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(1) This Act may be cited as the Monetary Authority (Amendment and Validation) Act, 2024. (2) This Act shall come into force on such date as may be appointed by Order made by the Cabinet.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"General amendments to the Monetary Authority Act (2020 Revision) - references to Parts 2. The Monetary Authority Act (2020 Revision), in this Act referred to as the \u201cprincipal Act\u201d, is amended as follows \u2014 I Assent, Jane Owen Governor Date: 18th December, 2024 Monetary Authority (Amendment and Validation) Act, 2024 (a) by deleting the words \u201cPart I\u201d wherever they appear and substituting the words \u201cPart 1\u201d; (b) by deleting the words \u201cPart II\u201d wherever they appear and substituting the words \u201cPart 2\u201d; (c) by deleting the words \u201cPart III\u201d wherever they appear and substituting the words \u201cPart 3\u201d; (d) by deleting the words \u201cPart IV\u201d wherever they appear and substituting the words \u201cPart 4\u201d; (e) by deleting the words \u201cPart V\u201d wherever they appear and substituting the words \u201cPart 5\u201d; (f) by deleting the words \u201cPart VI\u201d wherever they appear and substituting the words \u201cPart 6\u201d; (g) by deleting the words \u201cPart VIA\u201d wherever they appear and substituting the words \u201cPart 6A\u201d; (h) by deleting the words \u201cPart VII\u201d wherever they appear and substituting the words \u201cPart 7\u201d; and (i) by deleting the words \u201cPart VIII\u201d wherever they appear and substituting the words \u201cPart 8\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 46 - regulations 3. The principal Act amended in section 46 as follows \u2014 (a) in subsection (1), by inserting after the word \u201clicensee\u201d the words \u201c, to a person registered under any of the regulatory laws\u201d; and (b) by repealing subsections (2) and (3) and substituting the following subsections \u2014 \u201c(2) The fees set out in Schedule 2 shall be charged to a licensee, a person registered under any of the regulatory laws or a member of the public upon request, for the administrative services prescribed in that Schedule, and the Cabinet may, by regulations, amend that Schedule. (3) Regulations made under subsection (1) which provide for the charging of fees for administrative services and regulations made under subsection (2) amending Schedule 2 are subject to affirmative resolution. (3A) The fees set out in Schedule 2 or in regulations made under subsection (1) may be prescribed as non-refundable fees.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Repeal and substitution of Schedule 2 - fees 4. The principal Act is amended by repealing Schedule 2 and substituting the following Schedule \u2014 Monetary Authority (Amendment and Validation) Act, 2024 \u201cSCHEDULE 2 (section 46) Fees for administrative services Column 1 Item Column 2 Description of administrative service Column 3 Fee (KYD) 1. Letter from the Authority confirming registration or licensed status of regulated entity and status of regulatory filings, the fee for which is non-refundable $1,000 2. Approval by the Authority of the appointment of a new Director of a licensee or a person registered under a regulatory law, the fee for which is non-refundable $1,250 3. Voluntary surrender of a licence or registration (with or without a registration certificate) to the Authority, the fee for which is non-refundable $750 4. Application for a change in shareholding of a licensee or a person registered under a regulatory law, the fee for which is non-refundable $1,250\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Application for the appointment of a Senior Officer or Manager to a licensee or a person registered under a regulatory law, the fee for which is non-refundable $1,250\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Application for the variation of the terms of a licence or the terms of registration in respect of a person registered under a regulatory law, the fee for which is non-refundable $1,250\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Application for change of business plan of a licensee or a person registered under a regulatory law, the fee for which is non-refundable $1,250\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Application for a certified copy of a licence or certificate, the fee for which is non-refundable $375\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Application for an extension to the filing of audited financial statements, the fee for which is non-refundable $625 Monetary Authority (Amendment and Validation) Act, 2024 