{"kind":"expression","expression":{"expr_id":"1974","doc_id":"1974","label":"Beneficial Ownership (Companies) (Amendment) Regulations, 2020 (SL 106 of 2020)","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\/2020\/106\/eng@2020-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/amending\/2020\/106\", \"expression\": \"\/akn\/ky\/act\/amending\/2020\/106\/eng@2020-01-01\", \"manifestation\": \"\/akn\/ky\/act\/amending\/2020\/106\/eng@2020-01-01.pdf\"}, \"pdf\": {\"md5\": \"765611acc417243a1157b6b467894b7a\", \"path\": \"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0106\/2020-0106.pdf\", \"pages\": 12, \"filename\": \"2020-0106.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 2172, \"paragraph_count\": 10, \"text_char_count\": 15360}, \"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\": \"Companies Law (2020 Revision) BENEFICIAL OWNERSHIP (COMPANIES) (AMENDMENT) REGULATIONS, 2020 (SL 106 of 2020) SL 106 of 2020 PUBLISHING DETAILS Beneficial Ownership (Companies) (Amendment) Regulations, 2020 Arrangement of Regulations SL 106 of 2020 Companies Law (2020 Revision) BENEFICIAL OWNERSHIP (COMPANIES) (AMENDMENT) REGULATIONS, 2020 (SL 106 of 2020) Arrangement of Regulations Regulation 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of regulation 2 of the Beneficial Ownership (Companies) Regulations (2019\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of regulation 6 - additional matters where a company\u2019s investigations are\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of regulation 7 - additional matters where a company has issued a 5. 6. 7. 8.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Beneficial Ownership (Companies) (Amendment) Regulations, 2020 Regulation 1 SL 106 of 2020 Companies Law (2020 Revision) BENEFICIAL OWNERSHIP (COMPANIES) (AMENDMENT) REGULATIONS, 2020 (SL 106 of 2020) In exercise of the powers conferred by sections 280 and 281H of the Companies Law (2020 Revision), the Cabinet makes the following Regulations \u2014\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Regulations may be cited as the Beneficial Ownership (Companies) (Amendment) Regulations, 2020. 2. Amendment of regulation 2 of the Beneficial Ownership (Companies) Regulations (2019 Revision) - definitions 2. The Beneficial Ownership (Companies) Regulations (2019 Revision), in these Regulations referred to as the \u201cprincipal Regulations\u201d, are amended in regulation 2 in the definition of \u201cwithdrawal notice\u201d by deleting the word \u201ccompany\u201d and substituting the words \u201ccorporate services provider\u201d. 3. Amendment of regulation 6 - additional matters where a company\u2019s investigations are ongoing 3. The principal Regulations are amended in regulation 6 as follows \u2014 (a) in paragraph (1), by inserting after subparagraph (a) the following subparagraph \u2014 Regulation 4 Beneficial Ownership (Companies) (Amendment) Regulations, 2020 SL 106 of 2020 \u201c(aa) is not exempt under section 245(1) of the Law;\u201d; and (b) by inserting after paragraph (2) the following paragraph \u2014 \u201c(3) If at any time between the date of a company\u2019s incorporation or registration by way of continuation under the Law and the date of the company\u2019s dissolution and removal from the register under the Law, the company\u2019s beneficial ownership register contains the note \u201cenquiries pending\u201d for an uninterrupted period of not less than three calendar months, the fact that the note remains in the register for that period shall be prima facie evidence that a breach of section 253(1) of the Law has occurred.\u201d. 4. Amendment of regulation 7 - additional matters where a company has issued a restrictions notice 4. The principal Regulations are amended in regulation 7 as follows \u2014 (a) in the regulation heading, by deleting the word \u201ccompany\u201d and substituting the words \u201ccorporate services provider\u201d; (b) in paragraph (1), by deleting the word \u201ccompany\u201d and substituting the words \u201ccorporate services provider\u201d; (c) in paragraph (2), by deleting the words \u201ccompany shall note in its\u201d and substituting the words \u201ccorporate services provider shall note in the company\u2019s\u201d; (d) in paragraph (3) as follows \u2014 (i) by deleting the word \u201ccompany\u201d wherever it appears and substituting the words \u201ccorporate services provider\u201d; and (ii) by deleting the word \u201cits beneficial ownership register\u201d and substituting the words \u201cthe company\u2019s beneficial ownership register\u201d; and (e) in paragraph (4) as follows  \u2014 (i) by deleting the word \u201ccompany\u201d in the second place it occurs and substituting the words \u201ccorporate services provider\u201d; and (ii) by deleting the word \u201cits beneficial ownership register\u201d and substituting the words \u201cthe company\u2019s beneficial ownership