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Amendment of section 10 of the Beneficial Ownership Transparency Act, 2023 - 3. Amendment of section 12 - required particulars and written confirmation required for 4. 5. 6. 7. 8. 9. 10. Beneficial Ownership Transparency (Amendment) (No. 2) Act, 2025 BENEFICIAL OWNERSHIP TRANSPARENCY (AMENDMENT) (NO. 2) ACT, 2025 AN ACT TO AMEND THE BENEFICIAL OWNERSHIP TRANSPARENCY ACT, 2023 TO PROVIDE FOR THE SUBMISSION OF CERTAIN INFORMATION WHERE THE LEGAL PERSON IS A SUBSIDIARY OF A LISTED ENTITY; TO EMPOWER THE COMPETENT AUTHORITY TO PROVIDE INFORMATION IN RESPECT OF THE BENEFICIAL OWNERSHIP REGISTER OF A LEGAL PERSON TO, AMONG OTHER ENTITIES, OTHER GOVERNMENTS; TO CLARIFY THAT THE ADMINISTRATIVE FINES UNDER THE ACT ARE MAXIMUM FINES; TO ENSURE THE CONTINUED EFFECTIVENESS OF THE BENEFICIAL OWNERSHIP LEGISLATIVE FRAMEWORK; AND TO PROVIDE 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 Beneficial Ownership Transparency (Amendment) (No. 2) Act, 2025.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 10 of the Beneficial Ownership Transparency Act, 2023 - exemption 2. The Beneficial Ownership Transparency Act, 2023, in this Act referred to as the \u201cprincipal Act\u201d, is amended in section 10(3) as follows \u2014 I Assent, Franz Manderson Acting Governor Date: 1st December, 2025 Beneficial Ownership Transparency (Amendment) (No. 2) Act, 2025 (a) by deleting the words \u201cA company that is\u201d and substituting the words \u201cA legal person that is\u201d; and (b) in paragraph (b), by inserting after the words \u201csection 7\u201d the word \u201cof\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 12 - required particulars and written confirmation required for categories of legal persons 3. The principal Act is amended in section 12 as follows \u2014 (a) in subsection (4), by repealing paragraph (a) and substituting the following paragraph \u2014 \u201c(a) for particulars under subsection (1)(a) \u2014 (i) the name and jurisdiction of the stock exchange; and (ii) where the legal person is a subsidiary of a listed entity, in addition to the information under subparagraph (i), the name of the listed entity;\u201d; and (b) in subsection (6) as follows \u2014 (i) in paragraph (c), by deleting the word \u201cand\u201d appearing at the end of the paragraph; and (ii) by inserting after paragraph (c) the following paragraph \u2014 \u201c(ca) the nature in which the individual owns or exercises control of the legal person; and\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 13 - duty to establish and maintain register 4. The principal Act is amended in section 13 as follows \u2014 (a) in subsection (2), by inserting after the words \u201cbeneficial ownership register\u201d the words \u201ccontaining adequate, accurate and current beneficial ownership information\u201d; and (b) in subsection (3), by inserting after the word \u201cdeposit\u201d, the words \u201cadequate, accurate and current\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 14 - duty to keep register current 5. The principal Act is amended in section 14 by inserting after subsection (2) the following subsection \u2014 \u201c(2A)A legal person is not required to give notice to a registrable beneficial owner requesting confirmation of a relevant change if the legal person has already been informed of the relevant change and has received the required particulars.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 18 - consequences of failing to disclose beneficial ownership 6. The principal Act is amended in section 18 as follows \u2014 Beneficial Ownership Transparency (Amendment) (No. 2) Act, 2025 (a) in subsection (2) as follows \u2014 (i) in paragraph (a), by inserting after the word \u201cowners\u201d the words \u201c, in the case where the notice refers to the matter set out in subsection (1)(a)\u201d; and (ii) in paragraph (b), by inserting after the word \u201cnotice\u201d the words \u201c, in the case where the notice refers to the matter set out in subsection (1)(b)\u201d; and (b) by inserting after subsection (3) the following subsections \u2014 \u201c(4) If the legal person fails to provide the justification and correction referred to in subsection (2)(b) by the end of the period of thirty days beginning with the date of receipt of the notice, the corporate services provider shall \u2014 (a) subject to section 19, issue a restrictions notice to the legal person; and (b) send a copy of the restrictions notice to the competent authority within fourteen days of issuing it. (5) If a legal person\u2019s corporate services provider is of the opinion that \u2014 (a) the notice under section 8 or 14 was served by the legal person; and (b) the legal person has not received compliance with the notice served under section 8 or 14, the corporate services provider shall, subject to section 19, issue a restrictions notice to the legal person concerning a relevant interest in that legal person, and shall send a copy of the restrictions notice to the competent authority within fourteen days of issuing it.