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A BILL FOR A LAW TO AMEND THE BANKS AND TRUST COMPANIES LAW (2013 REVISION) TO REQUIRE LICENSEES PROVIDING COMPANY MANAGEMENT SERVICES TO COMPLY WITH PART XVIIA OF THE COMPANIES LAW (2016 REVISION) AND PART 12 OF THE LIMITED LIABILITY COMPANIES LAW, 2016; TO BROADEN AND ENHANCE THE AUTHORITY\u2019S ENFORCEMENT POWERS AGAINST LICENSEES; AND FOR INCIDENTAL AND CONNECTED PURPOSES The Banks and Trust Companies (Amendment) Bill, 2017 The Banks and Trust Companies (Amendment) Bill, 2017 THE BANKS AND TRUST COMPANIES (AMENDMENT) BILL, 2017 MEMORANDUM OF OBJECTS AND REASONS This Bill requires licensees and controlled subsidiaries of trust companies providing company management services to licensees to comply with the requirements of Part XVIIA of the Companies Law (2016 Revision) and Part 12 of the Limited Liability Companies Law, 2016.  The Bill also broadens and enhances the Authority\u2019s enforcement powers against licensees. Clause 1 of the Bill sets out the short title. Clause 2 amends section 5 of the Banks and Trust Companies Law (2013 Revision) to require a controlled subsidiary of a licensed trust company providing company management services to the licensee to comply with Part XVIIA of the Companies Law (2016 Revision) and Part 12 of the Limited Liability Companies Law, 2016 in the provision of those services. Clause 3 amends section 13 to require an auditor to give notice to the Authority where the auditor suspects that Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016 is being contravened by a licensee who is a \u201ccorporate service provider\u201d as defined in that Part. Clause 4 amends section 18 to enable the Authority to sanction a licensee that contravenes Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016. The clause also broadens the circumstances in which the Authority may impose sanctions to include the case where an individual who is not a fit and proper person, in the opinion of the Authority, has significant control or ownership of a licensee. Finally, the clause adds sanctions that the Authority may take against licensees, including the power to suspend the licence, to impose conditions with respect to decisions made by the licensee, to require a licensee to rectify the situation and to require the removal of any director, manager or officer. Clause 4 amends section 22 to give a Justice of the Peace the power to issue a search warrant where there is reason to believe that an offence has been committed against Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016. The Banks and Trust Companies (Amendment) Bill, 2017 THE BANKS AND TRUST COMPANIES (AMENDMENT) BILL, 2017 ARRANGEMENT OF CLAUSES\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 5 of the Banks and Trust Companies Law (2013 Revision) - licence or registration required to carry on banking or trust business\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 13 - obligation of auditors\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 18 - additional powers of Authority\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 22 - power of search The Banks and Trust Companies (Amendment) Bill, 2017 A BILL FOR A LAW TO AMEND THE BANKS AND TRUST COMPANIES LAW (2013 REVISION) TO REQUIRE LICENSEES PROVIDING COMPANY MANAGEMENT SERVICES TO COMPLY WITH PART XVIIA OF THE COMPANIES LAW (2016 REVISION) AND PART 12 OF THE LIMITED LIABILITY COMPANIES LAW, 2016; TO BROADEN AND ENHANCE THE AUTHORITY\u2019S ENFORCEMENT POWERS AGAINST LICENSEES; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. 1. This Law may be cited as the Banks and Trust Companies (Amendment) Law, 2017. 2. The Banks and Trust Companies Law (2013 Revision), in this Law referred to as \u201cthe principal Law\u201d, is amended in section 5 by inserting after subsection (3) the following subsection - (2003 Revision) \u201c(3A) A controlled subsidiary referred to in subsection (3) engaged in the \u201cbusiness of company management\u201d as defined in section 3(1) of the Companies Management Law (2003 Revision), connected with the trust business of the licensee by which the subsidiary is owned, shall - Short title Amendment of section 5 of the Banks and Trust Companies Law (2013 Revision) - licence or registration required to carry on banking or trust business The Banks and Trust Companies (Amendment) Bill, 2017 (a) if the licensee is a company, comply with Part XVIIA of the Companies Law (2016 Revision); and (b) if the licensee is a limited liability company, comply with Part 12 of the Limited Liability Companies Law, 2016\u201d. 3. The principal Law is amended in section 13(1)(e) by inserting after subparagraph (i) the following - \u201c(ia) Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016, if the licensee is a \u201ccorporate services provider\u201d as defined