register\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of regulation 8 - content of a restrictions notice 5. The principal Regulations are amended in regulation 8 by repealing paragraph (b) and substituting the following paragraph \u2014 \u201c(b) identify the interest in the company that is relevant to the restrictions notice by reference to the shares or right in question;\u201d. Beneficial Ownership (Companies) (Amendment) Regulations, 2020 Regulation 6 SL 106 of 2020\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of regulation 9 - withdrawal of a restrictions notice 6. The principal Regulations are amended in regulation 9 as follows \u2014 (a) by deleting the word \u201ccompany\u201d where it first occurs and substituting the words \u201ccorporate services provider\u201d; (b) in paragraph (a), by deleting the word \u201ccompany\u201d and substituting the words \u201ccorporate service provider\u201d; and (c) by repealing paragraph (c) and substituting the following paragraph \u2014 \u201c(c) identify the interest in the company that is relevant to the restrictions notice by reference to the shares or right in question; and\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Insertion of Part 3A \u2013 administrative fines 7. The principal Regulations are amended by inserting after Part 3, the following Part \u2014 \u201cPart 3A \u2013 Administrative Fines Definitions in this Part 9A. In this Part \u2014 \u201cadministrative fine notice\u201d means an administrative fine notice issued by the Registrar under regulation 9B in accordance with section 281A of the Law to a person who breaches a provision of Part XVIIA of the Law that is specified in Schedule 7 of the Law; \u201capplicant\u201d means a person who appeals against the decision of the Registrar to impose an administrative fine in accordance with section 281A of the Law; \u201coriginal decision\u201d means the decision of the Registrar to impose the administrative fine specified in an administrative fine notice, in accordance with section 281A of the Law; and \u201creview committee\u201d means a committee appointed by the competent authority under regulation 9C(3). Administrative fine notice 9B. (1) The Registrar may impose an administrative fine, which is set out in Schedule 7 of the Law, in accordance with Part XVIIB of the Law for a breach of a provision under Part XVIIA of the Law, by issuing to a person, an administrative fine notice in accordance with paragraphs (2) and (3). (2) An administrative fine notice referred to in paragraph (1) shall specify \u2014 Regulation 7 Beneficial Ownership (Companies) (Amendment) Regulations, 2020 SL 106 of 2020 (a) the date on which the notice was issued; (b) the breach for which the fine is imposed and the  provision under the Law; (c) details of the breach; (d) the amount of the fine; (e) how payment should be made; (f) the date by which the administrative fine should be paid; (g) the effects of non-payment; and (h) the process for appealing against the decision of the Registrar to impose the administrative fine. (3) The Registrar may issue an administrative fine notice under paragraph (2) \u2014 (a) to an individual, by sending the notice to the most recent email address provided by the individual to the Registrar; or (b) to a body corporate, by sending the notice to the most recent email address provided to the Registrar of \u2014 (i) a director or officer of the body corporate; or (ii) its corporate services provider. Appeal to the competent authority 9C. (1) A person who receives an administrative fine notice may, by application, appeal against the decision of the Registrar to impose the administrative fine to the competent authority. (2) An application under paragraph (1) shall be made in the form set out in the Schedule, within thirty days from the date of receipt of the administrative fine notice. (3) The competent authority shall, on receipt of an application under paragraph (1), appoint a review committee to conduct an inquiry concerning the matters raised in the application under paragraph (1). Review committee 9D. (1) The review committee shall comprise the following officers of the ministry with responsibility for financial services \u2014 (a) two persons with knowledge and experience in accounting, financial services, banking or compliance; and (b) an attorney-at-law. Beneficial Ownership (Companies) (Amendment) Regulations, 2020 Regulation 7 SL 106 of 2020 (2) The competent authority shall not appoint to the review committee, any officer who assisted the Registrar in decision making regarding the fine. (3) Subject to any directions that may be given by the competent authority, the review committee may regulate its own procedure. (4) The review committee shall notify the Registrar of an application submitted under regulation 9C(1) and the grounds on which the applicant relies and the Registrar may make written representations to the