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Amendment of section 19 - issue of restrictions notice by corporate services provider 7. The principal Act is amended in section 19 as follows \u2014 (a) by repealing subsection (1) and substituting the following subsection \u2014 \u201c(1) The corporate services provider of a legal person to which this Act applies shall send a restrictions notice to the legal person concerning a relevant interest in that legal person if \u2014 (a) by the end of the period of thirty days beginning with the date of receipt of the notice issued to the legal person under section 18(1) \u2014 (i) a notice under section 8 or 14 was not served by the legal person and the legal person has not provided the corporate Beneficial Ownership Transparency (Amendment) (No. 2) Act, 2025 services provider with a valid reason sufficient to justify the legal person\u2019s failure to serve the notice under section 8 or 14; or (ii) the legal person has failed to provide a justification and a correction respecting any statement identified as being false or misleading in the notice under section 18(1); or (b) a notice under section 8 or 14 was served by the legal person and the legal person has not received compliance with the notice served under section 8 or 14.\u201d; and (b) by inserting after subsection (2) the following subsection \u2014 \u201c(2A)Where the relevant interest is subject to a pre-existing security interest granted to a third party who is not affiliated with the legal person, the restrictions notice shall not take effect.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Amendment of section 22 - access to beneficial ownership information 8. The principal Act is amended in section 22 as follows \u2014 (a) in subsection (2), by repealing paragraph (ia); (b) by inserting after subsection (2A) the following subsection \u2014 \u201c(2B)The competent authority may provide a registrable beneficial owner with information on the search platform relating to the registrable beneficial owner.\u201d; (c) in subsection (4) as follows \u2014 (i) by deleting the words \u201cSubject to subsection (5), the competent authority,\u201d and substituting the words \u201cThe competent authority,\u201d; and (ii) by deleting the words \u201csubsections (2)(a) through (g)\u201d and substituting the words \u201csubsection (2)(a) through (i)\u201d; (d) by inserting after subsection (4) the following subsection \u2014 \u201c(4A)The competent authority, in respect of the beneficial ownership register of a legal person, may provide information to \u2014 (a) a foreign beneficial ownership authority that exercises similar functions and has similar responsibilities with respect to beneficial ownership as the competent authority; (b) a foreign authority with designated responsibility for combatting money laundering or terrorist financing, following consultation with a relevant body in subsection (2)(a), (b), (c), (d), (e), (f), (g), (h), (i) or (j)(i); and (c) a government, government department or public authority of a country or territory or of a part of a country or territory in Beneficial Ownership Transparency (Amendment) (No. 2) Act, 2025 accordance with this Act, where the information is being sought in the context of a potential or actual business relationship or transaction with the legal person about whom the information is sought.\u201d; and (e) in subsection (6), by repealing paragraph (a) and substituting the following paragraphs \u2014 \u201c(a) for an individual, other than an individual who is a minor within the meaning of section 2 of the Age of Majority Act (1999 Revision) or an individual referred to in section 2(2) \u2014 (i) name; (ii) country of residence; (iii) nationality; (iv) month and year of birth; and (v) nature of control; (aa) for an individual referred to in section 2(2) \u2014 (i) name; (ii) principal office; (iii) legal form; and (iv) nature of control; and\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Amendment of section 26 - administrative fines 9. The principal Act is amended in section 26 by repealing subsections (2) and (3) and substituting the following subsections \u2014 \u201c(2) A person who commits a prescribed breach is liable to a fine of five thousand dollars. (3) The Registrar may, in addition to the fine for the initial breach, impose a further fine of one thousand dollars for every month that the breach continues, until one of the following occurs \u2014 (a) the breach stops or is remedied; (b) payment of the initial fine and all fines imposed for the continuing breach; or (c) the total of the initial fine and all fines for the continuing breach amounts to twenty-five thousand dollars. (3A) In determining the amount of an administrative fine to be imposed under subsection (2) or (3), the Registrar shall take into account the rules referred to in section 29.