{"kind":"expression","expression":{"expr_id":"2167","doc_id":"2167","label":"Banks and Trust Companies (Amendment) Law, 2018","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\/bill\/2018\/39\/eng@2018-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/bill\/2018\/39\", \"expression\": \"\/akn\/ky\/bill\/2018\/39\/eng@2018-01-01\", \"manifestation\": \"\/akn\/ky\/bill\/2018\/39\/eng@2018-01-01.pdf\"}, \"pdf\": {\"md5\": \"00da45bbe22510e86e14fbd3efe6d958\", \"path\": \"\/Users\/q\/kyleg-data\/working\/BILLS\/2018\/2018-0039\/2018-0039.pdf\", \"pages\": 37, \"filename\": \"2018-0039.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 11004, \"paragraph_count\": 41, \"text_char_count\": 68795}, \"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\": null, \"doc\": null, \"bill\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Gazette No. 81dated 24th October, 2018. A BILL FOR A LAW TO AMEND THE LIMITED LIABILITY PARTNERSHIP LAW, 2017  TO REQUIRE LIMITED LIABILITY PARTNERSHIPS REGISTERED IN THE ISLANDS TO ESTABLISH, MAINTAIN AND REGULARLY UPDATE BENEFICIAL OWNERSHIP REGISTERS; TO IDENTIFY LIMITED LIABILITY PARTNERSHIPS THAT ARE EXEMPT FROM THESE REQUIREMENTS AND REQUIRE THEM TO FILE WRITTEN CONFIRMATIONS OF EXEMPTION; TO ENABLE THE REGISTERS TO BE SEARCHED BY THE COMPETENT AUTHORITY DESIGNATED UNDER THE COMPANIES LAW (2018 REVISION); AND FOR INCIDENTAL AND CONNECTED MATTERS The Limited Liability Partnership (Amendment) Bill, 2018 THE LIMITED LIABILITY PARTNERSHIP (AMENDMENT) BILL, 2018 MEMORANDUM OF OBJECTS AND REASONS Further to the Financial Action Task Force (FATF) Recommendation 24 and the Exchange of Notes between the Cayman Islands and the United Kingdom signed in April 2016, the Bill seeks to require limited liability partnerships in the Islands to maintain registers of information concerning their beneficial owners, whether individuals or legal entities.  The Bill would provide access to beneficial ownership registers of limited liability partnerships by the competent authority designated by the Minister with responsibility for financial services via the search platform to be established by that authority.  Searches could only be performed in response to a request from a designated official in a jurisdiction that has entered into an agreement with the Government to share beneficial ownership information or to a request from a specified law enforcement body if the request is in compliance with the legislation governing the affairs of such body. Clause 1 provides for the short title and commencement of the legislation. Clause 2 amends the principal Law by inserting a new Part 8 entitled \u201cBeneficial Ownership Registers\u201d, which contains new sections 51 to 87 providing as follows: Section 51 provides the definitions for terms used in the legislation and includes an interpretation provision that provides that a number of legal persons, including governments and government departments, shall be treated as individuals under Part 8. Section 52(1) provides that Part 8 applies in respect of limited liability partnerships registered in the Islands and sets out a number of exceptions to this rule, including limited liability partnerships listed on the Cayman Islands Stock Exchange or an approved stock exchange and limited liability partnerships holding a licence under a regulatory law. The latter exception does not exclude limited liability partnerships registered as excluded persons under section 5(4) of the Securities Investment Business Law (2015 Revision). The section exempts from application of the Part special purpose vehicles, private equity funds, collective investment schemes and investment funds operated by an approved person and sets out in relation to which of these vehicles, funds and schemes the general partner of the vehicle, fund or scheme is exempt. The Limited Liability Partnership (Amendment) Bill, 2018 The section also exempts from Part 8 legal entities regulated in jurisdictions listed in Schedule 3 of the Anti-Money Laundering Regulations (2018 Revision) and legal entities holding shares or interests in legal entities licensed under certain Cayman Islands Laws. Section 52(2) specifies the circumstances in which a legal entity is considered to be operated, managed, arranged, administered or promoted by an approved person and section 52(3) defines that term. Section 53 empowers the competent authority to do all things necessary to perform its functions under Part 8. Section 54 sets out a limited liability partnership\u2019s duty to obtain information about individuals who are beneficial owners of the limited liability partnership and defines who is a beneficial owner. Section 55 sets out a limited liability partnership\u2019s duty to obtain information about relevant legal entities and defines the meaning of that term. Section 56 provides that a limited liability partnership must give notice to beneficial owners, relevant legal entities and any person it knows or has reasonable cause to believe is a registrable person in relation to it.  In addition, a limited liability partnership may give notice to a legal entity or a person it knows or has reasonable cause to believe knows the identity of a registrable person.  The section also provides for cases where such notice is not required and protects from disclosure information subject to legal professional privilege and information that a person is prohibited by law from disclosing. The notices require the recipient to state whether they are registrable persons or know the identity of registrable persons and if so, to supply the required particulars. Section 57 places a proactive disclosure obligation on registrable persons and relevant legal entities in certain circumstances. The obligation to notify the limited liability partnership arises where persons know that they are registrable persons or relevant legal entities and that their particulars are not already registered in the limited liability partnership\u2019s beneficial ownership register and where they have not received a notice from the limited liability partnership and these circumstances have continued for a period of at least one month.  They must notify the limited liability partnership, within a specified time period, that they are registrable persons or relevant legal The Limited Liability Partnership (Amendment) Bill, 2018 entities, stating the date on which they became such and giving the limited liability partnership their required particulars. Section 58 sets out which individuals or relevant legal entities are registrable persons. Section 59 requires limited liability partnerships to which Part 8 applies to engage a corporate services provider or the Registrar to establish a register of their beneficial owners and relevant legal entities and requires that the register must be kept at their registered office. Section 60 requires a limited liability partnership to which Part 8 applies to give to its corporate services provider or the Registrar the required particulars of registrable persons and entities. The section requires a limited liability partnership that claims an exemption under section 52 to file a declaration with the competent authority, indicating the grounds for the exemption.The section also provides that no particulars need be entered in the limited liability partnership\u2019s register until the information has been confirmed. Section 61 sets out the required particulars in respect of, among other things, an individual and a relevant legal entity. Section 62 provides for the duty of the limited liability partnership to keep the register up to date. The section defines the expression \u201crelevant change\u201d and requires the limited liability partnership to give notice to registrable persons and relevant legal entities as soon as reasonably practicable once the limited liability partnership knows that a relevant change has occurred.  The notice must require the addressee to confirm, within the time period provided, whether the change has occurred and, if so, to state the date of the change and to correct, complete, or confirm the particulars included in the notice. Section 63 requires the corporate services provider of a limited liability partnership or the Registrar to notify the limited liability partnership if either is of the opinion that, among other things, the limited liability partnership is not in compliance with its obligations under section 60 or 62 or that the limited liability partnership has provided them with false, deceptive or misleading information. On receipt of the notice the limited liability partnership must bring itself into compliance with Part 8. If the limited liability partnership is not able to provide the missing information for its beneficial ownership register, it must issue a restrictions notice to the registrable persons whose particulars are missing. The section gives a person The Limited Liability Partnership (Amendment) Bill, 2018 who receives a restrictions notice the right to apply to the Grand Court to set it aside. Section 64 requires a registrable person to notify the limited liability partnership of relevant changes to information in its beneficial ownership register. The obligation arises where the person is entered in the limited liability partnership\u2019s beneficial ownership register, has not received notice from the limited liability partnership under section 62, but knows that a relevant change has occurred and that the limited liability partnership\u2019s register has not been altered to reflect the change. The notification must state the date on which the change occurred and provide any information needed by the limited liability partnership to update the register. The notification must be given within one month after the person discovered the change. Section 65 provides that an entry in the beneficial ownership register relating to a person who used to be a registrable person or an entity that used to be a registrable relevant legal entity may be removed five years after the date on which the person or entity ceased to be registrable. Section 66 provides that a person aggrieved or a person who is a registrable person in relation to a limited liability partnership may apply to the Grand Court for rectification of the limited liability partnership\u2019s beneficial ownership register. The grounds for the application are that the information is entered in or omitted from the register without sufficient cause; or that there is delay or default in recording that a person is no longer a registrable person or relevant legal entity. The section sets out the action the court may take in response to such an application.  The Court must require the limited liability partnership, in rectifying its register, to give notice of the rectification to the competent authority. Section 67 requires the competent authority to establish a search platform that will enable it to search limited liability partnerships\u2019 beneficial ownership registers. The search platform must be secure, prevent disclosure of the search or the fact that a search has been carried out and allow searches by the name of a limited liability partnership, an individual or a legal entity. Section 68 requires corporate services providers and the Registrar to provide the limited liability partnerships that engage them with an information technology solution that maintains their beneficial ownership registers and connects those registers with the search platform. The section also requires corporate services providers to regularly deposit beneficial ownership information received from limited liability partnerships as directed by the The Limited Liability Partnership (Amendment) Bill, 2018 competent authority. The provision imposes penalties for default by a corporate services provider or any of its officers in complying with this obligation. Section 69 sets out the bodies that may request searches of beneficial ownership registers.  The section requires a senior official from the relevant body to certify that the search request meets the requirements of section 262 of the Companies Law (2018 Revision) and precludes any person from searching the registers other than the competent authority. Section 70 provides that the Cayman Islands Monetary Authority may, on request by the competent authority, disclose any information in its possession respecting a limited liability partnership or its subsidiary that is registered or holds a licence under a regulatory law that the limited liability partnership is required to provide under Part 8 as required particulars. Section 71 provides that information respecting searches of the Registry shall be kept confidential except for information that is permitted to be disclosed under the Confidential Information Disclosure Law, 2016. Section 72 provides that if a limited liability partnership serves notice on a person with a relevant interest under section 56 or 62 and that person fails to comply with the notice within the specified time frame, the limited liability partnership may issue the person with a restrictions notice. A restrictions notice may be served one month after the date of non-compliance with the section 56 or 62 notice if no valid reason has been provided for the noncompliance.  The limited liability partnership must have regard to the rights of third parties in respect of the relevant interest in deciding whether to issue a restrictions notice. Section 73 sets out the effect of a restrictions notice and circumstances in which the restrictions do not apply. Interests subject to restrictions may not be transferred and no rights may be exercised or shares issued in respect of that interest. The limited liability partnership may not pay any sums due in respect of the interest other than in a liquidation. Section 74 provides that, following application by any person aggrieved that a restrictions notice issued by the limited liability partnership unfairly affects the rights of third parties in respect of the interest subject to restrictions, the Grand Court may give a direction that certain acts do not constitute a breach of the restrictions. The direction is given by the Court for the purpose of protecting the third party rights in question and is subject to such terms as the Court thinks fit. The Limited Liability Partnership (Amendment) Bill, 2018 Section 75 specifies the actions that constitute offences in relation to an interest subject to restrictions. It is an offence for a person who knows their interest to be subject to restrictions to fail to tell any person with the right to vote in respect of that interest of that fact (unless they know the person to be aware of that fact).  