{"kind":"expression","expression":{"expr_id":"1625","doc_id":"1625","label":"Monetary Authority (Amendment) Act, 2023 (Act 1 of 2023)","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/amending\/2023\/1\/eng@2023-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/amending\/2023\/1\", \"expression\": \"\/akn\/ky\/act\/amending\/2023\/1\/eng@2023-01-01\", \"manifestation\": \"\/akn\/ky\/act\/amending\/2023\/1\/eng@2023-01-01.pdf\"}, \"pdf\": {\"md5\": \"5f90f9a0c1eb70ce9d6f7e391bda645f\", \"path\": \"\/Users\/q\/kyleg-data\/working\/AMENDING\/2023\/2023-0001\/2023-0001.pdf\", \"pages\": 11, \"filename\": \"2023-0001.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 2008, \"paragraph_count\": 11, \"text_char_count\": 13138}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Insertion of section 44A - offences by corporations, partnerships, unincorporated 9. 10. Monetary Authority (Amendment) Act, 2023 MONETARY AUTHORITY (AMENDMENT) ACT, AN ACT TO AMEND THE MONETARY AUTHORITY ACT (2020 REVISION) TO EXPAND THE POWER OF THE AUTHORITY TO IMPOSE ADMINISTRATIVE FINES; TO PROVIDE FOR THE LIABILITY OF PARTNERSHIPS, LIMITED LIABILITY PARTNERSHIPS, EXEMPTED LIMITED PARTNERSHIPS AND UNINCORPORATED ASSOCIATIONS FOR OFFENCES; TO PROVIDE FOR THE DISCLOSURE AND SHARING OF INFORMATION; 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 1. This Act may be cited as the Monetary Authority (Amendment) Act, 2023.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 2 of the Monetary Authority Act (2020 Revision) - definitions 2. The Monetary Authority Act (2020 Revision), in this Act referred to as the \u201cprincipal Act\u201d, is amended in section 2 as follows \u2014 (a) by repealing the section heading and substituting the following section heading \u2014 I Assent, Jane Owen Governor Date: 16th day of May, 2023 Monetary Authority (Amendment) Act, 2023 \u201cInterpretation\u201d; and (b) by inserting, in the appropriate alphabetical sequence, the following definitions \u2014 \u201c \u201cexempted limited partnership\u201d has the meaning assigned by section 2 of the Exempted Limited Partnership Act (2021 Revision); \u201climited liability partnership\u201d means a limited liability partnership registered under section 18(4) or 33(4) of the Limited Liability Partnership Act (2021 Revision); and \u201cpartnership\u201d has the meaning assigned by section 3 of the Partnership Act (2013 Revision);\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 34 - relations with banks and other financial institutions 3. The principal Act is amended in section 34 by repealing subsection (18).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Repeal and substitution of section 42A - Authority\u2019s power to fine 4. The principal Act is amended by repealing section 42A and substituting the following section \u2014 \u201cAuthority\u2019s power to fine 42A. (1) The Authority may impose an administrative fine on an individual, a body corporate, a partnership, a limited liability partnership, an exempted limited partnership, an unincorporated association or any other person where that individual, body corporate, partnership, limited liability partnership, exempted limited partnership, unincorporated association or other person breaches \u2014 (a) this Act; (b) a regulatory law; or (c) the Anti-Money Laundering Regulations (2023 Revision). (2) The Authority may impose an administrative fine on \u2014 (a) a director, manager, secretary or other similar officer of a body corporate or a person who was purporting to act in any such capacity, however designated, where the body corporate commits a breach in accordance with subsection (1) and it is proved that the breach \u2014 (i) was committed with the consent or connivance of; or (ii) is attributable to any neglect on the part of, the director, manager, secretary or other similar officer of the body corporate or a person who was purporting to act in any such capacity, however designated; Monetary Authority (Amendment) Act, 2023 (b) a partner concerned in the management or control of a partnership or a limited liability partnership, or a partner who takes part in the conduct of the business of an exempted limited partnership, where the partnership, limited liability partnership or exempted limited partnership commits a breach in accordance with subsection (1) and it is proved that the breach \u2014 (i) was committed with the consent or connivance of; or (ii) is attributable to any neglect on the part of, the partner of the partnership, limited liability partnership or exempted limited partnership; and (c) a person concerned in the management or control of an unincorporated association other than a partnership, a limited liability partnership or an exempted limited partnership, where the unincorporated association commits a breach in accordance with subsection (1) and it is proved that the breach \u2014 (i) was committed with the consent or connivance of; or (ii) is attributable to any neglect on the part of, the person concerned in the management or control of the unincorporated association.