\u201d. Beneficial Ownership Transparency (Amendment) (No. 2) Act, 2025\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Amendment of section 29 - Registrar\u2019s rule-making power 10. The principal Act is amended in section 29 by repealing paragraph (a) and substituting the following paragraphs \u2014 \u201c(a) the matters that are to be taken into account in making an initial assessment of the amount of an administrative fine; (aa) aggravating and mitigating factors that are to be taken into account in making a final assessment of the amount of an administrative fine to be imposed; and\u201d. Passed by the Parliament the 5th day of November, 2025. Hon. D. 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required particulars and written confirmation required for\ncategories of legal persons ........................................................................................................6\n4.\nAmendment of section 13 - duty to establish and maintain register ............................................6\n5.\nAmendment of section 14 - duty to keep register current ...........................................................6\n6.\nAmendment of section 18 - consequences of failing to disclose beneficial ownership ................6\n7.\nAmendment of section 19 - issue of restrictions notice by corporate services provider ...............7\n8.\nAmendment of section 22 - access to beneficial ownership information .....................................8\n9.\nAmendment of section 26 - administrative fines .........................................................................9\n10.\nAmendment of section 29 - Registrar\u2019s rule-making power ...................................................... 10\n\nBeneficial Ownership Transparency (Amendment) (No. 2) Act, 2025\nSection 1\n\nc\nAct 11 of 2025\nPage 5\n\nCAYMAN ISLANDS\n\nBENEFICIAL OWNERSHIP TRANSPARENCY\n(AMENDMENT) (NO. 2) ACT, 2025\n(Act 11 of 2025)\nAN ACT TO AMEND THE BENEFICIAL OWNERSHIP TRANSPARENCY ACT, 2023 TO\nPROVIDE FOR THE SUBMISSION OF CERTAIN INFORMATION WHERE THE LEGAL\nPERSON IS A SUBSIDIARY OF A LISTED ENTITY; TO EMPOWER THE COMPETENT\nAUTHORITY TO PROVIDE INFORMATION IN RESPECT OF THE BENEFICIAL\nOWNERSHIP REGISTER OF A LEGAL PERSON TO, AMONG OTHER ENTITIES,\nOTHER GOVERNMENTS; TO CLARIFY THAT THE ADMINISTRATIVE FINES UNDER\nTHE ACT ARE MAXIMUM FINES; TO ENSURE THE CONTINUED EFFECTIVENESS OF\nTHE BENEFICIAL OWNERSHIP LEGISLATIVE FRAMEWORK; AND TO PROVIDE FOR\nINCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Act may be cited as the Beneficial Ownership Transparency (Amendment) (No.\n2) Act, 2025.\n2.\nAmendment of section 10 of the Beneficial Ownership Transparency Act,\n2023 - exemption\n2.\nThe Beneficial Ownership Transparency Act, 2023, in this Act referred to as the\n\u201cprincipal Act\u201d, is amended in section 10(3) as follows \u2014\n(Act 11 of 2025)\nI Assent,\nFranz Manderson\nActing Governor\nDate: 1st December, 2025\n\nSection 3\nBeneficial Ownership Transparency (Amendment) (No. 2) Act, 2025\n\nPage 6\nAct 11 of 2025\nc\n\n(a)\nby deleting the words \u201cA company that is\u201d and substituting the words \u201cA\nlegal person that is\u201d; and\n(b) in paragraph (b), by inserting after the words \u201csection 7\u201d the word \u201cof\u201d.\n3.\nAmendment of section 12 - required particulars and written confirmation\nrequired for categories of legal persons\n3.\nThe principal Act is amended in section 12 as follows \u2014\n(a)\nin subsection (4), by repealing paragraph (a) and substituting the following\nparagraph \u2014\n\u201c(a) for particulars under subsection (1)(a) \u2014\n(i)\nthe name and jurisdiction of the stock exchange; and\n(ii) where the legal person is a subsidiary of a listed entity, in\naddition to the information under subparagraph (i), the\nname of the listed entity;\u201d; and\n(b) in subsection (6) as follows \u2014\n(i)\nin paragraph (c), by deleting the word \u201cand\u201d appearing at the end of\nthe paragraph; and\n(ii) by inserting after paragraph (c) the following paragraph \u2014\n\u201c(ca) the nature in which the individual owns or exercises control of\nthe legal person; and\u201d.\n4.\nAmendment of section 13 - duty to establish and maintain register\n4.\nThe principal Act is amended in section 13 as follows \u2014\n(a)\nin subsection (2), by inserting after the words \u201cbeneficial ownership\nregister\u201d the words \u201ccontaining adequate, accurate and current beneficial\nownership information\u201d; and\n(b) in subsection (3), by inserting after the word \u201cdeposit\u201d, the words\n\u201cadequate, accurate and current\u201d.