It is also an offence for a person to enter into an agreement in respect of an interest that is void, knowing that to be the case. Section 76 provides that, subject to direction given under sections 74 or 75, it is an offence for a limited liability partnership to issue a partnership interest in contravention of a restrictions notice. A limited liability partnership that commits an offence under this section is liable on summary conviction to a fine of five thousand dollars. Section 77 provides that a person aggrieved may apply to the Grand Court for the restrictions to be lifted.  The Court may only do so if the relevant facts about the interest have been disclosed without any person having gained an unfair advantage or if the interest is to be sold. Section 78 sets out the procedure by which a relevant interest subject to restrictions may be sold.  An application to the Grand Court to sell the interests may only be made by the limited liability partnership in question. Section 79 provides that, where a relevant interest is sold, the proceeds of the sale (less costs) must be paid into the Court for the benefit of persons beneficially interested in the relevant interest, who may apply to the Court to have the proceeds paid to them. Section 80 provides that a limited liability partnership must itself withdraw the restrictions imposed if it is satisfied that there is a valid reason to justify the person\u2019s failure to comply with a restrictions notice.  The limited liability partnership must also withdraw the restrictions if the relevant information in respect of the notice is provided or if it discovers that there is an unfair impact on third parties in respect of the interest subject to restrictions. Section 81 provides that it is an offence for a limited liability partnership to contravene sections 54(1), 55(1), 59, 60(1) or (2) or 62(2) or to fail to issue a notice as required by section 56, 62 or 63(3).  The section also provides for a continuing offence where the contravention or failure continues. Section 82 provides that it is an offence for a person to whom a notice is addressed under section 56 or 62 to fail to comply with the notice or to knowingly or recklessly make a false statement.  However, the offence does The Limited Liability Partnership (Amendment) Bill, 2018 not apply if the person can prove that the requirement was frivolous or vexatious.  The offence is triable by summary conviction or indictment. Section 83 makes it an offence for a person to fail to comply with a duty under section 57 or 64 or to knowingly or recklessly make a false statement in respect of that duty.  The offence is triable by summary conviction or indictment. Section 84 provides that it is an offence to contravene section 69(1) or (2) or to disclose confidential beneficial ownership information contrary to section 71. Section 85 provides that it is an offence for directors or officers of a limited liability partnership or legal entity to connive in, consent to or wilfully neglect their duties in relation to an offence committed by the limited liability partnership under Part 8 and makes them liable to the same punishment as the limited liability partnership. Section 86 empowers the competent authority to exempt an individual or legal entity from various requirements of Part 8 in accordance with criteria prescribed by the Regulations, where there are special reasons to do so. Section 87 provides enabling powers for Cabinet to make regulations required to implement Part 8, including prescribing anything required to be prescribed under it. It enables Cabinet to make regulations for the interpretation of certain expressions that are utilized in the Part and to adjust the percentages set out in the specified conditions. The section also empowers Cabinet to exempt any limited liability partnership from the application of Part 8 by enacting Regulations subject to the affirmative resolution procedure. Clause 3 contains a transitional provision that delays prosecutions of limited liability partnerships for offences under section 80, as enacted by clause 2 of the amending Law, until one year has elapsed from the coming into force of that section. The Limited Liability Partnership (Amendment) Bill, 2018 A BILL FOR A LAW TO AMEND THE LIMITED LIABILITY PARTNERSHIP LAW, 2017 TO REQUIRE LIMITED LIABILITY PARTNERSHIPS REGISTERED IN THE ISLANDS TO ESTABLISH, MAINTAIN AND REGULARLY UPDATE BENEFICIAL OWNERSHIP REGISTERS; TO IDENTIFY LIMITED LIABILITY PARTNERSHIPS THAT ARE EXEMPT FROM THESE REQUIREMENTS AND REQUIRE THEM TO FILE WRITTEN CONFIRMATIONS OF EXEMPTION; TO ENABLE THE REGISTERS TO BE SEARCHED BY THE COMPETENT AUTHORITY DESIGNATED UNDER THE COMPANIES LAW (2018 REVISION); AND FOR INCIDENTAL AND CONNECTED MATTERS ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"(1) This Law may be cited as the Limited Liability Partnership (Amendment) Law, 2018. (2) This Law shall come into force on such date as may be appointed by the Cabinet and different dates may be appointed for different provisions.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"The Limited Liability Partnership Law, 2017, in this Law referred to as \u201cthe principal Law\u201d, is amended by inserting after Part 7 the following Part - \u201cPART 8 - BENEFICIAL OWNERSHIP REGISTERS Interpretation\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_51\", \"num\": \"51.\", \"text\": \"(1) In this Part - \u201cbeneficial owner\u201d, in relation to a limited liability Short title and commencement Insertion of new Part 8 The Limited Liability Partnership (Amendment) Bill, 2018 (2018 Revision) (2018 Revision) partnership, has the meaning assigned by sections 54(3), (4) and (5); \u201cbeneficial ownership register\u201d means a register of adequate, accurate and current beneficial ownership information maintained by a limited liability partnership pursuant to section 59, containing the required particulars of registrable persons in relation to the limited liability partnership; \u201ccompetent authority\u201d means the Minister referred to in section 246(1) of the Companies Law (2018 Revision) or the person designated by the Minister under that section; \u201ccorporate services provider\u201d means an individual or legal entity that provides corporate services under the Companies Management Law (2018 Revision), the Banks and Trust Companies Law (2018 Revision), the Insurance Law, 2010 or any other regulatory law pursuant to which the individual or legal entity is licensed or permitted to provide registered office services; \u201cindividual\u201d means a natural person; \u201clegal entity\u201d means a company, limited liability company, limited liability partnership or other body that is a legal person under the law by which it is governed; \u201cprescribed\u201d means prescribed by regulations made under section 87; \u201cregistrable person\u201d means an individual or relevant legal entity that is a registrable person under section 58; \u201cregulatory law\u201d means a law defined as such in section 2 of the Monetary Authority Law (2018 Revision), other than the Directors Registration and Licensing Law, 2014; \u201crelevant interest\u201d means an interest that a person holds in a limited liability partnership consisting of - (a) a limited liability partnership interest; or The Limited Liability Partnership (Amendment) Bill, 2018 (b) the right to appoint or remove a majority of the managing partners of the limited liability partnership; \u201crelevant legal entity\u201d, in relation to a limited liability partnership, has the meaning assigned by section 55(3); \u201crequired particulars\u201d means particulars in respect of a registrable person required to be kept in a limited liability partnership\u2019s beneficial ownership register pursuant to sections 60 and 61; \u201crestrictions notice\u201d means a notice issued under section 72; and \u201cspecified conditions\u201d means the conditions specified in sections 54(3), (4) and (5). (2) This Part is to be read and have effect as if each of the following were an individual, even if they are legal persons under the laws by which they are governed - (a) a corporation sole; (b) a government or government department of a country or territory or a part of a country or territory; (c) an international organization whose members include two or more countries or territories (or their governments); and (d) a local authority or local government body. Application Schedule 4 (2018 Revision) (2015 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_52\", \"num\": \"52.\", \"text\": \"(1) This Part applies in respect of limited liability partnerships formed and registered, except a legal entity or subsidiary of one or more legal entities, each of which is - (a) listed on the Cayman Islands Stock Exchange or an approved stock exchange in Schedule 4 of the Companies Law (2018 Revision); (b) registered or holding a licence under a regulatory law (other than  a limited liability partnership registered as an excluded person under 5(4) of the Securities Investment Business Law (2015 Revision)); (c) managed, arranged, administered, operated or promoted by an approved person as a The Limited Liability Partnership (Amendment) Bill, 2018 (2018 Revision) (2015 Revision) special purpose vehicle, private equity fund, collective investment scheme or investment fund, including where the vehicle, fund or scheme is a Cayman Islands exempted limited partnership; (d) regulated in a jurisdiction included in a list published by the Anti-Money Laundering Steering Group of countries and territories whose Anti-Money Laundering legislation is deemed to be equivalent to the Anti-Money Laundering legislation of the Islands; (e) a general partner of a vehicle, fund or scheme referred to in paragraph (c) which vehicle, fund or scheme - (i) is registered or holds a licence under a regulatory law; or (ii) is managed, arranged, administered, operated or promoted by an approved person; (f) holding directly a legal or beneficial interest in the shares of a legal entity which holds a licence under the Banks and Trust Companies Law (2018 Revision), the Companies Management Law (2018 Revision), the Insurance Law, 2010, Part III of the Mutual Funds Law (2015 Revision) or the Securities Investment Business Law (2015 Revision); or (g) exempted by the Regulations. (2) For the avoidance of doubt, a legal entity shall not be considered - (a) to be operated or managed by an approved person solely as a consequence of the entity having appointed an individual who is an employee of a legal entity which holds a licence under a regulatory law as a director or managing partner; or (b) to be managed, arranged, administered, operated or promoted by an approved person solely as a consequence of the entity having appointed an approved person to provide its registered office in the Cayman Islands. The Limited Liability Partnership (Amendment) Bill, 2018 (2015 Revision) (2018 Revision) Schedule 4 (2018 Revision) (3) In this section, \u201capproved person\u201d means a person or a subsidiary of a person that is - (a) regulated, registered or holding a licence in the Islands under a regulatory law (other than a person registered as an excluded person under 5(4) of the Securities Investment Business Law (2015 Revision)); (b) regulated in an equivalent legislation jurisdiction that is included in the list published in the Gazette and referred to in regulations 22(d) and 23(1) of the AntiMoney Laundering Regulations (2018 Revision); or (c) listed on the Cayman Islands Stock Exchange or an approved stock exchange in Schedule 4 of the Companies Law (2018 Revision). (4) For the purposes of this section, a limited liability partnership (\u201cS\u201d) is a subsidiary of one or more legal entities described in subsection (1) if - (a) such legal entities, separately or collectively, hold in excess of seventy-five percent of the partnership interests with respect to profit sharing or voting rights in S or distributions of capital from S; (b) each such legal entity is a partner of S and, separately or collectively, such legal entities have the right to appoint or remove a majority of its managing partners; or (c) it is a subsidiary of one or more legal entities each of which is itself a subsidiary of one or more legal entities described in subsection (1). Competent authority\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_53\", \"num\": \"53.\", \"text\": \"The competent authority may do all things necessary or convenient to be done in the performance of the competent authority\u2019s functions under this Part, including executing requests by senior officials referred to in section 69(1) to search for information concerning the beneficial ownership of limited liability partnerships registered in the Islands. The Limited Liability Partnership (Amendment) Bill, 2018 Identifying Beneficial Owners, Relevant Legal Entities and Registrable Persons Duty of limited liability partnerships to identify beneficial owners\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_54\", \"num\": \"54.\", \"text\": \"(1) Limited liability partnerships to which this Part applies shall take reasonable steps to identify any individual who is a beneficial owner of the limited liability partnership. (2) For the purpose of identifying individuals who are beneficial owners under subsection (1), a limited liability partnership is entitled to rely, without further enquiry, on the response of a person to a notice in writing sent in good faith by the limited liability partnership, unless it has reason to believe that the response is misleading or false. (3) An individual (\u201cX\u201d) is a beneficial owner of a limited liability partnership (\u201cY\u201d) if the individual meets one or more of the following conditions in relation to the limited liability partnership - (a) X must hold, directly or indirectly, a partnership interest in Y representing a right to share in more than 25 percent of any surplus limited liability partnership property of Y on a winding up of Y; (b) X must hold, directly or indirectly, a partnership interest in Y representing more than 25 percent of the rights to vote on those matters that are to be decided by a vote at meetings of the partners of Y; or (c) X must hold the right, directly or indirectly, to appoint or remove a majority of the managing partners of Y or those persons who hold a majority of the voting rights at meetings of the partners. (4) If no individual meets the conditions in subsection (3), X is a beneficial owner of limited liability partnership Y if X has the absolute and unconditional legal right to exercise, or actually exercises, significant influence or control over Y through the interests described in subsection (3) other than where that influence or control is soley in the capacity of a professional advisor or professional manager. The Limited Liability Partnership (Amendment) Bill, 2018 (5) If no individual meets the conditions in subsections (3) and (4) but the trustees of a trust (or the members of a partnership or other entity that under the law by which it is governed is not a legal person) meet one of those conditions in relation to limited liability partnership Y in their capacity as such, X is a beneficial owner of Y if X has the absolute and unconditional legal right to exercise, or actually exercises, significant influence or control over the activities of that trust (or partnership or other entity) other than where that influence or control is soley in the capacity of a professional advisor or professional manager. Duty of limited liability partnerships to identify relevant legal entities\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_55\", \"num\": \"55.