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 42B - fine amounts 5. The principal Act is amended in section 42B as follows \u2014 (a) in subsection (1), by deleting the words \u201cbe $5,000\u201d and substituting the words \u201cbe five thousand dollars\u201d; (b) in subsection (2) as follows \u2014 (i) by deleting the words \u201cof $5,000\u201d and substituting the words \u201cof five thousand dollars\u201d; and (ii) in paragraph (c), by deleting the words \u201creaches \u201c$20,000\u201d and substituting the words \u201creaches twenty thousand dollars\u201d; and (c) by repealing subsections (3) and (4) and substituting the following subsections \u2014 \u201c(3) For a breach prescribed as serious, the fine is a single fine not exceeding \u2014 (a) fifty thousand dollars for an individual; (b) one hundred thousand dollars for a body corporate; (c) one hundred thousand dollars for a partnership, a limited liability partnership or an exempted limited partnership; or Monetary Authority (Amendment) Act, 2023 (d) one hundred thousand dollars for an unincorporated association other than a partnership, a limited liability partnership or an exempted limited partnership. (4) For a breach prescribed as very serious, the fine is a single fine not exceeding \u2014 (a) one hundred thousand dollars for an individual; (b) one million dollars for a body corporate; (c) one million dollars for a partnership, a limited liability partnership or an exempted limited partnership; or (d) one million dollars for an unincorporated association other than a partnership, a limited liability partnership or an exempted limited partnership.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 42F - criteria for making fine decision 6. The principal Act is amended in section 42F(5) in the definition of the words \u201cdisgorgement principle\u201d in paragraph (a), by deleting the words \u201clicensees under\u201d and substituting the words \u201cpersons regulated under the\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Repeal and substitution of section 42H - other Regulation-making powers for Part 7. The principal Act is amended by repealing section 42H and substituting the following section \u2014 \u201cRegulations under this Part 42H.(1) The Cabinet may make regulations to provide for \u2014 (a) prescribed provisions; (b) forms and procedures for imposing fines; (c) appeals against decisions under this Part; (d) how fines shall be paid and may be enforced; (e) interest on outstanding fines; (f) evidentiary provisions for proceedings relating to this Part; and (g) other matters required or permitted to be prescribed under this Part or that are necessary to give effect to the purposes or provisions of this Part. (2) Regulations made under subsection (1)(a) shall provide for the category of the breach in respect of each prescribed provision as minor, serious or very serious.\u201d. Monetary Authority (Amendment) Act, 2023 Insertion of section 44A - offences by corporations, partnerships, unincorporated associations, etc.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"The principal Act is amended by inserting after section 44 the following section \u2014 \u201cOffences by corporations, partnerships, unincorporated associations, etc. 44A. (1) Where an offence under this Act is committed by a body corporate and it is proved that the offence \u2014 (a) was committed with the consent or connivance of; or (b) is attributable to any neglect on the part of, any director, manager, secretary or other similar officer of the body corporate, or any person who was purporting to act in any such capacity, however designated, that person as well as the body corporate, commits the offence and is liable to be proceeded against and punished accordingly. (2) Where the affairs of a body corporate are managed by its members or managers, subsection (1) shall apply in relation to the acts and defaults of a member or manager in connection with that member\u2019s or manager\u2019s functions in relation to management as if that member or manager were a director or other similar officer of the body corporate. (3) Where an offence under this Act is committed by a partnership, a limited liability partnership or an exempted limited partnership and it is proved that the offence \u2014 (a) was committed with the consent or connivance of; or (b) is attributable to any neglect on the part of, a partner concerned in the management or control of a partnership or a limited liability partnership, or a partner who takes part in the conduct of the business of an exempted limited partnership, that partner, as well as the partnership, the limited liability partnership or the exempted limited partnership, as applicable, commits the offence and is liable to be proceeded against and punished accordingly. (4) Where an offence under this Act is committed by an unincorporated association other than a partnership, a limited liability partnership or an exempted limited partnership and it is proved that the offence \u2014 (a) was committed with the consent or connivance of; or (b) is attributable to any neglect on the part of, a person concerned in the management or control of the unincorporated association, that person, as well as the unincorporated Monetary Authority (Amendment) Act, 2023 association, commits the offence and is liable to be proceeded against and punished accordingly.