in that Part;\u201d. 4. The principal Law is amended in section 18(1) as follows - (a) in paragraph (c), by deleting the word \u201cLaw\u201d and substituting the words \u201cLaw, Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016\u201d; (b) in paragraph (f), by deleting the word \u201cor\u201d; (c) paragraph (g), by deleting the comma and substituting the words \u201c; or\u201d; (d) after paragraph (g), by inserting the following paragraph - \u201c(h) an individual, directly or indirectly, holding or acquiring control or ownership of more than 25% of the shares or voting rights in a licensee or the right to appoint or remove a majority of the board of directors of a licensee is not a fit and proper person to have such control or ownership,\u201d; (e) after subparagraph (i), by inserting the following subparagraphs - \u201c(ia) require the licensee immediately to take steps to rectify the matter; (ib) suspend the licence of the licensee pending a full enquiry into the licensee\u2019s affairs under section 17(1)(b); (ic) impose conditions with respect to decisions made by the licensee including the suspension of voting rights or nullification of votes cast;\u201d; and (f) in subparagraph (iii), by deleting the words \u201cof any director\u201d and substituting the words \u201cor removal of any director, manager\u201d. Amendment of section 13 - obligation of auditors Amendment of section 18 - additional powers of Authority The Banks and Trust Companies (Amendment) Bill, 2017 5. The principal Law is amended in section 22(1)(a) by deleting the word \u201cLaw\u201d and substituting the words \u201cLaw, Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016\u201d. Passed by the Legislative Assembly the      day of                           , 2017. Speaker. Clerk of the Legislative Assembly. 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The Bill also broadens and\nenhances the Authority\u2019s enforcement powers against licensees.\nClause 1 of the Bill sets out the short title.\nClause 2 amends section 5 of the Banks and Trust Companies Law (2013\nRevision) to require a controlled subsidiary of a licensed trust company providing\ncompany management services to the licensee to comply with Part XVIIA of the\nCompanies Law (2016 Revision) and Part 12 of the Limited Liability Companies\nLaw, 2016 in the provision of those services.\nClause 3 amends section 13 to require an auditor to give notice to the Authority\nwhere the auditor suspects that Part XVIIA of the Companies Law (2016\nRevision) or Part 12 of the Limited Liability Companies Law, 2016 is being\ncontravened by a licensee who is a \u201ccorporate service provider\u201d as defined in that\nPart.\nClause 4 amends section 18 to enable the Authority to sanction a licensee that\ncontravenes Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the\nLimited Liability Companies Law, 2016.\nThe clause also broadens the circumstances in which the Authority may impose\nsanctions to include the case where an individual who is not a fit and proper\nperson, in the opinion of the Authority, has significant control or ownership of a\nlicensee.\nFinally, the clause adds sanctions that the Authority may take against licensees,\nincluding the power to suspend the licence, to impose conditions with respect to\ndecisions made by the licensee, to require a licensee to rectify the situation and to\nrequire the removal of any director, manager or officer.\nClause 4 amends section 22 to give a Justice of the Peace the power to issue a\nsearch warrant where there is reason to believe that an offence has been\ncommitted against Part XVIIA of the Companies Law (2016 Revision) or Part 12\nof the Limited Liability Companies Law, 2016.\n\nThe Banks and Trust Companies (Amendment) Bill, 2017\n4\n\nTHE BANKS AND TRUST COMPANIES (AMENDMENT) BILL, 2017\n\nARRANGEMENT OF CLAUSES\n\n1.\nShort title\n2.\nAmendment of section 5 of the Banks and Trust Companies Law (2013\n\nRevision) - licence or registration required to carry on banking or trust\n\nbusiness\n3.\nAmendment of section 13 - obligation of auditors\n4.\nAmendment of section 18 - additional powers of Authority\n5.\nAmendment of section 22 - power of search\n\nThe Banks and Trust Companies (Amendment) Bill, 2017\n5\n\nCAYMAN ISLANDS\n\nA BILL FOR A LAW TO AMEND THE BANKS AND TRUST\nCOMPANIES LAW (2013 REVISION) TO REQUIRE LICENSEES\nPROVIDING COMPANY MANAGEMENT SERVICES TO COMPLY\nWITH PART XVIIA OF THE COMPANIES LAW (2016 REVISION) AND\nPART 12 OF THE LIMITED LIABILITY COMPANIES LAW, 2016; TO\nBROADEN AND ENHANCE THE AUTHORITY\u2019S ENFORCEMENT\nPOWERS AGAINST LICENSEES; AND FOR INCIDENTAL AND\nCONNECTED PURPOSES\n\nENACTED by the Legislature of the Cayman Islands.\n1.\nThis Law may be cited as the Banks and Trust Companies (Amendment)\nLaw, 2017.\n2.