\", \"text\": \"(1) A limited liability partnership to which this Part applies shall take reasonable steps to identify all relevant legal entities that exist in relation to the limited liability partnership. (2) For the purpose of identifying relevant legal entities under subsection (1), a limited liability partnership is entitled to rely, without further enquiry, on the response of a legal entity to a notice in writing sent in good faith by the limited liability partnership, unless it has reason to believe that the response is misleading or false. (3) A \u201crelevant legal entity\u201d, in relation to a limited liability partnership, is a legal entity that - (a)  is incorporated, formed or registered (including by way of continuation or as a foreign company) in the Islands under the laws of the Islands; and (b) would be a beneficial owner of the limited liability partnership if it were an individual. Duty of limited liability partnerships to give notice to registrable persons\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_56\", \"num\": \"56.\", \"text\": \"(1) Subject to subsection (5), a limited liability partnership to which this Part applies shall give notice in writing to beneficial owners and relevant legal entities identified by the limited liability partnership under sections 54 and 55 and to any person that it knows or has reasonable cause to believe is a registrable person in relation to it. (2) The notice shall require the persons to whom it is addressed, within one month of the date of receipt of the notice - The Limited Liability Partnership (Amendment) Bill, 2018 (a) to state whether or not they are registrable persons, within the meaning of this Part; and (b) if they are registrable persons, to confirm or correct any required particulars that are included in the notice and supply any required particulars that are missing from the notice. (3) A limited liability partnership may also give notice in writing to a partner or a legal entity that it knows or has reasonable cause to believe is a relevant legal entity in relation to that limited liability partnership (or would be a relevant legal entity if it were registered under this Law), if the limited liability partnership knows or has reasonable cause to believe that such partner or legal entity knows the identity of a registrable person. (4) A notice under subsection (3) may require the persons to whom it is addressed - (a) to state whether or not they know the identity of a registrable person or any person likely to have that knowledge; and (b) to supply, within one month of receipt of the notice and at the expense of the limited liability partnership, any required particulars respecting such registrable persons that are within the addressee\u2019s knowledge and to state whether the particulars are being supplied with or without the knowledge of the person concerned. (5) A limited liability partnership is not required to give a notice to an individual or a relevant legal entity if - (a) the limited liability partnership knows that the individual or entity is not a registrable person; or (b) the limited liability partnership has already been informed of the person\u2019s status as a registrable person in relation to it, and has received all the required particulars. (6) A person to whom a notice under this section is given is not required by that notice to disclose any information - The Limited Liability Partnership (Amendment) Bill, 2018 (a)  in respect of which a claim to legal professional privilege could be maintained in legal proceedings; or (b) that the person is prohibited by any law applicable in the Islands from disclosing. Duty of beneficial owners and relevant legal entities to supply information\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_57\", \"num\": \"57.\", \"text\": \"(1) This section applies to a person if - (a) the person is a registrable person in respect of a limited liability partnership to which this Part applies; (b) the person knows the facts referred to in paragraph (a); (c) the person has no reason to believe that the person\u2019s required particulars are stated in the limited liability partnership\u2019s beneficial ownership register; (d) the person has not received a notice from the limited liability partnership under section 56; and (e) the circumstances described in paragraphs (a), (b), (c) and (d) have continued for a period of at least one month. (2) The person shall - (a) notify the limited liability partnership of the person\u2019s status as a registrable person in relation to the limited liability partnership; (b) state the date, to the best of the person\u2019s knowledge, on which the person acquired that status; and (c) give the limited liability partnership the required particulars. (3) The duty under subsection (2) must be complied with by the end of the period of one month beginning with the day on which the conditions in subsections (1)(a), (b) and (c) were first met with respect to the person. Individuals and relevant legal entities that are registrable persons\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_58\", \"num\": \"58.\", \"text\": \"(1) The following are registrable persons in relation to a limited liability partnership - (a) an individual whom the limited liability partnership identifies pursuant to section 54 as a beneficial owner; and The Limited Liability Partnership (Amendment) Bill, 2018 (b) a relevant legal entity identified by the limited liability partnership pursuant to section 55 - (i) that directly holds  a partnership interest or meets one or more of the specified conditions directly in respect of the limited liability partnership; and (ii) through which any beneficial owner or relevant legal entity indirectly owns a partnership interest. (2) Whether a person holds a partnership interest in a limited liability partnership or meets a specified condition in relation to it directly or indirectly shall be determined in the manner prescribed. Establishing Beneficial Ownership Registers Duty to establish and maintain beneficial ownership register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_59\", \"num\": \"59.\", \"text\": \"A limited liability partnership to which this Part applies by virtue of section 52(1) shall - (a) keep its beneficial ownership register at the limited liability partnership\u2019s registered office; and (b) engage a corporate services provider or the Registrar to establish and maintain its beneficial ownership register. Role of corporate services provider and Registrar\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_60\", \"num\": \"60.\", \"text\": \"(1) A limited liability partnership to which this Part applies shall provide in writing to the corporate services provider or the Registrar, as the case may be, the required particulars of registrable persons in respect of that limited liability partnership, once those particulars have been confirmed. (2) A limited liability partnership that is exempt from the application of this Part shall, in the prescribed manner, provide to the corporate services provider or the Registrar, as the case may be - (a) written confirmation of the exemption - (i) identifying the paragraph under section 52(1) that provides for the exemption; and (ii) including the prescribed information The Limited Liability Partnership (Amendment) Bill, 2018 about the regulated legal entity, regulated parent entity or approved person referred to in that paragraph; and (b) instructions to file the written confirmation with the competent authority. (3) The limited liability partnership referred to in subsection (1) shall instruct the corporate services provider or the Registrar, as the case may be, to enter the required particulars of registrable persons in the limited liability partnership\u2019s beneficial ownership register in the prescribed form and manner, or if no registrable persons are identified, to enter a nil return. (4) It is not required for particulars to be entered in the register concerning an individual or relevant legal entity that is not a registrable person. (5) For the purposes of this section, particulars are considered to have been confirmed if - (a) the limited liability partnership has reasonable grounds to believe that they were supplied or confirmed by the individual or entity to whom the particulars relate; (b) another person supplied or confirmed them to the limited liability partnership, and the limited liability partnership has reasonable grounds to believe that this was done with the knowledge of the individual or entity to whom the particulars relate; or (c) the particulars were included in a statement referred to in section 18 and delivered to the Registrar by persons wishing to form the limited liability partnership. Required particulars\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_61\", \"num\": \"61.\", \"text\": \"(1) The required particulars of an individual are - (a) full legal name; (b) residential address and, if different, an address for service of notices under this Law; (c) date of birth; (d) information identifying the individual from the individual\u2019s passport, driver\u2019s licence or The Limited Liability Partnership (Amendment) Bill, 2018 other government-issued document, including - (i) identifying number; (ii) country of issue; and (iii) date of issue and of expiry; and (e) the date on which the individual became or ceased to be a registrable person in relation to the limited liability partnership in question. (2) In the case of a person in relation to whom this Part has effect by virtue of section 51(2), the required particulars are - (a) name; (b) principal office; (c) the legal form of the person and the law by which the person is governed; and (d) the date on which the person became or ceased to be a registrable person in relation to the legal entity in question. (3) The required particulars of a relevant legal entity are - (a) corporate or firm name; (b) registered or principal office; (c) the legal form of the entity and the law by which it is governed; (d) if applicable, the register of companies or limited liability companies in which it is entered and its registration number in that register; and (e) the date on which it became or ceased to be a registrable person in relation to the limited liability partnership in question. Duty of limited liability partnership to keep register up to date\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_62\", \"num\": \"62.\", \"text\": \"(1) If a limited liability partnership to which this Part applies becomes aware of a relevant change with respect to a registrable person whose required particulars are stated in its beneficial ownership register, the limited liability partnership shall give notice to the registrable person, as soon as reasonably practicable after it learns of the change or first has reasonable cause to believe that the change has occurred, requesting confirmation of the change. The Limited Liability Partnership (Amendment) Bill, 2018 (2) If the person to which a notice is sent under subsection (1) confirms the relevant change, the limited liability partnership shall record the details of the change and instruct the corporate services provider or the Registrar, as the case may be, to enter in the limited liability partnership\u2019s beneficial ownership register in the prescribed form and manner - (a) the details of the relevant change confirmed by the limited liability partnership; (b) the date on which the change was made; and (c) whether there are further alterations to be made. (3) For the purposes of this section, a relevant change occurs if - (a) the registrable person ceases to be a registrable person in relation to the limited liability partnership; or (b) any other change occurs as a result of which the required particulars stated respecting the registrable person in the limited liability partnership\u2019s beneficial ownership register are materially incorrect or incomplete. (4) A relevant change with respect to a registrable person is considered to have been confirmed if - (a) the limited liability partnership has given notice to the registrable person requesting confirmation, within the period of one month from the date of the notice, of the relevant change, the date of the change and the required particulars included in the notice; and (b) the details, date and required particulars of the change have been supplied or confirmed to the limited liability partnership by the registrable person or by another person with the knowledge of the registrable person. Consequences of failure to disclose beneficial ownership\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_63\", \"num\": \"63.\", \"text\": \"(1)  If a limited liability partnership\u2019s corporate services provider or the Registrar, as the case may be, is of the opinion that a limited liability partnership has failed to The Limited Liability Partnership (Amendment) Bill, 2018 comply with section 60 or 62 without reasonable excuse or has made a statement to either of them that is false, deceptive or misleading in respect of a material particular, the limited liability partnership\u2019s corporate services provider or the Registrar, as the case may be, shall give notice of the opinion to the limited liability partnership and send a copy of the notice to the competent authority. (2) On receipt of a notice under subsection (1), the limited liability partnership shall provide its corporate services provider or the Registrar, as the case may be, with - (a) the missing particulars required under section 60 or 62 pertaining to registrable persons; and (b)  a justification or correction respecting any statement identified in the notice. (3) If the notified limited liability partnership fails, due to the failure of a registrable person to comply with the obligations under this Law, to provide the missing particulars referred to in subsection (2)(a) within one month of receipt of the notice, the limited liability partnership shall - (a) subject to section 72, issue a restrictions notice to the registrable persons whose particulars are missing with regard to the partnership interest or other relevant interest of such registrable persons in the limited liability partnership; and (b) send a copy of the notice to the competent authority within two weeks of issuing it. (4) A person to whom a restrictions notice is issued under this section may apply to the Court to set aside any restriction or cancellation imposed by the notice. Duty of other persons to update register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_64\", \"num\": \"64.