review committee concerning the application, but shall not otherwise participate in any discussion, decision, debate or vote of the review committee concerning the application. (5) The competent authority may by notice in writing, require an applicant to provide such documents, statements or any other information as it may reasonably require in the exercise of its functions. (6) An applicant who receives a notice under paragraph (5), shall comply with that notice within the period and in the manner specified in the notice. (7) The review committee shall upon completing the inquiry, report its findings and recommendations to the competent authority. Decision by the competent authority 9E. (1) The competent authority shall, upon receipt of the report of the review committee, consider and determine the application under regulation 9C(1) and may affirm or set aside the original decision . (2) The competent authority shall have regard to, but is not bound by, the findings and recommendations of the review committee. (3) The competent authority shall, within fifteen working days of receipt of an application under regulation 9C(1), give the applicant notice of its decision. (4) Where the competent authority affirms the original decision, the notice of the decision on the application shall also state \u2014 (a) the reasons for the decision; and (b) that the applicant may apply to the Grand Court for judicial review of the decision. (5) Where the competent authority sets aside the original decision, the original decision is deemed never to have been made. Regulation 8 Beneficial Ownership (Companies) (Amendment) Regulations, 2020 SL 106 of 2020 No stay of original decision 9F. An appeal under regulation 9C does not stay the operation of the original decision by the Registrar to impose an administrative fine as specified in the administrative fine notice. Evidentiary provisions 9G. (1) The date stated on an administrative fine notice is the date on which the administrative fine is considered imposed for the purpose of section 156A of the Law. (2) For the purpose of regulation 9C(2), where the administrative fine notice is sent to a person by email, the date the email is sent is considered the date of receipt.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Amendment of regulation 16 - calculating shareholdings 8. The principal Regulations are amended in regulation 16 as follows \u2014 (a) in paragraph (1) as follows \u2014 (i) by deleting the words \u201cmore than 25%\u201d and substituting the words \u201c25% or more\u201d; and (ii) by deleting the words \u201cexceeding (in aggregate) 25%\u201d and substituting the words \u201cwhich is (in aggregate) 25% or more\u201d; and (b) in paragraph (2)(b), by deleting the words \u201cmore than 25%\u201d wherever they appear and substituting the words \u201c25% or more\u201d. 9. Insertion of Schedule - application for an appeal to the competent authority 9. The principal Regulations are amended by inserting after regulation 24 the following Schedule \u2014 \u201cSCHEDULE (regulation 9C(2)) APPLICATION FOR AN APPEAL TO THE COMPETENT AUTHORITY To: The competent authority At:____________________________________________________________ (The physical address of the competent authority) OR Beneficial Ownership (Companies) (Amendment) Regulations, 2020 Regulation 9 SL 106 of 2020 If the competent authority accepts the sending of an application under regulation 9C at a particular email address: _______________________________________________________________ (The email address of the competent authority) TAKE NOTICE that, under regulation 9C, the following person applies to the competent authority to appeal against the decision of the Registrar to impose the administrative fine by administrative fine notice received by the person on: _______________________________________________________________ (Here insert date the notice was received and, if two or more administrative fine notices were given on that day. Identify the fine(s) in the administrative fine notice(s) which are the subject of the appeal.) Applicant\u2019s full name:_____________________________________________ The applicant\u2019s physical address is: __________________________________ _______________________________________________________________ The applicant\u2019s email address for notices from the competent authority to the person is: _______________________________________________________________ Particulars about the application are as follows: The relevant prescribed provision set out in the administrative fine notice is: _______________________________________________________________ The grounds of appeal on which the person relies are: _______________________________________________________________ _____________________________________________________ The facts and circumstances that the person relies on for the grounds are: Regulation 9 Beneficial Ownership (Companies) (Amendment) Regulations, 2020 SL 106 of 2020 ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ (Here insert the facts and circumstances relied on, including those contended to be different from those set out in the relevant administrative fine notice and any relevant surrounding circumstances.) Dated ______________________, 20_____. ______________________________________________________ Signed on behalf of the applicant ______________________________________________________ Position with the applicant (If the applicant is not an individual)\u201d. Made in Cabinet the 21st day of July, 2020. Davina Wilson Acting Clerk of the Cabinet\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2020_01_01\", \"date\": \"2020-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2020_01_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2020_01_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2020\/106\", \"FRBRdate\": [{\"date\": \"2020-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2020\/106\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2020-0106\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"106 of 2020\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"amending\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2020\/106\/eng@2020-01-01\", \"FRBRdate\": [{\"date\": \"2020-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2020\/106\/eng@2020-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2020\/106\/eng@2020-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2020\/106\/eng@2020-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Beneficial Ownership (Companies) (Amendment) Regulations, 2020 (SL 106 of 2020)\", \"actNumber\": \"106 of 2020\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nCompanies Law\n(2020 Revision)\nBENEFICIAL OWNERSHIP (COMPANIES)\n(AMENDMENT) REGULATIONS, 2020\n(SL 106 of 2020)\nSupplement No. 2 published with Legislation Gazette No. 54 dated 22nd July, 2020.\n\u2000\n\nPage 2\nSL 106 of 2020\nc\n\nPUBLISHING DETAILS\n\nBeneficial Ownership (Companies) (Amendment) Regulations, 2020\nArrangement of Regulations\n\nc\nSL 106 of 2020\nPage 3\n\nCAYMAN ISLANDS\n\nCompanies Law\n(2020 Revision)\nBENEFICIAL OWNERSHIP (COMPANIES)\n(AMENDMENT) REGULATIONS, 2020\n(SL 106 of 2020)\nArrangement of Regulations\nRegulation\nPage\n1.\nCitation ......................................................................................................................................5\n2.\nAmendment of regulation 2 of the Beneficial Ownership (Companies) Regulations (2019\nRevision) - definitions ................................................................................................................5\n3.\nAmendment of regulation 6 - additional matters where a company\u2019s investigations are\nongoing......................................................................................................................................5\n4.\nAmendment of regulation 7 - additional matters where a company has issued a\nrestrictions notice .......................................................................................................................6\n5.\nAmendment of regulation 8 - content of a restrictions notice ......................................................6\n6.\nAmendment of regulation 9 - withdrawal of a restrictions notice .................................................7\n7.\nInsertion of Part 3A \u2013 administrative fines ..................................................................................7\n8.\nAmendment of regulation 16 - calculating shareholdings ......................................................... 10\n9.\nInsertion of Schedule - application for an appeal to the competent authority ............................ 10\n\nBeneficial Ownership (Companies) (Amendment) Regulations, 2020\nRegulation 1\n\nc\nSL 106 of 2020\nPage 5\n\nCAYMAN ISLANDS\n\nCompanies Law\n(2020 Revision)\nBENEFICIAL OWNERSHIP (COMPANIES)\n(AMENDMENT) REGULATIONS, 2020\n(SL 106 of 2020)\nIn exercise of the powers conferred by sections 280 and 281H of the Companies Law (2020\nRevision), the Cabinet makes the following Regulations \u2014\n1.\nCitation\n1.\nThese Regulations may be cited as the Beneficial Ownership (Companies)\n(Amendment) Regulations, 2020.\n2.\nAmendment of regulation 2 of the Beneficial Ownership (Companies)\nRegulations (2019 Revision) - definitions\n2.\nThe Beneficial Ownership (Companies) Regulations (2019 Revision), in these\nRegulations referred to as the \u201cprincipal Regulations\u201d, are amended in regulation 2 in\nthe definition of \u201cwithdrawal notice\u201d by deleting the word \u201ccompany\u201d and\nsubstituting the words \u201ccorporate services provider\u201d.\n3.\nAmendment of regulation 6 - additional matters where a company\u2019s\ninvestigations are ongoing\n3.