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Amendment of section 50 - confidentiality 9. The principal Act is amended in section 50 as follows \u2014 (a) in subsection (2)(g) as follows \u2014 (i) in subparagraph (ii), by deleting the word \u201cor\u201d at the end of the subparagraph; (ii) in subparagraph (iii), by inserting after the words \u201csubsection (3)\u201d, the words \u201cor (7A)\u201d; and (iii) by inserting after subparagraph (iii) the following subparagraph \u2014 \u201c(iv) under section 50A; or\u201d; (b) by inserting after subsection (7) the following subsection \u2014 \u201c(7A) Notwithstanding subsections (3), (3A), (4), (5), (6) and (7) and subject to subsection (8), the Authority may, in its discretion, provide to an overseas regulatory authority, information relating to criminal conduct which is discovered in the performance of the Authority\u2019s regulatory functions under section 6(1)(b) or cooperative functions under section 6(1)(c).\u201d; (c) in subsection (8)(c), by inserting after the words \u201crequested by\u201d, the words \u201c, or the information to be provided to,\u201d; and (d) by inserting after subsection (8), the following subsection \u2014 \u201c(9) For the purposes of subsection (7A), \u201ccriminal conduct\u201d has the meaning assigned by section 69 of the Proceeds of Crime Act (2020 Revision).\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Insertion of section 50A - disclosure to the competent authority 10. The principal Act is amended by inserting after section 50 the following section \u2014 \u201cDisclosure to the competent authority 50A. (1) The Authority may, in its discretion or upon request by the competent authority, share information relating to a person or entity regulated under this Act or the regulatory laws. Monetary Authority (Amendment) Act, 2023 (2) In this section, \u201ccompetent authority\u201d means the Minister referred to in section 246(1) of the Companies Act (2023 Revision) and includes a person designated by the Minister under that section.\u201d. Passed by the Parliament the 28th day of April, 2023. Hon. 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TO\nPROVIDE\nFOR\nTHE\nLIABILITY\nOF\nPARTNERSHIPS,\nLIMITED\nLIABILITY\nPARTNERSHIPS, EXEMPTED LIMITED PARTNERSHIPS AND UNINCORPORATED\nASSOCIATIONS FOR OFFENCES; TO PROVIDE FOR THE DISCLOSURE AND\nSHARING OF INFORMATION; AND FOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n 1.\nShort title\n1.\nThis Act may be cited as the Monetary Authority (Amendment) Act, 2023.\n2.\nAmendment of section 2 of the Monetary Authority Act (2020 Revision) -\ndefinitions\n2.\nThe Monetary Authority Act (2020 Revision), in this Act referred to as the \u201cprincipal\nAct\u201d, is amended in section 2 as follows \u2014\n(a)\nby repealing the section heading and substituting the following section\nheading \u2014\n(Act 1 of 2023)\nI Assent,\nJane Owen\nGovernor\nDate: 16th day of May, 2023\n\nSection 3\nMonetary Authority (Amendment) Act, 2023\n\nPage 6\nAct 1 of 2023\nc\n\n\u201cInterpretation\u201d; and\n(b) by inserting, in the appropriate alphabetical sequence, the following\ndefinitions \u2014\n\u201c \u201cexempted limited partnership\u201d has the meaning assigned by\nsection 2 of the Exempted Limited Partnership Act (2021 Revision);\n\u201climited liability partnership\u201d means a limited liability partnership\nregistered under section 18(4) or 33(4) of the Limited Liability\nPartnership Act (2021 Revision); and\n\u201cpartnership\u201d has the meaning assigned by section 3 of the\nPartnership Act (2013 Revision);\u201d.\n3.\nAmendment of section 34 - relations with banks and other financial\ninstitutions\n3.\nThe principal Act is amended in section 34 by repealing subsection (18).\n4.\nRepeal and substitution of section 42A - Authority\u2019s power to fine\n4.\nThe principal Act is amended by repealing section 42A and substituting the following\nsection \u2014\n\u201cAuthority\u2019s power to fine\n42A. (1) The Authority may impose an administrative fine on an individual, a\nbody corporate, a partnership, a limited liability partnership, an\nexempted limited partnership, an unincorporated association or any\nother person where that individual, body corporate, partnership,\nlimited liability partnership, exempted limited partnership,\nunincorporated association or other person breaches \u2014\n(a)\nthis Act;\n(b) a regulatory law; or\n(c)\nthe Anti-Money Laundering Regulations (2023 Revision).