\", \"text\": \"(1) This section applies to persons if - (a) they have stated that they are registrable persons, within the meaning of this Part, in response to a notice received under section 56 or they have reason to believe that their required particulars are stated in a limited liability partnership\u2019s beneficial ownership The Limited Liability Partnership (Amendment) Bill, 2018 register; (b) a relevant change, within the meaning of section 62(3), occurs with respect to the person; (c) they know of the change; (d) they have no knowledge that the beneficial ownership register has been altered to reflect the change; and (e) they have not received a notice from the limited liability partnership under section 62 by the end of the period of one month beginning with the day on which the change occurred. (2) A person to which this section applies shall - (a) notify the limited liability partnership of the relevant change; (b) state the date on which the relevant change occurred; and (c) give the limited liability partnership any information needed to update the limited liability partnership\u2019s beneficial ownership register. (3) The duty under subsection (2) shall be complied with by the end of the period of one month beginning with the day on which the person discovered the relevant change. Removal of entries from limited liability partnership\u2019s beneficial ownership register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_65\", \"num\": \"65.\", \"text\": \"A limited liability partnership may cause an entry relating to a person that is no longer a registrable person to be removed from its beneficial ownership register on the expiration of five years from the date on which the person ceased to be a registrable person in relation to the limited liability partnership. Power of Court to rectify beneficial ownership register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_66\", \"num\": \"66.\", \"text\": \"(1) If - (a) the name of any individual or relevant legal entity is, without sufficient cause, entered in or omitted from a limited liability partnership\u2019s beneficial ownership register as a registrable person; or (b) default is made or unnecessary delay takes place in entering on a limited liability The Limited Liability Partnership (Amendment) Bill, 2018 partnership\u2019s beneficial ownership register the fact that the individual or relevant legal entity has ceased to be a registrable person, the person aggrieved, or any individual or relevant legal entity that is a registrable person in relation to the limited liability partnership, may apply to the Court for rectification of the limited liability partnership\u2019s beneficial ownership register. (2) The Court may - (a) refuse the application; or (b) order rectification of the beneficial ownership register and payment by the limited liability partnership of any damages sustained by any person aggrieved. (3) On an application under this section, the Grand Court may decide any question - (a) as to whether the name of any person who is a party to the application should or should not be entered in or omitted from the limited liability partnership\u2019s beneficial ownership register; and (b) that is necessary or expedient to be decided for rectification of the limited liability partnership\u2019s beneficial ownership register. (4) If the Court makes an order for rectification of a limited liability partnership\u2019s beneficial ownership register against the limited liability partnership, it shall direct notice of the rectification to be given to the competent authority. Access to Beneficial Ownership Information Duty of competent authority to establish search platform\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_67\", \"num\": \"67.\", \"text\": \"(1) The competent authority shall establish a search platform by means of which access may be provided to information on all beneficial ownership registers maintained by corporate services providers or the Registrar on behalf of limited liability partnerships subject to this Part. (2) The search platform must - The Limited Liability Partnership (Amendment) Bill, 2018 (a) be secure and accessible only by the competent authority; (b) be able to search all limited liability partnership beneficial ownership information provided to the competent authority by corporate services providers or the Registrar by the name of an individual, legal entity or limited liability partnership; and (c) prevent communication to any person of the fact that a search is being made or has taken place, except where the competent authority expressly discloses such communication. Duties of the Registrar and corporate services providers\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_68\", \"num\": \"68.\", \"text\": \"(1) A corporate services provider engaged by a limited liability partnership pursuant to section 59, or the Registrar if so engaged, shall offer the limited liability partnership an information technology solution, either directly or through another corporate services provider, that enables the corporate services provider or the Registrar, as the case may be - (a) to establish and maintain the limited liability partnership\u2019s beneficial ownership register on behalf of the limited liability partnership; and (b) to provide information on the beneficial ownership register to the competent authority by means of the search platform established by the competent authority pursuant to section 67. (2) The corporate services provider shall regularly deposit beneficial ownership information received from limited liability partnerships that have engaged the corporate services provider in such place, in such manner and at such intervals as may be prescribed. (3) If there is default in complying with subsection (2), the corporate services provider and any officer of the corporate services provider who is in default - (a) shall incur a penalty of five hundred dollars; and (b) shall incur an additional penalty of one thousand dollars and a further penalty of one The Limited Liability Partnership (Amendment) Bill, 2018 hundred dollars for every day during which the default continues if the competent authority is satisfied that the default was knowingly or wilfully authorized or permitted. Limits on searches that may be executed (2018 Revision) (2018 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_69\", \"num\": \"69.\", \"text\": \"(1) The competent authority shall execute a search of a limited liability partnership\u2019s beneficial ownership register by means of the search platform if formally requested to do so - (a) by a senior official referred to in section 262(1) of the Companies Law (2018 Revision), provided that the senior official certifies that the request meets the conditions referred to in section 262(2) of that Law; or (b) by the Financial Crime Unit of the Royal Cayman Islands Police Service, provided that a senior official of the Unit certifies that the request meets the conditions referred to in section 262(3) of the Companies Law (2018 Revision). (2) No person shall use the search platform to search a limited liability partnership\u2019s beneficial ownership register except the competent authority. Disclosure of beneficial ownership information by the Cayman Islands Monetary Authority (2018 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_70\", \"num\": \"70.\", \"text\": \"(1) The Cayman Islands Monetary Authority may, on request by the competent authority, disclose any information in its possession respecting - (a) a limited liability partnership; or (b) a subsidiary of such a limited liability partnership registered or holding a licence under a regulatory law, that the limited liability partnership would be required to provide under this Part as required particulars if this Part applied to it. (2) For greater certainty, section 50(1) of the Monetary Authority Law (2018 Revision) does not apply to a disclosure made under this section. The Limited Liability Partnership (Amendment) Bill, 2018 Non-disclosure of  information concerning requests for beneficial ownership information (Law 23 of 2016) (2017 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_71\", \"num\": \"71.\", \"text\": \"(1) Neither the competent authority nor any employee, servant or agent of the competent authority shall disclose any information relating to a request for beneficial ownership information referred to in section 69, including the fact that such a request was made or that a search was carried out, to any person other than the authorized personnel of the competent authority or the law enforcement agency that requested the search. (2) Information maintained by corporate services providers and the Registrar in respect of beneficial ownership of a limited liability partnership is deemed to be confidential information under the Confidential Information Disclosure Law, 2016. (3) Subject to sections 18 and 19 of the Tax Information Law (2017 Revision), information deemed to be confidential under subsection (2) shall only be disclosed in accordance with the Confidential Information Disclosure Law, 2016. Enforcement Right to issue restrictions notice\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_72\", \"num\": \"72.\", \"text\": \"(1) A limited liability partnership to which this Part applies may send a restrictions notice to a person who has a relevant interest in that limited liability partnership if - (a) a notice under section 56 or 62 was served on the person; (b) the person has not, by the end of the period of one month beginning with the date of receipt of the notice - (i) complied with the notice; or (ii) provided the limited liability partnership with a valid reason sufficient to justify the person's failure to comply with the notice; and (c) the relevant interest is not subject to a security interest granted to a third party who is not affiliated with the person. (2) In deciding whether to send a restrictions notice, the limited liability partnership shall have regard to the effect The Limited Liability Partnership (Amendment) Bill, 2018 of the notice on the rights of persons in respect of the relevant interest, including third parties, persons with a security interest over the relevant interest, other holders of a partnership interest and other beneficial owners. Effect of restrictions notice\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_73\", \"num\": \"73.\", \"text\": \"(1) The effect of a restrictions notice with respect to a relevant interest is as follows - (a) any transfer or agreement to transfer the interest is void; (b) no rights are exercisable in respect of the interest; (c) no additional rights may be granted in respect of the interest or in pursuance of an offer made to the interest-holder; (d) except in a liquidation, no payment may be made of sums due from the limited liability partnership in respect of the interest, whether in respect of capital or otherwise; and (e) other than in a liquidation, an agreement to transfer any of the following associated rights in relation to the relevant interest is void - (i) a right to be granted additional rights in respect of the relevant interest; or (ii) a right to receive payment of any sums due from the limited liability partnership in respect of the relevant interest. (2) This section does not apply to an agreement to transfer a relevant interest referred to in subsection (1)(a) or to an associated right referred to in subsection (1)(e), if the agreement results from the making of an order referred to in section 76(2)(b). Protection of third party rights\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_74\", \"num\": \"74.\", \"text\": \"(1) The Court may, on application by any person aggrieved, give a direction for the purpose of protecting the rights of third parties, persons with a security interest over the relevant interest, holders of a partnership interest or other beneficial owners in respect of a relevant interest, if the Court is satisfied that a restrictions notice unfairly affects those rights. The Limited Liability Partnership (Amendment) Bill, 2018 (2) An order under this section - (a) shall direct, subject to such terms as the Court thinks fit, that certain acts will not constitute a breach of the restrictions placed on the relevant interest by the restrictions notice; (b) shall specify the acts that will not constitute a breach of the restrictions; and (c) may confine the direction to cases where those acts are done by persons, or for purposes, described in the order. Breach of restrictions an offence\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_75\", \"num\": \"75.\", \"text\": \"(1) A person commits an offence who, knowing that a relevant interest is subject to restrictions - (a) exercises or purports to exercise any right to dispose of the relevant interest; (b) exercises or purports to exercise any right to dispose of any right to be issued with the relevant interest; or (c) votes in respect of the relevant interest (whether as holder of the interest or as proxy) or appoints a proxy to vote in respect of the relevant interest. (2) A person who has a relevant interest that the person knows to be subject to restrictions commits an offence if the person - (a) knows a person to be entitled (apart from the restrictions) to vote in respect of the interest, whether as holder or as proxy; (b) does not know the person to be aware of the fact that the interest is subject to restrictions; and (c) fails to notify the person of the fact referred to in paragraph (b). (3) A person commits an offence if the person - (a) has a relevant interest that the person knows to be subject to restrictions or is entitled to an associated right; and (b) enters into an agreement that is void by virtue of section 73(1)(a) or (e). The Limited Liability Partnership (Amendment) Bill, 2018 (4) A person who commits an offence under this section is liable on summary conviction to a fine of five thousand dollars. (5) No person commits an offence who contravenes subsections (1) to (3) in furtherance of compliance with a direction of the Court given under section 74 or 76. Offence: issuing partnership interests contrary to restriction\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_76\", \"num\": \"76.