Column 1 Item Column 2 Description of administrative service Column 3 Fee (KYD)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Application for an extension to the filing of annual return, the fee for which is non-refundable $625\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Application for an exemption or waiver, the fee for which is non-refundable $625\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Application for the use of a restricted word, the fee for which is non-refundable $750\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Application for a change of an appointed service provider to a licensee or a person registered under a regulatory law, including a change of an outsourced service provider, the fee for which is non-refundable $625\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Application for a change of name, the fee for which is nonrefundable $625\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Filing for amendments or supplements of offering documents, the fee for which is non-refundable $125\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Photocopying of \u2014 (a) applications for registering or licensing mutual funds; (b) reporting forms; (c) offering documents; or (d) other constitutive documents, the fee for which is non-refundable $30\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Auditor\u2019s application for approval for local audit sign-off, the fee for which is non-refundable $18,750\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Application for approval of large exposures for banks incorporated under the Companies Act (2023 Revision), the fee for which is non-refundable $1,500\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Application for dividends and distributions where applicable, the fee for which is non-refundable $1,500\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Application to open a new subsidiary, branch, agency or $1,500 Monetary Authority (Amendment and Validation) Act, 2024 Column 1 Item Column 2 Description of administrative service Column 3 Fee (KYD) representative office in or outside the Islands, the fee for which is non-refundable\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Application for extensions for remediating inspection findings, the fee for which is non-refundable: (a) Application for first extension $125 (b) Application for second extension $250 (c) Application for third extension $375 (d) Application for any subsequent extension $500\u201d. 5. Validation of payment and collection of fees 5. The payment of fees to, and the charging and collection of fees by, the Authority without statutory authority from a person registered under any of the regulatory laws for any administrative service provided by the Authority prior to the commencement of this amending and validating Act, are \u2014 (a) validated; and (b) taken to have been lawfully charged by, paid to and collected by the Authority, as if the Authority was empowered under the principal Act as amended by this amending and validating Act to charge and collect those fees. 6. Orders or determinations by court not affected 6. This amending and validating Act does not affect any order or determination made by a court with respect to fees charged by, paid to and collected by the Authority without statutory authority from a person registered under any of the regulatory laws for any administrative service provided by the Authority prior to the commencement of this amending and validating Act. Monetary Authority (Amendment and Validation) Act, 2024 7. Transitional 7. Notwithstanding sections 3 and 4 of this amending and validating Act, the fee for an administrative service which is pending on the day immediately preceding the commencement of this amending and validating Act shall be refundable. Passed by the Parliament the 11th day of December, 2024. Hon. 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TO PROVIDE\nTHAT FEES MAY BE PRESCRIBED AS NON-REFUNDABLE; TO REPEAL AND\nREPLACE SCHEDULE 2; TO VALIDATE CERTAIN REVENUE COLLECTION ACTIONS\nOF THE AUTHORITY; AND FOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Act may be cited as the Monetary Authority (Amendment and Validation)\nAct, 2024.\n(2) This Act shall come into force on such date as may be appointed by Order made\nby the Cabinet.\n2.\nGeneral amendments to the Monetary Authority Act (2020 Revision) -\nreferences to Parts\n2.