\nThe Banks and Trust Companies Law (2013 Revision), in this Law referred\nto as \u201cthe principal Law\u201d, is amended in section 5 by inserting after subsection (3)\nthe following subsection -\n\n(2003\nRevision)\n\u201c(3A)\nA controlled subsidiary referred to in\nsubsection (3) engaged in the \u201cbusiness of company\nmanagement\u201d as defined in section 3(1) of the Companies\nManagement Law (2003 Revision), connected with the trust\nbusiness of the licensee by which the subsidiary is owned,\nshall -\nShort title\nAmendment of section 5\nof the Banks and Trust\nCompanies Law (2013\nRevision) - licence or\nregistration required to\ncarry on banking or trust\nbusiness\n\nThe Banks and Trust Companies (Amendment) Bill, 2017\n6\n\n(a) if the licensee is a company, comply with Part\nXVIIA of the Companies Law (2016\nRevision); and\n(b) if the licensee is a limited liability company,\ncomply with Part 12 of the Limited Liability\nCompanies Law, 2016\u201d.\n\n3.\nThe principal Law is amended in section 13(1)(e) by inserting after\nsubparagraph (i) the following -\n\u201c(ia) Part XVIIA of the Companies Law (2016 Revision) or\nPart 12 of the Limited Liability Companies Law, 2016,\nif the licensee is a \u201ccorporate services provider\u201d as\ndefined in that Part;\u201d.\n4.\nThe principal Law is amended in section 18(1) as follows -\n(a) in paragraph (c), by deleting the word \u201cLaw\u201d and substituting the\nwords \u201cLaw, Part XVIIA of the Companies Law (2016 Revision)\nor Part 12 of the Limited Liability Companies Law, 2016\u201d;\n(b) in paragraph (f), by deleting the word \u201cor\u201d;\n(c) paragraph (g), by deleting the comma and substituting the words\n\u201c; or\u201d;\n(d) after paragraph (g), by inserting the following paragraph -\n\u201c(h) an individual, directly or indirectly, holding or acquiring\ncontrol or ownership of more than 25% of the shares or\nvoting rights in a licensee or the right to appoint or remove a\nmajority of the board of directors of a licensee is not a fit\nand proper person to have such control or ownership,\u201d;\n(e) after subparagraph (i), by inserting the following subparagraphs -\n\u201c(ia) require the licensee immediately to take steps to rectify\nthe matter;\n(ib) suspend the licence of the licensee pending a full\nenquiry into the licensee\u2019s affairs under section\n17(1)(b);\n(ic) impose conditions with respect to decisions made by\nthe licensee including the suspension of voting rights\nor nullification of votes cast;\u201d; and\n(f)\nin subparagraph (iii), by deleting the words \u201cof any director\u201d and\nsubstituting the words \u201cor removal of any director, manager\u201d.\nAmendment of section\n13 - obligation of\nauditors\nAmendment of section\n18 - additional powers of\nAuthority\n\nThe Banks and Trust Companies (Amendment) Bill, 2017\n7\n\n5.\nThe principal Law is amended in section 22(1)(a) by deleting the word\n\u201cLaw\u201d and substituting the words \u201cLaw, Part XVIIA of the Companies Law (2016\nRevision) or Part 12 of the Limited Liability Companies Law, 2016\u201d.\n\nPassed by the Legislative Assembly the      day of                           , 2017.\n\nSpeaker.\n\nClerk of the Legislative Assembly.\nAmendment of section\n22 - power of search","akn_extracted_at":"2026-06-22 15:41:45.790996+00","cms_id":"2017-0023","law_type":"bill","year":"2017","number":"23","title":"Legal Aid Regulations","status":"bill"},"provenance":{"files":[{"file_id":"6931","expr_id":"2132","kind":"akn_xml","filename":"2017-0023.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2017\/2017-0023\/2017-0023.akn.xml","content_md5":"c1618c18cc0ce4e33b77cd0d82bda078","byte_size":"9967","http_last_modified":null,"fetched_at":"2026-06-22 15:41:45.851024+00"},{"file_id":"4263","expr_id":"2132","kind":"pristine_pdf","filename":"2017-0023.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2017\/2017-0023\/2017-0023.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2017\/2017-0023\/2017-0023.pdf","content_md5":"ae2f3dd66c245a53bfa3841991d22c67","byte_size":"246529","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.243086+00"},{"file_id":"4264","expr_id":"2132","kind":"working_pdf","filename":"2017-0023.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2017\/2017-0023\/2017-0023.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2017\/2017-0023\/2017-0023.pdf","content_md5":"ae2f3dd66c245a53bfa3841991d22c67","byte_size":"246529","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.243086+00"}],"paragraph_count":16,"latest_history":null},"quality":{"expr_id":"2132","doc_id":"2132","quality_state":"known_issue","quality_score":"59","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"high\": 1, \"medium\": 1}","finding_summary":"stored title is not visible in the opening extracted text; 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