\n(2) The Authority may impose an administrative fine on \u2014\n(a)\na director, manager, secretary or other similar officer of a body\ncorporate or a person who was purporting to act in any such\ncapacity, however designated, where the body corporate\ncommits a breach in accordance with subsection (1) and it is\nproved that the breach \u2014\n(i)\nwas committed with the consent or connivance of; or\n(ii) is attributable to any neglect on the part of,\nthe director, manager, secretary or other similar officer of the\nbody corporate or a person who was purporting to act in any\nsuch capacity, however designated;\n\nMonetary Authority (Amendment) Act, 2023\nSection 5\n\nc\nAct 1 of 2023\nPage 7\n\n(b) a partner concerned in the management or control of a\npartnership or a limited liability partnership, or a partner who\ntakes part in the conduct of the business of an exempted limited\npartnership, where the partnership, limited liability partnership\nor exempted limited partnership commits a breach in\naccordance with subsection (1) and it is proved that the\nbreach \u2014\n(i)\nwas committed with the consent or connivance of; or\n(ii) is attributable to any neglect on the part of,\nthe partner of the partnership, limited liability partnership or\nexempted limited partnership; and\n(c)\na person concerned in the management or control of an\nunincorporated association other than a partnership, a limited\nliability partnership or an exempted limited partnership, where\nthe unincorporated association commits a breach in accordance\nwith subsection (1) and it is proved that the breach \u2014\n(i)\nwas committed with the consent or connivance of; or\n(ii) is attributable to any neglect on the part of,\nthe person concerned in the management or control of the\nunincorporated association.\u201d.\n5.\nAmendment of section 42B - fine amounts\n5.\nThe principal Act is amended in section 42B as follows \u2014\n(a)\nin subsection (1), by deleting the words \u201cbe $5,000\u201d and substituting the\nwords \u201cbe five thousand dollars\u201d;\n(b) in subsection (2) as follows \u2014\n(i)\nby deleting the words \u201cof $5,000\u201d and substituting the words \u201cof five\nthousand dollars\u201d; and\n(ii) in paragraph (c), by deleting the words \u201creaches \u201c$20,000\u201d and\nsubstituting the words \u201creaches twenty thousand dollars\u201d; and\n(c)\nby repealing subsections (3) and (4) and substituting the following\nsubsections \u2014\n\u201c(3) For a breach prescribed as serious, the fine is a single fine not\nexceeding \u2014\n(a)\nfifty thousand dollars for an individual;\n(b) one hundred thousand dollars for a body corporate;\n(c)\none hundred thousand dollars for a partnership, a limited\nliability partnership or an exempted limited partnership; or\n\nSection 6\nMonetary Authority (Amendment) Act, 2023\n\nPage 8\nAct 1 of 2023\nc\n\n(d) one hundred thousand dollars for an unincorporated association\nother than a partnership, a limited liability partnership or an\nexempted limited partnership.\n(4) For a breach prescribed as very serious, the fine is a single fine not\nexceeding \u2014\n(a)\none hundred thousand dollars for an individual;\n(b) one million dollars for a body corporate;\n(c)\none million dollars for a partnership, a limited liability\npartnership or an exempted limited partnership; or\n(d) one million dollars for an unincorporated association other than\na partnership, a limited liability partnership or an exempted\nlimited partnership.\u201d.\n6.\nAmendment of section 42F - criteria for making fine decision\n6.\nThe principal Act is amended in section 42F(5) in the definition of the words\n\u201cdisgorgement principle\u201d in paragraph (a), by deleting the words \u201clicensees under\u201d\nand substituting the words \u201cpersons regulated under the\u201d.\n7.\nRepeal and substitution of section 42H - other Regulation-making powers for\nPart\n7.\nThe principal Act is amended by repealing section 42H and substituting the following\nsection \u2014\n\u201cRegulations under this Part\n42H.(1)\nThe Cabinet may make regulations to provide for \u2014\n(a)\nprescribed provisions;\n(b) forms and procedures for imposing fines;\n(c)\nappeals against decisions under this Part;\n(d) how fines shall be paid and may be enforced;\n(e)\ninterest on outstanding fines;\n(f)\nevidentiary provisions for proceedings relating to this Part; and\n(g) other matters required or permitted to be prescribed under this\nPart or that are necessary to give effect to the purposes or\nprovisions of this Part.