\", \"text\": \"Subject to a direction given under section 74 or 75, a limited liability partnership that issues partnership interests in contravention of a restriction imposed by virtue of a restrictions notice commits an offence and is liable on summary conviction to a fine of five thousand dollars. Relaxation of restrictions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_77\", \"num\": \"77.\", \"text\": \"(1) A limited liability partnership that issues a restrictions notice, or any person aggrieved by such notice, may apply to the Court for an order directing that the relevant interest cease to be subject to restrictions. (2) The Court may only make an order under this section if - (a) the Court is satisfied that the information required by the notice served under section 56 or 64 has been disclosed to the limited liability partnership and no unfair advantage has accrued to any person as a result of the earlier failure to make that disclosure; or (b) the relevant interest is to be transferred for valuable consideration and the Court approves the transfer. (3) An order made by virtue of subsection (2)(b) may continue, in whole or in part, the restrictions mentioned in section 73(1)(c) and (d) so far as they relate to a right acquired or offer made before the transfer. (4) Where any restrictions continue in force by virtue of subsection (3) - (a) an application may be made under this section for an order directing that the relevant interest cease to be subject to those restrictions; and The Limited Liability Partnership (Amendment) Bill, 2018 (b) subsection (2) does not apply in relation to the making of such an order. Orders for sale\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_78\", \"num\": \"78.\", \"text\": \"(1) On application by a limited liability partnership that issues a restrictions notice, the Court may order that the relevant interest subject to restrictions be sold, provided that the Court approves the sale. (2) A Court that makes an order under subsection (1) may make such further order relating to the sale or transfer of the interest as it thinks fit on application by - (a) the limited liability partnership that issued the restrictions notice; (b) the person appointed in pursuance of the order to effect the sale; or (c) any person with an interest in the relevant interest. (3) On making an order under subsection (1) or (2), the Court may order that the applicant's costs be paid from the proceeds of sale. Proceeds of sale of relevant interest\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_79\", \"num\": \"79.\", \"text\": \"(1) If a relevant interest is sold pursuant to an order under section 77, the proceeds of the sale, less the costs of the sale, must be paid into the Court for the benefit of persons who are beneficially interested in the relevant interest. (2) A person who is beneficially interested in the relevant interest may apply to the Court for the whole or part of those proceeds to be paid to that person. (3) On an application under subsection (2), the Court shall order the payment to the applicant of - (a) the whole of the proceeds of sale together with any interest on the proceeds; or (b) if another person was also beneficially interested in the relevant interest at the time of the sale, such proportion of the proceeds (and any interest) as the value of the applicant's interest bears to the total value of the relevant interest. The Limited Liability Partnership (Amendment) Bill, 2018 (4) Where the Court has ordered under section 77(3) that the costs of an applicant be paid from the proceeds of sale, the applicant is entitled to payment of those costs before any person receives any part of the proceeds under this section. Limited liability partnership may withdraw restrictions notice\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_80\", \"num\": \"80.\", \"text\": \"A limited liability partnership that issues a restrictions notice to a person shall by notice withdraw the restrictions notice if - (a) it is satisfied that there is a valid reason sufficient to justify the person's failure to comply with the notice served under section 56 or 62; (b) the notice served under section 56 or 62 is complied with; or (c) the limited liability partnership discovers that the rights of a third party in respect of the relevant interest are being unfairly affected by the restrictions notice. Offences Failure of a limited liability partnership to establish or maintain beneficial ownership register\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_81\", \"num\": \"81.\", \"text\": \"A limited liability partnership that knowingly and wilfully contravenes section 54(1), 55(1), 59, 60(1) or (2) or 62(2) or knowingly and wilfully fails to issue a notice as required by section 56, 62 or 63(3) commits an offence and is liable on summary conviction for each such contravention - (a) to a fine of twenty-five thousand dollars; and (b) if the offence is a continuing one, to a fine of five hundred dollars for each day or part of a day during which the offence continues, up to a maximum of twenty-five thousand dollars. Failure to comply with notices\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_82\", \"num\": \"82.\", \"text\": \"(1) A person to whom a notice under section 56 or 62 is addressed commits an offence if the person - (a) knowingly and wilfully fails to comply with the notice; or (b) in purported compliance with the notice - (i) makes a statement that the person knows to be false in a material particular; or The Limited Liability Partnership (Amendment) Bill, 2018 (ii) recklessly makes a statement that is false in a material particular. (2) A person does not commit an offence under subsection (1)(a) if the person proves that the requirement to give information was frivolous or vexatious. (3) A person who is guilty of an offence under this section is liable - (a) on conviction on indictment, to imprisonment for a term of two years or a fine of ten thousand dollars, or to both; (b) on summary conviction to imprisonment for a term of twelve months or a fine of five thousand dollars, or to both. Failure to provide information\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_83\", \"num\": \"83.\", \"text\": \"(1) A person commits an offence if the person - (a) knowingly and wilfully fails to comply with a duty under section 57 or 64 within the time required by that section; or (b) in purported compliance with such a duty - (i) makes a statement that the person knows to be false in a material particular; or (ii) recklessly makes a statement that is false in a material particular. (2) A person who is guilty of an offence under this section is liable - (a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine of ten thousand dollars, or to both; (b) on summary conviction to imprisonment for a term of twelve months or to a fine of five thousand dollars, or to both. Unlawful search or disclosure of beneficial ownership information\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_84\", \"num\": \"84.\", \"text\": \"A person who conducts a search of a limited liability partnership\u2019s beneficial ownership register contrary to section 69(1) or (2) or who discloses beneficial ownership information contrary to section 71 commits an offence and is liable on summary conviction to a fine of ten thousand dollars or imprisonment for twelve months, or to both. The Limited Liability Partnership (Amendment) Bill, 2018 Offences by partners and managers\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_85\", \"num\": \"85.\", \"text\": \"Where a limited liability partnership or a legal entity is guilty of an offence under this Part and it is proved that the offence was committed with the consent or connivance of, or was attributable to, wilful default on the part of a partner or person concerned in the management of the limited liability partnership or legal entity, the partner or person is guilty of the same offence and liable to the same penalty as the limited liability partnership or legal entity. Supplementary Provisions Exemptions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_86\", \"num\": \"86.\", \"text\": \"(1) The competent authority, if satisfied, having regard to any undertaking given by an individual or a legal entity, that there are special reasons for an exemption from compliance with a notice or duty under this Part, may exempt - (a) the individual or legal entity from complying with a notice issued under section 56 or 62; (b) a limited liability partnership from taking steps to identify that individual or legal entity or give notice under sections 56 or 62 to or with respect to them; (c) anyone from sending a notice or giving information pursuant to a notice under section 56(3); (d) the individual or legal entity from the duties imposed by sections 57 and 62; or (e) the individual or legal entity from being entered on a limited liability partnership\u2019s beneficial ownership register as a registrable person in relation to any limited liability partnership. (2) The competent authority shall exercise the exemption powers in subsection (1) in accordance with the prescribed criteria. Regulations under this Part\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_87\", \"num\": \"87.\", \"text\": \"(1) The Cabinet may make regulations respecting anything required to carry out this Part or prescribing anything required to be prescribed under this Part, including regulations - (a) specifying criteria for the exercise of the The Limited Liability Partnership (Amendment) Bill, 2018 competent authority\u2019s exemption powers under section 86; (b) respecting the giving of notices under section 56 or 62, including the form, content and manner of giving such notices; (c) to add to or remove from any of the lists of required particulars, including specifying the particulars required respecting the nature of control of an individual over the limited liability partnership referred to in the particulars; (d) requiring additional matters to be noted in a limited liability partnership's beneficial ownership register; (e) requiring the competent authority, a corporate services provider, the Registrar or a limited liability partnership to refrain from using or disclosing particulars of a prescribed kind from a limited liability partnership\u2019s beneficial ownership register (or to refrain from doing so except in prescribed circumstances) where an application is made to the competent authority requesting the respective entity to refrain from so doing; (f) specifying the manner and form in which a limited liability partnership shall keep its beneficial ownership register; (g) setting the fees that the Registrar may charge for services pursuant to an engagement by a limited liability partnership pursuant to section 59 to establish and maintain the company\u2019s beneficial ownership register; (h) respecting the procedure to be followed by limited liability partnerships issuing and withdrawing restrictions notices, including regulations providing for - (i) the form and content of restrictions notices, and the manner in which they must be given; (ii) the factors to be taken into account in deciding what counts as a reason sufficient to justify a person's failure to The Limited Liability Partnership (Amendment) Bill, 2018 comply with a notice issued under section 56 or 62; and (iii) the effect of withdrawing a restrictions notice on matters that are pending with respect to the relevant interest when the notice is withdrawn. (2) The Cabinet may make regulations respecting the interpretation of the terms \u201cbeneficial owner\u201d, \u201csignificant influence or control\u201d, \u201cspecified conditions\u201d, \u201cregistrable person\u201d and \u201crelevant interest\u201d, including regulations - (a) to replace any or all references in section 54(3) to a percentage figure with references to some other (larger or smaller) percentage figure; (b) to change or supplement the specified conditions in section 54(3) so as to include circumstances (for example, circumstances involving more complex structures) that give individuals a level of control over limited liability partnership Y broadly similar to the level of control given by the other specified conditions; and (c) specifying the circumstances in which a person holds a right in a limited liability partnership or meets a specified condition in relation to it directly or indirectly through any number of persons or arrangements of any description. (3) The Cabinet may, by affirmative resolution, make regulations to add to, remove from or otherwise revise the list of limited liability partnerships to which this Part applies or does not apply under section 52(1)(g).\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"No prosecution may be commenced against a limited liability partnership for an offence under section 81, as enacted by clause 2 of this Law, unless the act or omission that constituted the offence took place at least three months after the coming into force of that section. Transitional provision The Limited Liability Partnership (Amendment) Bill, 2018 Passed by the Legislative Assembly the    day of , 2018. Speaker. Clerk of the Legislative Assembly.\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2018_01_01\", \"date\": \"2018-01-01\", \"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_2018_01_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2018_01_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/bill\/2018\/39\", \"FRBRdate\": [{\"date\": \"2018-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/bill\/2018\/39\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2018-0039\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"39 of 2018\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"bill\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/bill\/2018\/39\/eng@2018-01-01\", \"FRBRdate\": [{\"date\": \"2018-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/bill\/2018\/39\/eng@2018-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/bill\/2018\/39\/eng@2018-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/bill\/2018\/39\/eng@2018-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"bill\", \"header\": {\"title\": \"Banks and Trust Companies (Amendment) Law, 2018\", \"actNumber\": \"39 of 2018\", \"longTitle\": null}}, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nSupplement No. 15 published with Extraordinary\nGazette No. 81dated 24th October, 2018.