{"kind":"expression","expression":{"expr_id":"1975","doc_id":"1975","label":"Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 (SL 107 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\/107\/eng@2020-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/amending\/2020\/107\", \"expression\": \"\/akn\/ky\/act\/amending\/2020\/107\/eng@2020-01-01\", \"manifestation\": \"\/akn\/ky\/act\/amending\/2020\/107\/eng@2020-01-01.pdf\"}, \"pdf\": {\"md5\": \"22979496892eac20476fdd75294f8654\", \"path\": \"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0107\/2020-0107.pdf\", \"pages\": 12, \"filename\": \"2020-0107.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 2121, \"paragraph_count\": 9, \"text_char_count\": 15121}, \"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\": \"Limited Liability Companies Law (2020 Revision) BENEFICIAL OWNERSHIP (LIMITED LIABILITY COMPANIES) (AMENDMENT) REGULATIONS, 2020 (SL 107 of 2020) SL 107 of 2020 PUBLISHING DETAILS Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 Arrangement of Regulations SL 107 of 2020 Limited Liability Companies Law (2020 Revision) BENEFICIAL OWNERSHIP (LIMITED LIABILITY COMPANIES) (AMENDMENT) REGULATIONS, (SL 107 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 (Limited Liability Companies)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of regulation 6 - additional matters where a limited liability company\u2019s\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of regulation 7 - additional matters where a limited liability company has 5. 6. 7.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 Regulation 1 SL 107 of 2020 Limited Liability Companies Law (2020 Revision) BENEFICIAL OWNERSHIP (LIMITED LIABILITY COMPANIES) (AMENDMENT) REGULATIONS, (SL 107 of 2020) In exercise of the powers conferred by sections 56H and 106 of the Limited Liability 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 (Limited Liability Companies) (Amendment) Regulations, 2020. 2. Amendment of regulation 2 of the Beneficial Ownership (Limited Liability Companies) Regulations (2019 Revision) - definitions 2. The Beneficial Ownership (Limited Liability 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 words \u201climited liability company\u201d and substituting the words \u201ccorporate services provider\u201d. 3. Amendment of regulation 6 - additional matters where a limited liability company\u2019s investigations are ongoing 3. The principal Regulations are amended in regulation 6 as follows \u2014 Regulation 4 Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 SL 107 of 2020 (a) in paragraph (1), by inserting after subparagraph (a) the following subparagraph \u2014 \u201c(aa) is not exempt under section 71(1) of the Law;\u201d; and (b) by inserting after paragraph (2) the following paragraph \u2014 \u201c(3) If at any time between \u2014 (a) the date on which a limited liability company is formed and registered or registered by way of continuation under the Law; and (b) the date on which limited liability company is dissolved and removed from the register under the Law, the limited liability 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 79(1) of the Law has occurred.\u201d. 4. Amendment of regulation 7 - additional matters where a limited liability 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 words \u201climited liability company\u201d and substituting the words \u201ccorporate services provider\u201d; (b) in paragraph (1), by deleting the words \u201climited liability company\u201d and substituting the words \u201ccorporate services provider\u201d; (c) in paragraph (2), by deleting the words \u201climited liability company shall note in its\u201d and substituting the words \u201ccorporate services provider shall note in the limited liability company\u2019s\u201d; (d) in paragraph (3) as follows \u2014 (i) by deleting the words \u201climited liability company\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 limited liability company\u2019s beneficial ownership register\u201d; and (e) in paragraph (4) as follows \u2014 (i) by deleting the words \u201climited liability company shall note in its\u201d and substituting the words \u201ccorporate services provider shall note in the limited liability company\u2019s\u201d. Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 Regulation 5 SL 107 of 2020\", \"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 limited liability company that is relevant to the restrictions notice by reference to the shares or right in question;\u201d.\", \"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 words \u201climited liability company\u201d where they first occur and substituting the words \u201ccorporate services provider\u201d; (b) in paragraph (a), by deleting the words \u201climited liability company\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 limited liability 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 56A of the Law to a person who breaches a provision of Part 12 of the Law that is specified in the Schedule 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 56A 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 56A of the Law; and \u201creview committee\u201d means a committee appointed by the competent authority under regulation 9C(3). Regulation 7 Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 SL 107 of 2020 Administrative fine notice 9B. (1) The Registrar may impose an administrative fine, which is set out in the Schedule of the Law, in accordance with Part 10A of the Law for a breach of a provision under Part 12 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 (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, manager 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). Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 Regulation 7 SL 107 of 2020 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. (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 (4), 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 Regulation 8 Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 SL 107 of 2020 (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. 