\nThe principal Regulations are amended in regulation 6 as follows \u2014\n(a)\nin paragraph (1), by inserting after subparagraph (a) the following\nsubparagraph \u2014\n\nRegulation 4\nBeneficial Ownership (Companies) (Amendment) Regulations, 2020\n\nPage 6\nSL 106 of 2020\nc\n\n\u201c(aa) is not exempt under section 245(1) of the Law;\u201d; and\n(b) by inserting after paragraph (2) the following paragraph \u2014\n\u201c(3) If at any time between the date of a company\u2019s incorporation or\nregistration by way of continuation under the Law and the date of the\ncompany\u2019s dissolution and removal from the register under the Law,\nthe company\u2019s beneficial ownership register contains the note\n\u201cenquiries pending\u201d for an uninterrupted period of not less than three\ncalendar months, the fact that the note remains in the register for that\nperiod shall be prima facie evidence that a breach of section 253(1)\nof the Law has occurred.\u201d.\n4.\nAmendment of regulation 7 - additional matters where a company has issued\na restrictions notice\n4.\nThe principal Regulations are amended in regulation 7 as follows \u2014\n(a)\nin the regulation heading, by deleting the word \u201ccompany\u201d and substituting\nthe words \u201ccorporate services provider\u201d;\n(b) in paragraph (1), by deleting the word \u201ccompany\u201d and substituting the\nwords \u201ccorporate services provider\u201d;\n(c)\nin paragraph (2), by deleting the words \u201ccompany shall note in its\u201d and\nsubstituting the words \u201ccorporate services provider shall note in the\ncompany\u2019s\u201d;\n(d) in paragraph (3) as follows \u2014\n(i)\nby deleting the word \u201ccompany\u201d wherever it appears and substituting\nthe words \u201ccorporate services provider\u201d; and\n(ii) by deleting the word \u201cits beneficial ownership register\u201d and\nsubstituting the words \u201cthe company\u2019s beneficial ownership\nregister\u201d; and\n(e)\nin paragraph (4) as follows  \u2014\n(i)\nby deleting the word \u201ccompany\u201d in the second place it occurs and\nsubstituting the words \u201ccorporate services provider\u201d; and\n(ii) by deleting the word \u201cits beneficial ownership register\u201d and\nsubstituting the words \u201cthe company\u2019s beneficial ownership\nregister\u201d.\n5.\nAmendment of regulation 8 - content of a restrictions notice\n5.\nThe principal Regulations are amended in regulation 8 by repealing paragraph (b) and\nsubstituting the following paragraph \u2014\n\u201c(b) identify the interest in the company that is relevant to the\nrestrictions notice by reference to the shares or right in\nquestion;\u201d.\n\nBeneficial Ownership (Companies) (Amendment) Regulations, 2020\nRegulation 6\n\nc\nSL 106 of 2020\nPage 7\n\n6.\nAmendment of regulation 9 - withdrawal of a restrictions notice\n6.\nThe principal Regulations are amended in regulation 9 as follows \u2014\n(a)\nby deleting the word \u201ccompany\u201d where it first occurs and substituting the\nwords \u201ccorporate services provider\u201d;\n(b) in paragraph (a), by deleting the word \u201ccompany\u201d and substituting the\nwords \u201ccorporate service provider\u201d; and\n(c)\nby repealing paragraph (c) and substituting the following paragraph \u2014\n\u201c(c) identify the interest in the company that is relevant to the\nrestrictions notice by reference to the shares or right in question;\nand\u201d.\n7.\nInsertion of Part 3A \u2013 administrative fines\n7.\nThe principal Regulations are amended by inserting after Part 3, the following Part \u2014\n\u201cPart 3A \u2013 Administrative Fines\n\nDefinitions in this Part\n9A. In this Part \u2014\n\u201cadministrative fine notice\u201d means an administrative fine notice\nissued by the Registrar under regulation 9B in accordance with\nsection 281A of the Law to a person who breaches a provision of Part\nXVIIA of the Law that is specified in Schedule 7 of the Law;\n\u201capplicant\u201d means a person who appeals against the decision of the\nRegistrar to impose an administrative fine in accordance with section\n281A of the Law;\n\u201coriginal decision\u201d means the decision of the Registrar to impose the\nadministrative fine specified in an administrative fine notice, in\naccordance with section 281A of the Law; and\n\u201creview committee\u201d means a committee appointed by the competent\nauthority under regulation 9C(3).\n\nAdministrative fine notice\n9B. (1) The Registrar may impose an administrative fine, which is set out in\nSchedule 7 of the Law, in accordance with Part XVIIB of the Law\nfor a breach of a provision under Part XVIIA of the Law, by issuing\nto a person, an administrative fine notice in accordance with\nparagraphs (2) and (3).