\n5.\nAmendment of section 14 - duty to keep register current\n5.\nThe principal Act is amended in section 14 by inserting after subsection (2) the\nfollowing subsection \u2014\n\u201c(2A)A legal person is not required to give notice to a registrable beneficial\nowner requesting confirmation of a relevant change if the legal\nperson has already been informed of the relevant change and has\nreceived the required particulars.\u201d.\n6.\nAmendment of section 18 - consequences of failing to disclose beneficial\nownership\n6.\nThe principal Act is amended in section 18 as follows \u2014\n\nBeneficial Ownership Transparency (Amendment) (No. 2) Act, 2025\nSection 7\n\nc\nAct 11 of 2025\nPage 7\n\n(a)\nin subsection (2) as follows \u2014\n(i)\nin paragraph (a), by inserting after the word \u201cowners\u201d the words \u201c, in\nthe case where the notice refers to the matter set out in subsection\n(1)(a)\u201d; and\n(ii) in paragraph (b), by inserting after the word \u201cnotice\u201d the words \u201c, in\nthe case where the notice refers to the matter set out in subsection\n(1)(b)\u201d; and\n(b) by inserting after subsection (3) the following subsections \u2014\n\u201c(4) If the legal person fails to provide the justification and correction\nreferred to in subsection (2)(b) by the end of the period of thirty days\nbeginning with the date of receipt of the notice, the corporate services\nprovider shall \u2014\n(a)\nsubject to section 19, issue a restrictions notice to the legal\nperson; and\n(b) send a copy of the restrictions notice to the competent authority\nwithin fourteen days of issuing it.\n(5) If a legal person\u2019s corporate services provider is of the opinion\nthat \u2014\n(a)\nthe notice under section 8 or 14 was served by the legal person;\nand\n(b) the legal person has not received compliance with the notice\nserved under section 8 or 14,\nthe corporate services provider shall, subject to section 19, issue a\nrestrictions notice to the legal person concerning a relevant interest\nin that legal person, and shall send a copy of the restrictions notice to\nthe competent authority within fourteen days of issuing it.\u201d.\n7.\nAmendment of section 19 - issue of restrictions notice by corporate services\nprovider\n7.\nThe principal Act is amended in section 19 as follows \u2014\n(a)\nby repealing subsection (1) and substituting the following subsection \u2014\n\u201c(1) The corporate services provider of a legal person to which this Act\napplies shall send a restrictions notice to the legal person concerning\na relevant interest in that legal person if \u2014\n(a) by the end of the period of thirty days beginning with the date of\nreceipt of the notice issued to the legal person under section\n18(1) \u2014\n(i)\na notice under section 8 or 14 was not served by the legal\nperson and the legal person has not provided the corporate\n\nSection 8\nBeneficial Ownership Transparency (Amendment) (No. 2) Act, 2025\n\nPage 8\nAct 11 of 2025\nc\n\nservices provider with a valid reason sufficient to justify\nthe legal person\u2019s failure to serve the notice under section\n8 or 14; or\n(ii) the legal person has failed to provide a justification and a\ncorrection respecting any statement identified as being\nfalse or misleading in the notice under section 18(1); or\n(b) a notice under section 8 or 14 was served by the legal person\nand the legal person has not received compliance with the notice\nserved under section 8 or 14.\u201d; and\n(b) by inserting after subsection (2) the following subsection \u2014\n\u201c(2A)Where the relevant interest is subject to a pre-existing security\ninterest granted to a third party who is not affiliated with the legal\nperson, the restrictions notice shall not take effect.\u201d.\n8.\nAmendment of section 22 - access to beneficial ownership information\n8.\nThe principal Act is amended in section 22 as follows \u2014\n(a)\nin subsection (2), by repealing paragraph (ia);\n(b) by inserting after subsection (2A) the following subsection \u2014\n\u201c(2B)The competent authority may provide a registrable beneficial owner\nwith information on the search platform relating to the registrable\nbeneficial owner.