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. 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. 8. Insertion of Schedule - application for an appeal to the competent authority 8. The principal Regulations are amended by inserting after regulation 22 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 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) Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 Regulation 8 SL 107 of 2020 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 8 Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 SL 107 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\/107\", \"FRBRdate\": [{\"date\": \"2020-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2020\/107\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2020-0107\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"107 of 2020\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"amending\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2020\/107\/eng@2020-01-01\", \"FRBRdate\": [{\"date\": \"2020-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2020\/107\/eng@2020-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2020\/107\/eng@2020-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2020\/107\/eng@2020-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 (SL 107 of 2020)\", \"actNumber\": \"107 of 2020\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nLimited Liability Companies Law\n(2020 Revision)\nBENEFICIAL OWNERSHIP (LIMITED\nLIABILITY COMPANIES) (AMENDMENT)\nREGULATIONS, 2020\n(SL 107 of 2020)\nSupplement No. 3 published with Legislation Gazette No. 54 dated 22nd July, 2020.\n\u2000\n\nPage 2\nSL 107 of 2020\nc\n\nPUBLISHING DETAILS\n\nBeneficial Ownership (Limited Liability Companies) (Amendment)\nRegulations, 2020\nArrangement of Regulations\n\nc\nSL 107 of 2020\nPage 3\n\nCAYMAN ISLANDS\n\nLimited Liability Companies Law\n(2020 Revision)\nBENEFICIAL OWNERSHIP (LIMITED LIABILITY\nCOMPANIES) (AMENDMENT) REGULATIONS,\n2020\n(SL 107 of 2020)\nArrangement of Regulations\nRegulation\nPage\n1.\nCitation ......................................................................................................................................5\n2.\nAmendment of regulation 2 of the Beneficial Ownership (Limited Liability Companies)\nRegulations (2019 Revision) - definitions ...................................................................................5\n3.\nAmendment of regulation 6 - additional matters where a limited liability company\u2019s\ninvestigations are ongoing .........................................................................................................5\n4.\nAmendment of regulation 7 - additional matters where a limited liability company has\nissued a restrictions notice .........................................................................................................6\n5.\nAmendment of regulation 8 - content of a restrictions notice ......................................................7\n6.\nAmendment of regulation 9 - withdrawal of a restrictions notice .................................................7\n7.\nInsertion of Part 3A \u2013 administrative fines ..................................................................................7\n8.\nInsertion of Schedule - application for an appeal to the competent authority ............................ 10\n\nBeneficial Ownership (Limited Liability Companies) (Amendment)\nRegulations, 2020\nRegulation 1\n\nc\nSL 107 of 2020\nPage 5\n\nCAYMAN ISLANDS\n\nLimited Liability Companies Law\n(2020 Revision)\nBENEFICIAL OWNERSHIP (LIMITED LIABILITY\nCOMPANIES) (AMENDMENT) REGULATIONS,\n2020\n(SL 107 of 2020)\nIn exercise of the powers conferred by sections 56H and 106 of the Limited Liability\nCompanies Law (2020 Revision), the Cabinet makes the following Regulations \u2014\n1.\nCitation\n1.\nThese Regulations may be cited as the Beneficial Ownership (Limited Liability\nCompanies) (Amendment) Regulations, 2020.\n2.\nAmendment of regulation 2 of the Beneficial Ownership (Limited Liability\nCompanies) Regulations (2019 Revision) - definitions\n2.\nThe Beneficial Ownership (Limited Liability Companies) Regulations (2019\nRevision), in these Regulations referred to as the \u201cprincipal Regulations\u201d, are\namended in regulation 2 in the definition of \u201cwithdrawal notice\u201d by deleting the\nwords \u201climited liability company\u201d and substituting the words \u201ccorporate services\nprovider\u201d.\n3.\nAmendment of regulation 6 - additional matters where a limited liability\ncompany\u2019s investigations are ongoing\n3.\nThe principal Regulations are amended in regulation 6 as follows \u2014\n\nRegulation 4\nBeneficial Ownership (Limited Liability Companies) (Amendment)\nRegulations, 2020\n\nPage 6\nSL 107 of 2020\nc\n\n(a)\nin paragraph (1), by inserting after subparagraph (a) the following\nsubparagraph \u2014\n\u201c(aa) is not exempt under section 71(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 \u2014\n(a)\nthe date on which a limited liability company is formed and\nregistered or registered by way of continuation under the Law;\nand\n(b) the date on which limited liability company is dissolved and\nremoved from the register under the Law,\nthe limited liability company\u2019s beneficial ownership register contains\nthe note \u201cenquiries pending\u201d for an uninterrupted period of not less\nthan three calendar months, the fact that the note remains in the\nregister for that period shall be prima facie evidence that a breach of\nsection 79(1) of the Law has occurred.\u201d.\n4.\nAmendment of regulation 7 - additional matters where a limited liability\ncompany has issued a restrictions notice\n4.