Companies Law (2020 Revision);\n(d) a licensee has failed to comply with a condition of the licensee\u2019s\nlicence;\n(e)\nthe direction and management of a licensee\u2019s business is not\nbeing conducted in a fit and proper manner;\n(f)\na person holding a position as a director, manager or officer of\na licensee\u2019s business is not a fit and proper person to hold the\nrespective position; or\n(g) a person holding or acquiring control or ownership of a licensee\nis not a fit and proper person to have such control or\nownership,\u201d; and\n(iii) by inserting after subparagraph (ic), the following subparagraph \u2014\n\nCompanies Management (Amendment) Law, 2020\nSection 3\n\nc\nLaw 26 of 2020\nPage 5\n\n\u201c(id) impose an administrative fine in accordance with section\n42A of the Monetary Authority Law (2020 Revision);\u201d;\nand\n(b) by repealing subsection (7).\nPassed by the Legislative Assembly the 1st day of July, 2020.\nHon. 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