\u201d;\n(c)\nin subsection (4) as follows \u2014\n(i)\nby deleting the words \u201cSubject to subsection (5), the competent\nauthority,\u201d and substituting the words \u201cThe competent authority,\u201d;\nand\n(ii) by deleting the words \u201csubsections (2)(a) through (g)\u201d and\nsubstituting the words \u201csubsection (2)(a) through (i)\u201d;\n(d) by inserting after subsection (4) the following subsection \u2014\n\u201c(4A)The competent authority, in respect of the beneficial ownership\nregister of a legal person, may provide information to \u2014\n(a)\na foreign beneficial ownership authority that exercises similar\nfunctions and has similar responsibilities with respect to\nbeneficial ownership as the competent authority;\n(b) a foreign authority with designated responsibility for\ncombatting money laundering or terrorist financing, following\nconsultation with a relevant body in subsection (2)(a), (b), (c),\n(d), (e), (f), (g), (h), (i) or (j)(i); and\n(c)\na government, government department or public authority of a\ncountry or territory or of a part of a country or territory in\n\nBeneficial Ownership Transparency (Amendment) (No. 2) Act, 2025\nSection 9\n\nc\nAct 11 of 2025\nPage 9\n\naccordance with this Act, where the information is being sought\nin the context of a potential or actual business relationship or\ntransaction with the legal person about whom the information\nis sought.\u201d; and\n(e)\nin subsection (6), by repealing paragraph (a) and substituting the following\nparagraphs \u2014\n\u201c(a) for an individual, other than an individual who is a minor within\nthe meaning of section 2 of the Age of Majority Act (1999\nRevision) or an individual referred to in section 2(2) \u2014\n(i)\nname;\n(ii) country of residence;\n(iii) nationality;\n(iv) month and year of birth; and\n(v) nature of control;\n(aa) for an individual referred to in section 2(2) \u2014\n(i)\nname;\n(ii) principal office;\n(iii) legal form; and\n(iv) nature of control; and\u201d.\n9.\nAmendment of section 26 - administrative fines\n9.\nThe principal Act is amended in section 26 by repealing subsections (2) and (3) and\nsubstituting the following subsections \u2014\n\u201c(2) A person who commits a prescribed breach is liable to a fine of five\nthousand dollars.\n(3) The Registrar may, in addition to the fine for the initial breach,\nimpose a further fine of one thousand dollars for every month that\nthe breach continues, until one of the following occurs \u2014\n(a)\nthe breach stops or is remedied;\n(b) payment of the initial fine and all fines imposed for the\ncontinuing breach; or\n(c)\nthe total of the initial fine and all fines for the continuing breach\namounts to twenty-five thousand dollars.\n(3A) In determining the amount of an administrative fine to be imposed\nunder subsection (2) or (3), the Registrar shall take into account the\nrules referred to in section 29.\u201d.\n\nSection 10\nBeneficial Ownership Transparency (Amendment) (No. 2) Act, 2025\n\nPage 10\nAct 11 of 2025\nc\n\n10.\nAmendment of section 29 - Registrar\u2019s rule-making power\n10. The principal Act is amended in section 29 by repealing paragraph (a) and substituting\nthe following paragraphs \u2014\n\u201c(a) the matters that are to be taken into account in making an initial\nassessment of the amount of an administrative fine;\n(aa) aggravating and mitigating factors that are to be taken into\naccount in making a final assessment of the amount of an\nadministrative fine to be imposed; and\u201d.\nPassed by the Parliament the 5th day of November, 2025.\nHon. D. Ezzard Miller\nSpeaker\nZena Merren-Chin\nClerk of the Parliament","akn_extracted_at":"2026-06-22 15:41:18.60041+00","cms_id":"2025-0011A","law_type":"amending","year":"2025","number":"0011A","title":"Beneficial Ownership Transparency (Amendment) (No. 2) Act, 2025 (Act 11 of 2025)","status":"spent"},"provenance":{"files":[{"file_id":"6552","expr_id":"1712","kind":"akn_xml","filename":"2025-0011A.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2025\/2025-0011A\/2025-0011A.akn.xml","content_md5":"85504d7a82681d87f7300d384212385c","byte_size":"14082","http_last_modified":null,"fetched_at":"2026-06-22 15:41:18.683858+00"},{"file_id":"3423","expr_id":"1712","kind":"pristine_pdf","filename":"2025-0011A.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2025\/2025-0011A\/2025-0011A.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2025\/2025-0011A\/2025-0011A.pdf","content_md5":"82b780ee13a2672aa4f9f7c20e72a290","byte_size":"306743","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.964156+00"},{"file_id":"3424","expr_id":"1712","kind":"working_pdf","filename":"2025-0011A.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2025\/2025-0011A\/2025-0011A.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2025\/2025-0011A\/2025-0011A.pdf","content_md5":"82b780ee13a2672aa4f9f7c20e72a290","byte_size":"306743","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.964156+00"}],"paragraph_count":2,"latest_history":null},"quality":{"expr_id":"1712","doc_id":"1712","quality_state":"needs_review","quality_score":"92","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 2}","finding_summary":"repeated line furniture detected: cayman islands x3; act 11 of 2025 x12; beneficial ownership transparency amendment no 2 a x7; duplicate-line ratio is 9.79%","assessed_at":"2026-06-22 15:29:46.257929+00","updated_at":"2026-06-22 15:29:46.257929+00"}}