\n(2) Regulations made under subsection (1)(a) shall provide for the\ncategory of the breach in respect of each prescribed provision as\nminor, serious or very serious.\u201d.\n\nMonetary Authority (Amendment) Act, 2023\nSection 8\n\nc\nAct 1 of 2023\nPage 9\n\n8\nInsertion of section 44A - offences by corporations, partnerships,\nunincorporated associations, etc.\n8.\nThe principal Act is amended by inserting after section 44 the following section \u2014\n\u201cOffences\nby\ncorporations,\npartnerships,\nunincorporated\nassociations, etc.\n44A. (1) Where an offence under this Act is committed by a body corporate\nand it is proved that the offence \u2014\n(a)\nwas committed with the consent or connivance of; or\n(b) is attributable to any neglect on the part of,\nany director, manager, secretary or other similar officer of the body\ncorporate, or any person who was purporting to act in any such\ncapacity, however designated, that person as well as the body\ncorporate, commits the offence and is liable to be proceeded against\nand punished accordingly.\n(2) Where the affairs of a body corporate are managed by its members\nor managers, subsection (1) shall apply in relation to the acts and\ndefaults of a member or manager in connection with that member\u2019s\nor manager\u2019s functions in relation to management as if that member\nor manager were a director or other similar officer of the body\ncorporate.\n(3) Where an offence under this Act is committed by a partnership, a\nlimited liability partnership or an exempted limited partnership and\nit is proved that the offence \u2014\n(a)\nwas committed with the consent or connivance of; or\n(b) is attributable to any neglect on the part of,\na partner concerned in the management or control of a partnership or\na limited liability partnership, or a partner who takes part in the\nconduct of the business of an exempted limited partnership, that\npartner, as well as the partnership, the limited liability partnership or\nthe exempted limited partnership, as applicable, commits the offence\nand is liable to be proceeded against and punished accordingly.\n(4) Where an offence under this Act is committed by an unincorporated\nassociation other than a partnership, a limited liability partnership or\nan exempted limited partnership and it is proved that the offence \u2014\n(a)\nwas committed with the consent or connivance of; or\n(b) is attributable to any neglect on the part of,\na person concerned in the management or control of the\nunincorporated association, that person, as well as the unincorporated\n\nSection 9\nMonetary Authority (Amendment) Act, 2023\n\nPage 10\nAct 1 of 2023\nc\n\nassociation, commits the offence and is liable to be proceeded against\nand punished accordingly.\u201d.\n9.\nAmendment of section 50 - confidentiality\n9.\nThe principal Act is amended in section 50 as follows \u2014\n(a)\nin subsection (2)(g) as follows \u2014\n(i)\nin subparagraph (ii), by deleting the word \u201cor\u201d at the end of the\nsubparagraph;\n(ii) in subparagraph (iii), by inserting after the words \u201csubsection (3)\u201d,\nthe words \u201cor (7A)\u201d; and\n(iii) by inserting after subparagraph (iii) the following subparagraph \u2014\n\u201c(iv) under section 50A; or\u201d;\n(b) by inserting after subsection (7) the following subsection \u2014\n\u201c(7A) Notwithstanding subsections (3), (3A), (4), (5), (6) and (7) and\nsubject to subsection (8), the Authority may, in its discretion,\nprovide to an overseas regulatory authority, information relating to\ncriminal conduct which is discovered in the performance of the\nAuthority\u2019s regulatory functions under section 6(1)(b) or cooperative functions under section 6(1)(c).\u201d;\n(c)\nin subsection (8)(c), by inserting after the words \u201crequested by\u201d, the words\n\u201c, or the information to be provided to,\u201d; and\n(d) by inserting after subsection (8), the following subsection \u2014\n\u201c(9) For the purposes of subsection (7A), \u201ccriminal conduct\u201d has the\nmeaning assigned by section 69 of the Proceeds of Crime Act (2020\nRevision).\u201d.\n10.\nInsertion of section 50A - disclosure to the competent authority\n10. The principal Act is amended by inserting after section 50 the following section \u2014\n\u201cDisclosure to the competent authority\n50A. (1) The Authority may, in its discretion or upon request by the competent\nauthority, share information relating to a person or entity regulated\nunder this Act or the regulatory laws.\n\nMonetary Authority (Amendment) Act, 2023\nSection 10\n\nc\nAct 1 of 2023\nPage 11\n\n(2) In this section, \u201ccompetent authority\u201d means the Minister referred\nto in section 246(1) of the Companies Act (2023 Revision) and\nincludes a person designated by the Minister under that section.\u201d.\nPassed by the Parliament the 28th day of April, 2023.\nHon. 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