\n(2) An administrative fine notice referred to in paragraph (1) shall\nspecify \u2014\n\nRegulation 7\nBeneficial Ownership (Companies) (Amendment) Regulations, 2020\n\nPage 8\nSL 106 of 2020\nc\n\n(a) the date on which the notice was issued;\n(b) the breach for which the fine is imposed and the  provision\nunder the Law;\n(c)\ndetails of the breach;\n(d) the amount of the fine;\n(e)\nhow payment should be made;\n(f)\nthe date by which the administrative fine should be paid;\n(g) the effects of non-payment; and\n(h) the process for appealing against the decision of the Registrar\nto impose the administrative fine.\n(3) The Registrar may issue an administrative fine notice under\nparagraph (2) \u2014\n(a)\nto an individual, by sending the notice to the most recent email\naddress provided by the individual to the Registrar; or\n(b) to a body corporate, by sending the notice to the most recent\nemail address provided to the Registrar of \u2014\n(i)\na director or officer of the body corporate; or\n(ii) its corporate services provider.\n\nAppeal to the competent authority\n9C. (1) A person who receives an administrative fine notice may, by\napplication, appeal against the decision of the Registrar to impose the\nadministrative fine to the competent authority.\n(2) An application under paragraph (1) shall be made in the form set out\nin the Schedule, within thirty days from the date of receipt of the\nadministrative fine notice.\n(3) The competent authority shall, on receipt of an application under\nparagraph (1), appoint a review committee to conduct an inquiry\nconcerning the matters raised in the application under paragraph (1).\n\nReview committee\n9D. (1) The review committee shall comprise the following officers of the\nministry with responsibility for financial services \u2014\n(a)\ntwo persons with knowledge and experience in accounting,\nfinancial services, banking or compliance; and\n(b) an attorney-at-law.\n\nBeneficial Ownership (Companies) (Amendment) Regulations, 2020\nRegulation 7\n\nc\nSL 106 of 2020\nPage 9\n\n(2) The competent authority shall not appoint to the review committee,\nany officer who assisted the Registrar in decision making regarding\nthe fine.\n(3) Subject to any directions that may be given by the competent\nauthority, the review committee may regulate its own procedure.\n(4) The review committee shall notify the Registrar of an application\nsubmitted under regulation 9C(1) and the grounds on which the\napplicant relies and the Registrar may make written representations\nto the review committee concerning the application, but shall not\notherwise participate in any discussion, decision, debate or vote of\nthe review committee concerning the application.\n(5) The competent authority may by notice in writing, require an\napplicant to provide such documents, statements or any other\ninformation as it may reasonably require in the exercise of its\nfunctions.\n(6) An applicant who receives a notice under paragraph (5), shall comply\nwith that notice within the period and in the manner specified in the\nnotice.\n(7) The review committee shall upon completing the inquiry, report its\nfindings and recommendations to the competent authority.\n\nDecision by the competent authority\n9E. (1) The competent authority shall, upon receipt of the report of the\nreview committee, consider and determine the application under\nregulation 9C(1) and may affirm or set aside the original decision .\n(2) The competent authority shall have regard to, but is not bound by,\nthe findings and recommendations of the review committee.\n(3) The competent authority shall, within fifteen working days of receipt\nof an application under regulation 9C(1), give the applicant notice of\nits decision.\n(4) Where the competent authority affirms the original decision, the\nnotice of the decision on the application shall also state \u2014\n(a)\nthe reasons for the decision; and\n(b) that the applicant may apply to the Grand Court for judicial\nreview of the decision.\n(5) Where the competent authority sets aside the original decision, the\noriginal decision is deemed never to have been made.\n\nRegulation 8\nBeneficial Ownership (Companies) (Amendment) Regulations, 2020\n\nPage 10\nSL 106 of 2020\nc\n\nNo stay of original decision\n9F. An appeal under regulation 9C does not stay the operation of the original\ndecision by the Registrar to impose an administrative fine as specified in\nthe administrative fine notice.\n\nEvidentiary provisions\n9G. (1) The date stated on an administrative fine notice is the date on which\nthe administrative fine is considered imposed for the purpose of\nsection 156A of the Law.\n(2) For the purpose of regulation 9C(2), where the administrative fine\nnotice is sent to a person by email, the date the email is sent is\nconsidered the date of receipt.\u201d.\n8.\nAmendment of regulation 16 - calculating shareholdings\n8.\nThe principal Regulations are amended in regulation 16 as follows \u2014\n(a)\nin paragraph (1) as follows \u2014\n(i)\nby deleting the words \u201cmore than 25%\u201d and substituting the words\n\u201c25% or more\u201d; and\n(ii) by deleting the words \u201cexceeding (in aggregate) 25%\u201d and\nsubstituting the words \u201cwhich is (in aggregate) 25% or more\u201d; and\n(b) in paragraph (2)(b), by deleting the words \u201cmore than 25%\u201d wherever they\nappear and substituting the words \u201c25% or more\u201d.