\n\nA BILL FOR A LAW TO AMEND THE LIMITED LIABILITY\nPARTNERSHIP LAW, 2017  TO REQUIRE LIMITED LIABILITY\nPARTNERSHIPS REGISTERED IN THE ISLANDS TO ESTABLISH,\nMAINTAIN AND REGULARLY UPDATE BENEFICIAL OWNERSHIP\nREGISTERS; TO IDENTIFY LIMITED LIABILITY PARTNERSHIPS\nTHAT ARE EXEMPT FROM THESE REQUIREMENTS AND REQUIRE\nTHEM TO FILE WRITTEN CONFIRMATIONS OF EXEMPTION; TO\nENABLE THE REGISTERS TO BE SEARCHED BY THE COMPETENT\nAUTHORITY DESIGNATED UNDER THE COMPANIES LAW (2018\nREVISION); AND FOR INCIDENTAL AND CONNECTED MATTERS\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n2\nTHE LIMITED LIABILITY PARTNERSHIP (AMENDMENT) BILL, 2018\n\nMEMORANDUM OF OBJECTS AND REASONS\n\nFurther to the Financial Action Task Force (FATF) Recommendation 24 and the\nExchange of Notes between the Cayman Islands and the United Kingdom signed\nin April 2016, the Bill seeks to require limited liability partnerships in the Islands\nto maintain registers of information concerning their beneficial owners, whether\nindividuals or legal entities.  The Bill would provide access to beneficial\nownership registers of limited liability partnerships by the competent authority\ndesignated by the Minister with responsibility for financial services via the search\nplatform to be established by that authority.  Searches could only be performed in\nresponse to a request from a designated official in a jurisdiction that has entered\ninto an agreement with the Government to share beneficial ownership information\nor to a request from a specified law enforcement body if the request is in\ncompliance with the legislation governing the affairs of such body.\nClause 1 provides for the short title and commencement of the legislation.\nClause 2 amends the principal Law by inserting a new Part 8 entitled \u201cBeneficial\nOwnership Registers\u201d, which contains new sections 51 to 87 providing as follows:\nSection 51 provides the definitions for terms used in the legislation and\nincludes an interpretation provision that provides that a number of legal\npersons, including governments and government departments, shall be\ntreated as individuals under Part 8.\nSection 52(1) provides that Part 8 applies in respect of limited liability\npartnerships registered in the Islands and sets out a number of exceptions to\nthis rule, including limited liability partnerships listed on the Cayman\nIslands Stock Exchange or an approved stock exchange and limited liability\npartnerships holding a licence under a regulatory law. The latter exception\ndoes not exclude limited liability partnerships registered as excluded persons\nunder section 5(4) of the Securities Investment Business Law (2015\nRevision).\nThe section exempts from application of the Part special purpose vehicles,\nprivate equity funds, collective investment schemes and investment funds\noperated by an approved person and sets out in relation to which of these\nvehicles, funds and schemes the general partner of the vehicle, fund or\nscheme is exempt.\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n3\nThe section also exempts from Part 8 legal entities regulated in jurisdictions\nlisted in Schedule 3 of the Anti-Money Laundering Regulations (2018\nRevision) and legal entities holding shares or interests in legal entities\nlicensed under certain Cayman Islands Laws.\nSection 52(2) specifies the circumstances in which a legal entity is\nconsidered to be operated, managed, arranged, administered or promoted by\nan approved person and section 52(3) defines that term.\nSection 53 empowers the competent authority to do all things necessary to\nperform its functions under Part 8.\nSection 54 sets out a limited liability partnership\u2019s duty to obtain\ninformation about individuals who are beneficial owners of the limited\nliability partnership and defines who is a beneficial owner.\nSection 55 sets out a limited liability partnership\u2019s duty to obtain\ninformation about relevant legal entities and defines the meaning of that\nterm.\nSection 56 provides that a limited liability partnership must give notice to\nbeneficial owners, relevant legal entities and any person it knows or has\nreasonable cause to believe is a registrable person in relation to it.  In\naddition, a limited liability partnership may give notice to a legal entity or a\nperson it knows or has reasonable cause to believe knows the identity of a\nregistrable person.  The section also provides for cases where such notice is\nnot required and protects from disclosure information subject to legal\nprofessional privilege and information that a person is prohibited by law\nfrom disclosing.\nThe notices require the recipient to state whether they are registrable persons\nor know the identity of registrable persons and if so, to supply the required\nparticulars.\nSection 57 places a proactive disclosure obligation on registrable persons\nand relevant legal entities in certain circumstances. The obligation to notify\nthe limited liability partnership arises where persons know that they are\nregistrable persons or relevant legal entities and that their particulars are not\nalready registered in the limited liability partnership\u2019s beneficial ownership\nregister and where they have not received a notice from the limited liability\npartnership and these circumstances have continued for a period of at least\none month.  They must notify the limited liability partnership, within a\nspecified time period, that they are registrable persons or relevant legal\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n4\nentities, stating the date on which they became such and giving the limited\nliability partnership their required particulars.\nSection 58 sets out which individuals or relevant legal entities are registrable\npersons.\nSection 59 requires limited liability partnerships to which Part 8 applies to\nengage a corporate services provider or the Registrar to establish a register\nof their beneficial owners and relevant legal entities and requires that the\nregister must be kept at their registered office.\nSection 60 requires a limited liability partnership to which Part 8 applies to\ngive to its corporate services provider or the Registrar the required\nparticulars of registrable persons and entities. The section requires a limited\nliability partnership that claims an exemption under section 52 to file a\ndeclaration with the competent authority, indicating the grounds for the\nexemption.The section also provides that no particulars need be entered in\nthe limited liability partnership\u2019s register until the information has been\nconfirmed.\nSection 61 sets out the required particulars in respect of, among other things,\nan individual and a relevant legal entity.\nSection 62 provides for the duty of the limited liability partnership to keep\nthe register up to date. The section defines the expression \u201crelevant change\u201d\nand requires the limited liability partnership to give notice to registrable\npersons and relevant legal entities as soon as reasonably practicable once the\nlimited liability partnership knows that a relevant change has occurred.  The\nnotice must require the addressee to confirm, within the time period\nprovided, whether the change has occurred and, if so, to state the date of the\nchange and to correct, complete, or confirm the particulars included in the\nnotice.\nSection 63 requires the corporate services provider of a limited liability\npartnership or the Registrar to notify the limited liability partnership if either\nis of the opinion that, among other things, the limited liability partnership is\nnot in compliance with its obligations under section 60 or 62 or that the\nlimited liability partnership has provided them with false, deceptive or\nmisleading information. On receipt of the notice the limited liability\npartnership must bring itself into compliance with Part 8. If the limited\nliability partnership is not able to provide the missing information for its\nbeneficial ownership register, it must issue a restrictions notice to the\nregistrable persons whose particulars are missing. The section gives a person\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n5\nwho receives a restrictions notice the right to apply to the Grand Court to set\nit aside.\nSection 64 requires a registrable person to notify the limited liability\npartnership of relevant changes to information in its beneficial ownership\nregister. The obligation arises where the person is entered in the limited\nliability partnership\u2019s beneficial ownership register, has not received notice\nfrom the limited liability partnership under section 62, but knows that a\nrelevant change has occurred and that the limited liability partnership\u2019s\nregister has not been altered to reflect the change. The notification must\nstate the date on which the change occurred and provide any information\nneeded by the limited liability partnership to update the register. The\nnotification must be given within one month after the person discovered the\nchange.\nSection 65 provides that an entry in the beneficial ownership register\nrelating to a person who used to be a registrable person or an entity that used\nto be a registrable relevant legal entity may be removed five years after the\ndate on which the person or entity ceased to be registrable.\nSection 66 provides that a person aggrieved or a person who is a registrable\nperson in relation to a limited liability partnership may apply to the Grand\nCourt for rectification of the limited liability partnership\u2019s beneficial\nownership register. The grounds for the application are that the information\nis entered in or omitted from the register without sufficient cause; or that\nthere is delay or default in recording that a person is no longer a registrable\nperson or relevant legal entity. The section sets out the action the court may\ntake in response to such an application.  The Court must require the limited\nliability partnership, in rectifying its register, to give notice of the\nrectification to the competent authority.\nSection 67 requires the competent authority to establish a search platform\nthat will enable it to search limited liability partnerships\u2019 beneficial\nownership registers. The search platform must be secure, prevent disclosure\nof the search or the fact that a search has been carried out and allow searches\nby the name of a limited liability partnership, an individual or a legal entity.\nSection 68 requires corporate services providers and the Registrar to provide\nthe limited liability partnerships that engage them with an information\ntechnology solution that maintains their beneficial ownership registers and\nconnects those registers with the search platform. The section also requires\ncorporate services providers to regularly deposit beneficial ownership\ninformation received from limited liability partnerships as directed by the\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n6\ncompetent authority. The provision imposes penalties for default by a\ncorporate services provider or any of its officers in complying with this\nobligation.\nSection 69 sets out the bodies that may request searches of beneficial\nownership registers.  The section requires a senior official from the relevant\nbody to certify that the search request meets the requirements of section 262\nof the Companies Law (2018 Revision) and precludes any person from\nsearching the registers other than the competent authority.\nSection 70 provides that the Cayman Islands Monetary Authority may, on\nrequest by the competent authority, disclose any information in its\npossession respecting a limited liability partnership or its subsidiary that is\nregistered or holds a licence under a regulatory law that the limited liability\npartnership is required to provide under Part 8 as required particulars.\nSection 71 provides that information respecting searches of the Registry\nshall be kept confidential except for information that is permitted to be\ndisclosed under the Confidential Information Disclosure Law, 2016.\nSection 72 provides that if a limited liability partnership serves notice on a\nperson with a relevant interest under section 56 or 62 and that person fails to\ncomply with the notice within the specified time frame, the limited liability\npartnership may issue the person with a restrictions notice. A restrictions\nnotice may be served one month after the date of non-compliance with the\nsection 56 or 62 notice if no valid reason has been provided for the noncompliance.  The limited liability partnership must have regard to the rights\nof third parties in respect of the relevant interest in deciding whether to issue\na restrictions notice.\nSection 73 sets out the effect of a restrictions notice and circumstances in\nwhich the restrictions do not apply. Interests subject to restrictions may not\nbe transferred and no rights may be exercised or shares issued in respect of\nthat interest. The limited liability partnership may not pay any sums due in\nrespect of the interest other than in a liquidation.\nSection 74 provides that, following application by any person aggrieved that\na restrictions notice issued by the limited liability partnership unfairly affects\nthe rights of third parties in respect of the interest subject to restrictions, the\nGrand Court may give a direction that certain acts do not constitute a breach\nof the restrictions. The direction is given by the Court for the purpose of\nprotecting the third party rights in question and is subject to such terms as\nthe Court thinks fit.\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n7\nSection 75 specifies the actions that constitute offences in relation to an\ninterest subject to restrictions. It is an offence for a person who knows their\ninterest to be subject to restrictions to fail to tell any person with the right to\nvote in respect of that interest of that fact (unless they know the person to be\naware of that fact).  It is also an offence for a person to enter into an\nagreement in respect of an interest that is void, knowing that to be the case.\nSection 76 provides that, subject to direction given under sections 74 or 75,\nit is an offence for a limited liability partnership to issue a partnership\ninterest in contravention of a restrictions notice. A limited liability\npartnership that commits an offence under this section is liable on summary\nconviction to a fine of five thousand dollars.\nSection 77 provides that a person aggrieved may apply to the Grand Court\nfor the restrictions to be lifted.  The Court may only do so if the relevant\nfacts about the interest have been disclosed without any person having\ngained an unfair advantage or if the interest is to be sold.\nSection 78 sets out the procedure by which a relevant interest subject to\nrestrictions may be sold.  An application to the Grand Court to sell the\ninterests may only be made by the limited liability partnership in question.\nSection 79 provides that, where a relevant interest is sold, the proceeds of\nthe sale (less costs) must be paid into the Court for the benefit of persons\nbeneficially interested in the relevant interest, who may apply to the Court to\nhave the proceeds paid to them.