\nThe principal Regulations are amended in regulation 7 as follows \u2014\n(a)\nin the regulation heading, by deleting the words \u201climited liability\ncompany\u201d and substituting the words \u201ccorporate services provider\u201d;\n(b) in paragraph (1), by deleting the words \u201climited liability company\u201d and\nsubstituting the words \u201ccorporate services provider\u201d;\n(c)\nin paragraph (2), by deleting the words \u201climited liability company shall\nnote in its\u201d and substituting the words \u201ccorporate services provider shall\nnote in the limited liability company\u2019s\u201d;\n(d) in paragraph (3) as follows \u2014\n(i)\nby deleting the words \u201climited liability company\u201d wherever it\nappears and substituting the words \u201ccorporate services provider\u201d; and\n(ii) by deleting the word \u201cits beneficial ownership register\u201d and\nsubstituting the words \u201cthe limited liability company\u2019s beneficial\nownership register\u201d; and\n(e)\nin paragraph (4) as follows \u2014\n(i)\nby deleting the words \u201climited liability company shall note in its\u201d and\nsubstituting the words \u201ccorporate services provider shall note in the\nlimited liability company\u2019s\u201d.\n\nBeneficial Ownership (Limited Liability Companies) (Amendment)\nRegulations, 2020\nRegulation 5\n\nc\nSL 107 of 2020\nPage 7\n\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 limited liability company that is\nrelevant to the restrictions notice by reference to the shares or\nright in question;\u201d.\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 words \u201climited liability company\u201d where they first occur\nand substituting the words \u201ccorporate services provider\u201d;\n(b) in paragraph (a), by deleting the words \u201climited liability company\u201d and\nsubstituting the words \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 limited liability company that is\nrelevant to the restrictions notice by reference to the shares or\nright in question; and\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 56A of the Law to a person who breaches a provision of Part\n12 of the Law that is specified in the Schedule 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\n56A 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 56A of the Law; and\n\u201creview committee\u201d means a committee appointed by the competent\nauthority under regulation 9C(3).\n\nRegulation 7\nBeneficial Ownership (Limited Liability Companies) (Amendment)\nRegulations, 2020\n\nPage 8\nSL 107 of 2020\nc\n\nAdministrative fine notice\n9B. (1) The Registrar may impose an administrative fine, which is set out in\nthe Schedule of the Law, in accordance with Part 10A of the Law for\na breach of a provision under Part 12 of the Law, by issuing to a\nperson, an administrative fine notice in accordance with paragraphs\n(2) and (3).\n(2) An administrative fine notice referred to in paragraph (1) shall\nspecify \u2014\n(a) the date on which the notice was issued;\n(b) the breach for which the fine is imposed and the provision under\nthe 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, manager 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\nBeneficial Ownership (Limited Liability Companies) (Amendment)\nRegulations, 2020\nRegulation 7\n\nc\nSL 107 of 2020\nPage 9\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(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 (4), 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\nRegulation 8\nBeneficial Ownership (Limited Liability Companies) (Amendment)\nRegulations, 2020\n\nPage 10\nSL 107 of 2020\nc\n\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\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. For the purpose of regulation 9C(2), where the administrative fine notice\nis sent to a person by email, the date the email is sent is considered the date\nof receipt.\u201d.\n8.\nInsertion of Schedule - application for an appeal to the competent authority\n8.\nThe principal Regulations are amended by inserting after regulation 22 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\n(The physical address of the competent authority)\nOR\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\nBeneficial Ownership (Limited Liability Companies) (Amendment)\nRegulations, 2020\nRegulation 8\n\nc\nSL 107 of 2020\nPage 11\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______________________________________________________________________\n______________________________________________________________________\n______________________________________________________________________\n\nRegulation 8\nBeneficial Ownership (Limited Liability Companies) (Amendment)\nRegulations, 2020\n\nPage 12\nSL 107 of 2020\nc\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 15:41:18.343636+00","cms_id":"2020-0107","law_type":"amending","year":"2020","number":"107","title":"Beneficial Ownership (Limited Liability Companies) (Amendment) Regulations, 2020 (SL 107 of 2020)","status":"spent"},"provenance":{"files":[{"file_id":"6763","expr_id":"1975","kind":"akn_xml","filename":"2020-0107.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0107\/2020-0107.akn.xml","content_md5":"d072a3405f171671e33caf89286a8341","byte_size":"17631","http_last_modified":null,"fetched_at":"2026-06-22 15:41:18.423258+00"},{"file_id":"3949","expr_id":"1975","kind":"pristine_pdf","filename":"2020-0107.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0107\/2020-0107.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2020\/2020-0107\/2020-0107.pdf","content_md5":"22979496892eac20476fdd75294f8654","byte_size":"879550","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.134982+00"},{"file_id":"3950","expr_id":"1975","kind":"working_pdf","filename":"2020-0107.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0107\/2020-0107.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0107\/2020-0107.pdf","content_md5":"22979496892eac20476fdd75294f8654","byte_size":"879550","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.134982+00"}],"paragraph_count":35,"latest_history":null},"quality":{"expr_id":"1975","doc_id":"1975","quality_state":"needs_review","quality_score":"76","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":"{\"medium\": 2}","finding_summary":"repeated line furniture detected: cayman islands x3; limited liability companies law x3; 2020 revision x3; duplicate-line ratio is 15.49%","assessed_at":"2026-06-22 15:29:46.256302+00","updated_at":"2026-06-22 15:29:46.256302+00"}}