\nThe Monetary Authority Act (2020 Revision), in this Act referred to as the \u201cprincipal\nAct\u201d, is amended as follows \u2014\n(Act 17 of 2024)\nI Assent,\nJane Owen\nGovernor\nDate: 18th December, 2024\n\nSection 3\nMonetary Authority (Amendment and Validation) Act, 2024\n\nPage 6\nAct 17 of 2024\nc\n\n(a)\nby deleting the words \u201cPart I\u201d wherever they appear and substituting the\nwords \u201cPart 1\u201d;\n(b) by deleting the words \u201cPart II\u201d wherever they appear and substituting the\nwords \u201cPart 2\u201d;\n(c)\nby deleting the words \u201cPart III\u201d wherever they appear and substituting the\nwords \u201cPart 3\u201d;\n(d) by deleting the words \u201cPart IV\u201d wherever they appear and substituting the\nwords \u201cPart 4\u201d;\n(e)\nby deleting the words \u201cPart V\u201d wherever they appear and substituting the\nwords \u201cPart 5\u201d;\n(f)\nby deleting the words \u201cPart VI\u201d wherever they appear and substituting the\nwords \u201cPart 6\u201d;\n(g) by deleting the words \u201cPart VIA\u201d wherever they appear and substituting\nthe words \u201cPart 6A\u201d;\n(h) by deleting the words \u201cPart VII\u201d wherever they appear and substituting the\nwords \u201cPart 7\u201d; and\n(i)\nby deleting the words \u201cPart VIII\u201d wherever they appear and substituting\nthe words \u201cPart 8\u201d.\n3.\nAmendment of section 46 - regulations\n3.\nThe principal Act amended in section 46 as follows \u2014\n(a)\nin subsection (1), by inserting after the word \u201clicensee\u201d the words \u201c, to a\nperson registered under any of the regulatory laws\u201d; and\n(b) by repealing subsections (2) and (3) and substituting the following\nsubsections \u2014\n\u201c(2) The fees set out in Schedule 2 shall be charged to a licensee, a person\nregistered under any of the regulatory laws or a member of the public\nupon request, for the administrative services prescribed in that\nSchedule, and the Cabinet may, by regulations, amend that Schedule.\n(3) Regulations made under subsection (1) which provide for the\ncharging of fees for administrative services and regulations made\nunder subsection (2) amending Schedule 2 are subject to affirmative\nresolution.\n(3A) The fees set out in Schedule 2 or in regulations made under\nsubsection (1) may be prescribed as non-refundable fees.\u201d.\n4.\nRepeal and substitution of Schedule 2 - fees\n4.\nThe principal Act is amended by repealing Schedule 2 and substituting the following\nSchedule \u2014\n\nMonetary Authority (Amendment and Validation) Act, 2024\nSection 4\n\nc\nAct 17 of 2024\nPage 7\n\n\u201cSCHEDULE 2\n(section 46)\nFees for administrative services\nColumn 1\nItem\nColumn 2\nDescription of administrative service\nColumn 3\nFee (KYD)\n1.\nLetter from the Authority confirming registration or licensed\nstatus of regulated entity and status of regulatory filings, the\nfee for which is non-refundable\n\n$1,000\n2.\nApproval by the Authority of the appointment of a new\nDirector of a licensee or a person registered under a\nregulatory law, the fee for which is non-refundable\n\n$1,250\n3.\nVoluntary surrender of a licence or registration (with or\nwithout a registration certificate) to the Authority, the fee for\nwhich is non-refundable\n$750\n4.\nApplication for a change in shareholding of a licensee or a\nperson registered under a regulatory law, the fee for which\nis non-refundable\n\n$1,250\n5.\nApplication for the appointment of a Senior Officer or\nManager to a licensee or a person registered under a\nregulatory law, the fee for which is non-refundable\n\n$1,250\n6.\nApplication for the variation of the terms of a licence or the\nterms of registration in respect of a person registered under\na regulatory law, the fee for which is non-refundable\n\n$1,250\n7.\nApplication for change of business plan of a licensee or a\nperson registered under a regulatory law, the fee for which\nis non-refundable\n\n$1,250\n8.\nApplication for a certified copy of a licence or certificate, the\nfee for which is non-refundable\n\n$375\n9.\nApplication for an extension to the filing of audited financial\nstatements, the fee for which is non-refundable\n\n$625\n\nSection 4\nMonetary Authority (Amendment and Validation) Act, 2024\n\nPage 8\nAct 17 of 2024\nc\n\nColumn 1\nItem\nColumn 2\nDescription of administrative service\nColumn 3\nFee (KYD)\n10.\nApplication for an extension to the filing of annual return, the\nfee for which is non-refundable\n\n$625\n11.\nApplication for an exemption or waiver, the fee for which is\nnon-refundable\n\n$625\n12.\nApplication for the use of a restricted word, the fee for which\nis non-refundable\n\n$750\n13.\nApplication for a change of an appointed service provider to\na licensee or a person registered under a regulatory law,\nincluding a change of an outsourced service provider, the\nfee for which is non-refundable\n\n$625\n14.\nApplication for a change of name, the fee for which is nonrefundable\n\n$625\n15.