\nSection 80 provides that a limited liability partnership must itself withdraw\nthe restrictions imposed if it is satisfied that there is a valid reason to justify\nthe person\u2019s failure to comply with a restrictions notice.  The limited\nliability partnership must also withdraw the restrictions if the relevant\ninformation in respect of the notice is provided or if it discovers that there is\nan unfair impact on third parties in respect of the interest subject to\nrestrictions.\nSection 81 provides that it is an offence for a limited liability partnership to\ncontravene sections 54(1), 55(1), 59, 60(1) or (2) or 62(2) or to fail to issue\na notice as required by section 56, 62 or 63(3).  The section also provides\nfor a continuing offence where the contravention or failure continues.\nSection 82 provides that it is an offence for a person to whom a notice is\naddressed under section 56 or 62 to fail to comply with the notice or to\nknowingly or recklessly make a false statement.  However, the offence does\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n8\nnot apply if the person can prove that the requirement was frivolous or\nvexatious.  The offence is triable by summary conviction or indictment.\nSection 83 makes it an offence for a person to fail to comply with a duty\nunder section 57 or 64 or to knowingly or recklessly make a false statement\nin respect of that duty.  The offence is triable by summary conviction or\nindictment.\nSection 84 provides that it is an offence to contravene section 69(1) or (2) or\nto disclose confidential beneficial ownership information contrary to section\n71.\nSection 85 provides that it is an offence for directors or officers of a limited\nliability partnership or legal entity to connive in, consent to or wilfully\nneglect their duties in relation to an offence committed by the limited\nliability partnership under Part 8 and makes them liable to the same\npunishment as the limited liability partnership.\nSection 86 empowers the competent authority to exempt an individual or\nlegal entity from various requirements of Part 8 in accordance with criteria\nprescribed by the Regulations, where there are special reasons to do so.\nSection 87 provides enabling powers for Cabinet to make regulations\nrequired to implement Part 8, including prescribing anything required to be\nprescribed under it. It enables Cabinet to make regulations for the\ninterpretation of certain expressions that are utilized in the Part and to adjust\nthe percentages set out in the specified conditions. The section also\nempowers Cabinet to exempt any limited liability partnership from the\napplication of Part 8 by enacting Regulations subject to the affirmative\nresolution procedure.\nClause 3 contains a transitional provision that delays prosecutions of limited\nliability partnerships for offences under section 80, as enacted by clause 2 of the\namending Law, until one year has elapsed from the coming into force of that\nsection.\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n9\nCAYMAN ISLANDS\n\nA BILL FOR A LAW TO AMEND THE LIMITED LIABILITY\nPARTNERSHIP LAW, 2017 TO REQUIRE LIMITED LIABILITY\nPARTNERSHIPS REGISTERED IN THE ISLANDS TO ESTABLISH,\nMAINTAIN AND REGULARLY UPDATE BENEFICIAL OWNERSHIP\nREGISTERS; TO IDENTIFY LIMITED LIABILITY PARTNERSHIPS\nTHAT ARE EXEMPT FROM THESE REQUIREMENTS AND REQUIRE\nTHEM TO FILE WRITTEN CONFIRMATIONS OF EXEMPTION; TO\nENABLE THE REGISTERS TO BE SEARCHED BY THE COMPETENT\nAUTHORITY DESIGNATED UNDER THE COMPANIES LAW (2018\nREVISION); AND FOR INCIDENTAL AND CONNECTED MATTERS\nENACTED by the Legislature of the Cayman Islands.\n1.\n(1) This Law may be cited as the Limited Liability Partnership\n(Amendment) Law, 2018.\n\n(2) This Law shall come into force on such date as may be appointed by\nthe Cabinet and different dates may be appointed for different provisions.\n2.\nThe Limited Liability Partnership Law, 2017, in this Law referred to as \u201cthe\nprincipal Law\u201d, is amended by inserting after Part 7 the following Part -\n\u201cPART 8 - BENEFICIAL OWNERSHIP REGISTERS\nInterpretation\n\n51. (1) In this Part -\n\u201cbeneficial owner\u201d, in relation to a limited liability\nShort title and\ncommencement\nInsertion of new Part 8\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n10\n\n(2018 Revision)\n\n(2018 Revision)\n\npartnership, has the meaning assigned by sections 54(3), (4)\nand (5);\n\u201cbeneficial ownership register\u201d means a register of adequate,\naccurate and current beneficial ownership information\nmaintained by a limited liability partnership pursuant to\nsection 59, containing the required particulars of registrable\npersons in relation to the limited liability partnership;\n\u201ccompetent authority\u201d means the Minister referred to in\nsection 246(1) of the Companies Law (2018 Revision) or the\nperson designated by the Minister under that section;\n\u201ccorporate services provider\u201d means an individual or legal\nentity that provides corporate services under the Companies\nManagement Law (2018 Revision), the Banks and Trust\nCompanies Law (2018 Revision), the Insurance Law, 2010 or\nany other regulatory law pursuant to which the individual or\nlegal entity is licensed or permitted to provide registered\noffice services;\n\u201cindividual\u201d means a natural person;\n\u201clegal entity\u201d means a company, limited liability company,\nlimited liability partnership or other body that is a legal\nperson under the law by which it is governed;\n\u201cprescribed\u201d means prescribed by regulations made under\nsection 87;\n\u201cregistrable person\u201d means an individual or relevant legal\nentity that is a registrable person under section 58;\n\u201cregulatory law\u201d means a law defined as such in section 2 of\nthe Monetary Authority Law (2018 Revision), other than the\nDirectors Registration and Licensing Law, 2014;\n\u201crelevant interest\u201d means an interest that a person holds in a\nlimited liability partnership consisting of -\n\n(a) a limited liability partnership interest; or\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n11\n\n(b) the right to appoint or remove a majority of\nthe managing partners of the limited liability\npartnership;\n\u201crelevant legal entity\u201d, in relation to a limited liability\npartnership, has the meaning assigned by section 55(3);\n\u201crequired particulars\u201d means particulars in respect of a\nregistrable person required to be kept in a limited liability\npartnership\u2019s beneficial ownership register pursuant to\nsections 60 and 61;\n\u201crestrictions notice\u201d means a notice issued under section 72;\nand\n\u201cspecified conditions\u201d means the conditions specified in\nsections 54(3), (4) and (5).\n(2) This Part is to be read and have effect as if each of\nthe following were an individual, even if they are legal\npersons under the laws by which they are governed -\n(a) a corporation sole;\n(b) a government or government department of a\ncountry or territory or a part of a country or\nterritory;\n(c) an international organization whose members\ninclude two or more countries or territories\n(or their governments); and\n(d) a local authority or local government body.\nApplication\n\nSchedule 4\n(2018 Revision)\n\n(2015 Revision)\n\n52. (1) This Part applies in respect of limited liability\npartnerships formed and registered, except a legal entity or\nsubsidiary of one or more legal entities, each of which is -\n(a) listed on the Cayman Islands Stock Exchange\nor an approved stock exchange in Schedule 4\nof the Companies Law (2018 Revision);\n(b) registered or holding a licence under a\nregulatory law (other than  a limited liability\npartnership registered as an excluded person\nunder\nsection\n5(4)\nof\nthe\nSecurities\nInvestment Business Law (2015 Revision));\n(c) managed, arranged, administered, operated\nor promoted by an approved person as a\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n12\n\n(2018 Revision)\n\n(2015 Revision)\n\nspecial purpose vehicle, private equity fund,\ncollective investment scheme or investment\nfund, including where the vehicle, fund or\nscheme is a Cayman Islands exempted\nlimited partnership;\n(d) regulated in a jurisdiction included in a list\npublished by the Anti-Money Laundering\nSteering Group of countries and territories\nwhose Anti-Money Laundering legislation is\ndeemed to be equivalent to the Anti-Money\nLaundering legislation of the Islands;\n(e) a general partner of a vehicle, fund or\nscheme referred to in paragraph (c) which\nvehicle, fund or scheme -\n(i)\nis registered or holds a licence under a\nregulatory law; or\n(ii) is managed, arranged, administered,\noperated or promoted by an approved\nperson;\n(f)\nholding directly a legal or beneficial interest\nin the shares of a legal entity which holds a\nlicence\nunder\nthe\nBanks\nand\nTrust\nCompanies\nLaw\n(2018\nRevision),\nthe\nCompanies\nManagement\nLaw\n(2018\nRevision), the Insurance Law, 2010, Part III\nof the Mutual Funds Law (2015 Revision) or\nthe Securities Investment Business Law\n(2015 Revision); or\n(g) exempted by the Regulations.\n(2) For the avoidance of doubt, a legal entity shall not\nbe considered -\n(a) to be operated or managed by an approved\nperson solely as a consequence of the entity\nhaving appointed an individual who is an\nemployee of a legal entity which holds a\nlicence under a regulatory law as a director\nor managing partner; or\n(b) to be managed, arranged, administered,\noperated or promoted by an approved person\nsolely as a consequence of the entity having\nappointed an approved person to provide its\nregistered office in the Cayman Islands.\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n13\n\n(2015 Revision)\n\n(2018 Revision)\n\nSchedule 4\n(2018 Revision)\n\n(3) In this section, \u201capproved person\u201d means a person\nor a subsidiary of a person that is -\n(a) regulated, registered or holding a licence in\nthe Islands under a regulatory law (other than\na person registered as an excluded person\nunder\nsection\n5(4)\nof\nthe\nSecurities\nInvestment Business Law (2015 Revision));\n(b) regulated\nin\nan\nequivalent\nlegislation\njurisdiction that is included in the list\npublished in the Gazette and referred to in\nregulations 22(d) and 23(1) of the AntiMoney\nLaundering\nRegulations\n(2018\nRevision); or\n(c) listed on the Cayman Islands Stock Exchange\nor an approved stock exchange in Schedule 4\nof the Companies Law (2018 Revision).\n(4) For the purposes of this section, a limited liability\npartnership (\u201cS\u201d) is a subsidiary of one or more legal entities\ndescribed in subsection (1) if -\n(a) such legal entities, separately or collectively,\nhold in excess of seventy-five percent of the\npartnership interests with respect to profit\nsharing or voting rights in S or distributions\nof capital from S;\n(b) each such legal entity is a partner of S and,\nseparately or collectively, such legal entities\nhave the right to appoint or remove a\nmajority of its managing partners; or\n(c) it is a subsidiary of one or more legal entities\neach of which is itself a subsidiary of one or\nmore legal entities described in subsection\n(1).\nCompetent\nauthority\n53. The competent authority may do all things necessary or\nconvenient to be done in the performance of the competent\nauthority\u2019s functions under this Part, including executing\nrequests by senior officials referred to in section 69(1) to\nsearch for information concerning the beneficial ownership\nof limited liability partnerships registered in the Islands.\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n14\n\nIdentifying Beneficial Owners, Relevant Legal Entities and\nRegistrable Persons\nDuty of limited\nliability\npartnerships to\nidentify\nbeneficial\nowners\n54. (1) Limited liability partnerships to which this Part\napplies shall take reasonable steps to identify any individual\nwho is a beneficial owner of the limited liability partnership.\n(2) For the purpose of identifying individuals who are\nbeneficial owners under subsection (1), a limited liability\npartnership is entitled to rely, without further enquiry, on the\nresponse of a person to a notice in writing sent in good faith\nby the limited liability partnership, unless it has reason to\nbelieve that the response is misleading or false.\n(3) An individual (\u201cX\u201d) is a beneficial owner of a\nlimited liability partnership (\u201cY\u201d) if the individual meets one\nor more of the following conditions in relation to the limited\nliability partnership -\n(a) X must hold, directly or indirectly, a\npartnership interest in Y representing a right\nto share in more than 25 percent of any\nsurplus limited liability partnership property\nof Y on a winding up of Y;\n(b) X must hold, directly or indirectly, a\npartnership interest in Y representing more\nthan 25 percent of the rights to vote on those\nmatters that are to be decided by a vote at\nmeetings of the partners of Y; or\n(c) X must hold the right, directly or indirectly,\nto appoint or remove a majority of the\nmanaging partners of Y or those persons who\nhold a majority of the voting rights at\nmeetings of the partners.\n(4) If no individual meets the conditions in subsection\n(3), X is a beneficial owner of limited liability partnership Y\nif X has the absolute and unconditional legal right to\nexercise, or actually exercises, significant influence or\ncontrol over Y through the interests described in subsection\n(3) other than where that influence or control is soley in the\ncapacity of a professional advisor or professional manager.\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n15\n(5) If no individual meets the conditions in\nsubsections (3) and (4) but the trustees of a trust (or the\nmembers of a partnership or other entity that under the law\nby which it is governed is not a legal person) meet one of\nthose conditions in relation to limited liability partnership Y\nin their capacity as such, X is a beneficial owner of Y if X\nhas the absolute and unconditional legal right to exercise, or\nactually exercises, significant influence or control over the\nactivities of that trust (or partnership or other entity) other\nthan where that influence or control is soley in the capacity of\na professional advisor or professional manager.\nDuty of limited\nliability\npartnerships to\nidentify relevant\nlegal entities\n\n55. (1) A limited liability partnership to which this Part\napplies shall take reasonable steps to identify all relevant\nlegal entities that exist in relation to the limited liability\npartnership.