\n9.\nInsertion of Schedule - application for an appeal to the competent authority\n9.\nThe principal Regulations are amended by inserting after regulation 24 the following\nSchedule \u2014\n\u201cSCHEDULE\n(regulation 9C(2))\nAPPLICATION FOR AN APPEAL TO THE COMPETENT\nAUTHORITY\n\nTo: The competent authority\nAt:____________________________________________________________\n(The physical address of the competent authority)\nOR\n\nBeneficial Ownership (Companies) (Amendment) Regulations, 2020\nRegulation 9\n\nc\nSL 106 of 2020\nPage 11\n\nIf the competent authority accepts the sending of an application under\nregulation 9C at a particular email address:\n_______________________________________________________________\n(The email address of the competent authority)\n\nTAKE NOTICE that, under regulation 9C, the following person applies to the\ncompetent authority to appeal against the decision of the Registrar to impose\nthe administrative fine by administrative fine notice received by the person on:\n_______________________________________________________________\n(Here insert date the notice was received and, if two or more administrative fine notices\nwere given on that day. Identify the fine(s) in the administrative fine notice(s) which are\nthe subject of the appeal.)\n\nApplicant\u2019s full name:_____________________________________________\n\nThe applicant\u2019s physical address is: __________________________________\n_______________________________________________________________\n\nThe applicant\u2019s email address for notices from the competent authority to the\nperson is:\n_______________________________________________________________\n\nParticulars about the application are as follows:\n\nThe relevant prescribed provision set out in the administrative fine notice is:\n_______________________________________________________________\n\nThe grounds of appeal on which the person relies are:\n_______________________________________________________________\n_____________________________________________________\n\nThe facts and circumstances that the person relies on for the grounds are:\n\nRegulation 9\nBeneficial Ownership (Companies) (Amendment) Regulations, 2020\n\nPage 12\nSL 106 of 2020\nc\n\n______________________________________________________________________\n______________________________________________________________________\n______________________________________________________________________\n(Here insert the facts and circumstances relied on, including those contended to be\ndifferent from those set out in the relevant administrative fine notice and any relevant\nsurrounding circumstances.)\n\nDated ______________________, 20_____.\n\n______________________________________________________\nSigned on behalf of the applicant\n\n______________________________________________________\nPosition with the applicant (If the applicant is not an individual)\u201d.\n\nMade in Cabinet the 21st day of July, 2020.\nDavina Wilson\nActing Clerk of the Cabinet","akn_extracted_at":"2026-06-22 15:41:18.080722+00","cms_id":"2020-0106","law_type":"amending","year":"2020","number":"106","title":"Beneficial Ownership (Companies) (Amendment) Regulations, 2020 (SL 106 of 2020)","status":"spent"},"provenance":{"files":[{"file_id":"6762","expr_id":"1974","kind":"akn_xml","filename":"2020-0106.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0106\/2020-0106.akn.xml","content_md5":"2e0ccd30f7fb4238cdace683347006b3","byte_size":"17876","http_last_modified":null,"fetched_at":"2026-06-22 15:41:18.165331+00"},{"file_id":"3947","expr_id":"1974","kind":"pristine_pdf","filename":"2020-0106.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0106\/2020-0106.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2020\/2020-0106\/2020-0106.pdf","content_md5":"765611acc417243a1157b6b467894b7a","byte_size":"797248","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.133965+00"},{"file_id":"3948","expr_id":"1974","kind":"working_pdf","filename":"2020-0106.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0106\/2020-0106.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0106\/2020-0106.pdf","content_md5":"765611acc417243a1157b6b467894b7a","byte_size":"797248","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.133965+00"}],"paragraph_count":38,"latest_history":null},"quality":{"expr_id":"1974","doc_id":"1974","quality_state":"needs_review","quality_score":"84","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\": 1, \"medium\": 1}","finding_summary":"repeated line furniture detected: cayman islands x3; companies law x3; 2020 revision x3; duplicate-line ratio is 13.68%","assessed_at":"2026-06-22 15:29:46.254956+00","updated_at":"2026-06-22 15:29:46.254956+00"}}