\nFiling for amendments or supplements of offering\ndocuments, the fee for which is non-refundable\n\n$125\n16.\nPhotocopying of \u2014\n(a) applications for registering or licensing mutual\nfunds;\n(b) reporting forms;\n(c) offering documents; or\n(d) other constitutive documents,\nthe fee for which is non-refundable\n\n$30\n17.\nAuditor\u2019s application for approval for local audit sign-off, the\nfee for which is non-refundable\n\n$18,750\n18.\nApplication for approval of large exposures for banks\nincorporated under the Companies Act (2023 Revision), the\nfee for which is non-refundable\n\n$1,500\n19.\nApplication for dividends and distributions where applicable,\nthe fee for which is non-refundable\n\n$1,500\n20.\nApplication to open a new subsidiary, branch, agency or $1,500\n\nMonetary Authority (Amendment and Validation) Act, 2024\nSection 5\n\nc\nAct 17 of 2024\nPage 9\n\nColumn 1\nItem\nColumn 2\nDescription of administrative service\nColumn 3\nFee (KYD)\nrepresentative office in or outside the Islands, the fee for\nwhich is non-refundable\n\n21.\nApplication for extensions for remediating inspection\nfindings, the fee for which is non-refundable:\n\n(a) Application for first extension\n$125\n\n(b) Application for second extension\n$250\n\n(c) Application for third extension\n$375\n\n(d) Application for any subsequent extension\n$500\u201d.\n5.\nValidation of payment and collection of fees\n5.\nThe payment of fees to, and the charging and collection of fees by, the Authority\nwithout statutory authority from a person registered under any of the regulatory laws\nfor any administrative service provided by the Authority prior to the commencement\nof this amending and validating Act, are \u2014\n(a)\nvalidated; and\n(b) taken to have been lawfully charged by, paid to and collected by the\nAuthority,\nas if the Authority was empowered under the principal Act as amended by this\namending and validating Act to charge and collect those fees.\n6.\nOrders or determinations by court not affected\n6.\nThis amending and validating Act does not affect any order or determination made\nby a court with respect to fees charged by, paid to and collected by the Authority\nwithout statutory authority from a person registered under any of the regulatory laws\nfor any administrative service provided by the Authority prior to the commencement\nof this amending and validating Act.\n\nSection 7\nMonetary Authority (Amendment and Validation) Act, 2024\n\nPage 10\nAct 17 of 2024\nc\n\n7.\nTransitional\n7.\nNotwithstanding sections 3 and 4 of this amending and validating Act, the fee for an\nadministrative service which is pending on the day immediately preceding the\ncommencement of this amending and validating Act shall be refundable.\nPassed by the Parliament the 11th day of December, 2024.\nHon. Sir Alden McLaughlin\nSpeaker\nZena Merren-Chin\nClerk of the Parliament","akn_extracted_at":"2026-06-22 15:41:50.07275+00","cms_id":"2024-0017","law_type":"amending","year":"2024","number":"17","title":"Monetary Authority (Amendment and Validation) Act, 2024 (Act 17 of 2024)","status":"in_force"},"provenance":{"files":[{"file_id":"6502","expr_id":"1662","kind":"akn_xml","filename":"2024-0017.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2024\/2024-0017\/2024-0017.akn.xml","content_md5":"48aa93046e1c67d61e4a5a3e2d5def0f","byte_size":"13306","http_last_modified":null,"fetched_at":"2026-06-22 15:41:50.204158+00"},{"file_id":"3323","expr_id":"1662","kind":"pristine_pdf","filename":"2024-0017.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2024\/2024-0017\/2024-0017.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2024\/2024-0017\/2024-0017.pdf","content_md5":"9220f8c0ed55e52e6ae875ce07bb7177","byte_size":"317057","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.294059+00"},{"file_id":"3324","expr_id":"1662","kind":"working_pdf","filename":"2024-0017.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2024\/2024-0017\/2024-0017.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2024\/2024-0017\/2024-0017.pdf","content_md5":"9220f8c0ed55e52e6ae875ce07bb7177","byte_size":"317057","http_last_modified":null,"fetched_at":"2026-06-21 23:09:36.294059+00"}],"paragraph_count":28,"latest_history":null},"quality":{"expr_id":"1662","doc_id":"1662","quality_state":"needs_review","quality_score":"72","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata}","finding_severity_counts":"{\"low\": 1, \"medium\": 2}","finding_summary":"repeated line furniture detected: cayman islands x3; act 17 of 2024 x12; monetary authority amendment and validation act 20 x7; duplicate-line ratio is 21.30%","assessed_at":"2026-06-22 15:29:46.504317+00","updated_at":"2026-06-22 15:29:46.504317+00"}}