\n(2) For the purpose of identifying relevant legal\nentities under subsection (1), a limited liability partnership is\nentitled to rely, without further enquiry, on the response of a\nlegal entity to a notice in writing sent in good faith by the\nlimited liability partnership, unless it has reason to believe\nthat the response is misleading or false.\n(3) A \u201crelevant legal entity\u201d, in relation to a limited\nliability partnership, is a legal entity that -\n(a)  is\nincorporated,\nformed\nor\nregistered\n(including by way of continuation or as a\nforeign company) in the Islands under the\nlaws of the Islands; and\n(b) would be a beneficial owner of the limited\nliability partnership if it were an individual.\nDuty of limited\nliability\npartnerships to\ngive notice to\nregistrable\npersons\n56. (1) Subject to subsection (5), a limited liability\npartnership to which this Part applies shall give notice in\nwriting to beneficial owners and relevant legal entities\nidentified by the limited liability partnership under sections\n54 and 55 and to any person that it knows or has reasonable\ncause to believe is a registrable person in relation to it.\n(2) The notice shall require the persons to whom it is\naddressed, within one month of the date of receipt of the\nnotice -\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n16\n(a) to state whether or not they are registrable\npersons, within the meaning of this Part; and\n(b) if they are registrable persons, to confirm or\ncorrect any required particulars that are\nincluded in the notice and supply any\nrequired particulars that are missing from the\nnotice.\n(3) A limited liability partnership may also give notice\nin writing to a partner or a legal entity that it knows or has\nreasonable cause to believe is a relevant legal entity in\nrelation to that limited liability partnership (or would be a\nrelevant legal entity if it were registered under this Law), if\nthe limited liability partnership knows or has reasonable\ncause to believe that such partner or legal entity knows the\nidentity of a registrable person.\n(4) A notice under subsection (3) may require the\npersons to whom it is addressed -\n(a) to state whether or not they know the identity\nof a registrable person or any person likely to\nhave that knowledge; and\n(b) to supply, within one month of receipt of the\nnotice and at the expense of the limited\nliability partnership, any required particulars\nrespecting such registrable persons that are\nwithin the addressee\u2019s knowledge and to\nstate whether the particulars are being\nsupplied with or without the knowledge of\nthe person concerned.\n(5) A limited liability partnership is not required to\ngive a notice to an individual or a relevant legal entity if -\n(a) the limited liability partnership knows that\nthe individual or entity is not a registrable\nperson; or\n(b) the limited liability partnership has already\nbeen informed of the person\u2019s status as a\nregistrable person in relation to it, and has\nreceived all the required particulars.\n(6) A person to whom a notice under this section is\ngiven is not required by that notice to disclose any\ninformation -\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n17\n(a)  in respect of which a claim to legal\nprofessional privilege could be maintained in\nlegal proceedings; or\n(b) that the person is prohibited by any law\napplicable in the Islands from disclosing.\nDuty of\nbeneficial\nowners and\nrelevant legal\nentities to supply\ninformation\n\n57. (1) This section applies to a person if -\n(a) the person is a registrable person in respect\nof a limited liability partnership to which this\nPart applies;\n(b) the person knows the facts referred to in\nparagraph (a);\n(c) the person has no reason to believe that the\nperson\u2019s required particulars are stated in the\nlimited\nliability partnership\u2019s beneficial\nownership register;\n(d) the person has not received a notice from the\nlimited liability partnership under section 56;\nand\n(e) the circumstances described in paragraphs\n(a), (b), (c) and (d) have continued for a\nperiod of at least one month.\n(2) The person shall -\n(a) notify the limited liability partnership of the\nperson\u2019s status as a registrable person in\nrelation to the limited liability partnership;\n(b) state the date, to the best of the person\u2019s\nknowledge, on which the person acquired\nthat status; and\n(c) give the limited liability partnership the\nrequired particulars.\n(3) The duty under subsection (2) must be complied\nwith by the end of the period of one month beginning with\nthe day on which the conditions in subsections (1)(a), (b) and\n(c) were first met with respect to the person.\nIndividuals and\nrelevant legal\nentities that are\nregistrable\npersons\n\n58. (1) The following are registrable persons in relation to\na limited liability partnership -\n(a) an individual whom the limited liability\npartnership identifies pursuant to section 54\nas a beneficial owner; and\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n18\n(b) a relevant legal entity identified by the\nlimited liability partnership pursuant to\nsection 55 -\n(i)\nthat directly holds  a partnership\ninterest or meets one or more of the\nspecified conditions directly in respect\nof the limited liability partnership; and\n(ii) through which any beneficial owner or\nrelevant legal entity indirectly owns a\npartnership interest.\n(2) Whether a person holds a partnership interest in a\nlimited liability partnership or meets a specified condition in\nrelation to it directly or indirectly shall be determined in the\nmanner prescribed.\n\nEstablishing Beneficial Ownership Registers\nDuty to establish\nand maintain\nbeneficial\nownership\nregister\n\n59. A limited liability partnership to which this Part applies\nby virtue of section 52(1) shall -\n(a) keep its beneficial ownership register at the\nlimited liability partnership\u2019s registered\noffice; and\n(b) engage a corporate services provider or the\nRegistrar to establish and maintain its\nbeneficial ownership register.\nRole of\ncorporate\nservices provider\nand Registrar\n60. (1) A limited liability partnership to which this Part\napplies shall provide in writing to the corporate services\nprovider or the Registrar, as the case may be, the required\nparticulars of registrable persons in respect of that limited\nliability partnership, once those particulars have been\nconfirmed.\n(2) A limited liability partnership that is exempt from\nthe application of this Part shall, in the prescribed manner,\nprovide to the corporate services provider or the Registrar, as\nthe case may be -\n(a) written confirmation of the exemption -\n(i)\nidentifying the paragraph under section\n52(1) that provides for the exemption;\nand\n(ii) including the prescribed information\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n19\nabout\nthe\nregulated\nlegal\nentity,\nregulated parent entity or approved\nperson referred to in that paragraph;\nand\n(b) instructions to file the written confirmation\nwith the competent authority.\n(3) The limited liability partnership referred to in\nsubsection (1) shall instruct the corporate services provider\nor the Registrar, as the case may be, to enter the required\nparticulars of registrable persons in the limited liability\npartnership\u2019s beneficial ownership register in the prescribed\nform and manner, or if no registrable persons are identified,\nto enter a nil return.\n(4) It is not required for particulars to be entered in\nthe register concerning an individual or relevant legal entity\nthat is not a registrable person.\n(5) For the purposes of this section, particulars are\nconsidered to have been confirmed if -\n(a) the\nlimited\nliability\npartnership\nhas\nreasonable grounds to believe that they were\nsupplied or confirmed by the individual or\nentity to whom the particulars relate;\n(b) another person supplied or confirmed them\nto the limited liability partnership, and the\nlimited liability partnership has reasonable\ngrounds to believe that this was done with\nthe knowledge of the individual or entity to\nwhom the particulars relate; or\n(c) the particulars were included in a statement\nreferred to in section 18 and delivered to the\nRegistrar by persons wishing to form the\nlimited liability partnership.\nRequired\nparticulars\n\n61. (1) The required particulars of an individual are -\n(a) full legal name;\n(b) residential address and, if different, an\naddress for service of notices under this Law;\n(c) date of birth;\n(d) information identifying the individual from\nthe individual\u2019s passport, driver\u2019s licence or\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n20\nother\ngovernment-issued\ndocument,\nincluding -\n(i)\nidentifying number;\n(ii) country of issue; and\n(iii) date of issue and of expiry; and\n(e) the date on which the individual became or\nceased to be a registrable person in relation\nto the limited liability partnership in\nquestion.\n(2) In the case of a person in relation to whom this\nPart has effect by virtue of section 51(2), the required\nparticulars are -\n(a) name;\n(b) principal office;\n(c) the legal form of the person and the law by\nwhich the person is governed; and\n(d) the date on which the person became or\nceased to be a registrable person in relation\nto the legal entity in question.\n(3) The required particulars of a relevant legal entity\nare -\n(a) corporate or firm name;\n(b) registered or principal office;\n(c) the legal form of the entity and the law by\nwhich it is governed;\n(d) if applicable, the register of companies or\nlimited liability companies in which it is\nentered and its registration number in that\nregister; and\n(e) the date on which it became or ceased to be a\nregistrable person in relation to the limited\nliability partnership in question.\nDuty of limited\nliability\npartnership to\nkeep register up\nto date\n\n62. (1) If a limited liability partnership to which this Part\napplies becomes aware of a relevant change with respect to a\nregistrable person whose required particulars are stated in its\nbeneficial ownership register, the limited liability partnership\nshall give notice to the registrable person, as soon as\nreasonably practicable after it learns of the change or first has\nreasonable cause to believe that the change has occurred,\nrequesting confirmation of the change.\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n21\n(2) If the person to which a notice is sent under\nsubsection (1) confirms the relevant change, the limited\nliability partnership shall record the details of the change and\ninstruct the corporate services provider or the Registrar, as\nthe case may be, to enter in the limited liability partnership\u2019s\nbeneficial ownership register in the prescribed form and\nmanner -\n(a) the details of the relevant change confirmed\nby the limited liability partnership;\n(b) the date on which the change was made; and\n(c) whether there are further alterations to be\nmade.\n(3) For the purposes of this section, a relevant change\noccurs if -\n(a) the registrable person ceases to be a\nregistrable person in relation to the limited\nliability partnership; or\n(b) any other change occurs as a result of which\nthe required particulars stated respecting the\nregistrable person in the limited liability\npartnership\u2019s beneficial ownership register\nare materially incorrect or incomplete.\n(4) A relevant change with respect to a registrable\nperson is considered to have been confirmed if -\n(a) the limited liability partnership has given\nnotice to the registrable person requesting\nconfirmation, within the period of one month\nfrom the date of the notice, of the relevant\nchange, the date of the change and the\nrequired particulars included in the notice;\nand\n(b) the details, date and required particulars of\nthe change have been supplied or confirmed\nto the limited liability partnership by the\nregistrable person or by another person with\nthe knowledge of the registrable person.\nConsequences of\nfailure to\ndisclose\nbeneficial\nownership\n63. (1)  If a limited liability partnership\u2019s corporate\nservices provider or the Registrar, as the case may be, is of\nthe opinion that a limited liability partnership has failed to\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n22\ncomply with section 60 or 62 without reasonable excuse or\nhas made a statement to either of them that is false, deceptive\nor misleading in respect of a material particular, the limited\nliability partnership\u2019s corporate services provider or the\nRegistrar, as the case may be, shall give notice of the opinion\nto the limited liability partnership and send a copy of the\nnotice to the competent authority.\n(2) On receipt of a notice under subsection (1), the\nlimited liability partnership shall provide its corporate\nservices provider or the Registrar, as the case may be, with -\n(a) the missing particulars required under\nsection 60 or 62 pertaining to registrable\npersons; and\n(b)  a justification or correction respecting any\nstatement identified in the notice.\n(3) If the notified limited liability partnership fails,\ndue to the failure of a registrable person to comply with the\nobligations under this Law, to provide the missing particulars\nreferred to in subsection (2)(a) within one month of receipt of\nthe notice, the limited liability partnership shall -\n(a) subject to section 72, issue a restrictions\nnotice to the registrable persons whose\nparticulars are missing with regard to the\npartnership interest or other relevant interest\nof such registrable persons in the limited\nliability partnership; and\n(b) send a copy of the notice to the competent\nauthority within two weeks of issuing it.\n(4) A person to whom a restrictions notice is issued\nunder this section may apply to the Court to set aside any\nrestriction or cancellation imposed by the notice.\nDuty of other\npersons to\nupdate register\n\n64. (1) This section applies to persons if -\n(a) they have stated that they are registrable\npersons, within the meaning of this Part, in\nresponse to a notice received under section\n56 or they have reason to believe that their\nrequired particulars are stated in a limited\nliability partnership\u2019s beneficial ownership\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n23\nregister;\n(b) a relevant change, within the meaning of\nsection 62(3), occurs with respect to the\nperson;\n(c) they know of the change;\n(d) they have no knowledge that the beneficial\nownership register has been altered to reflect\nthe change; and\n(e) they have not received a notice from the\nlimited liability partnership under section 62\nby the end of the period of one month\nbeginning with the day on which the change\noccurred.\n(2) A person to which this section applies shall -\n(a) notify the limited liability partnership of the\nrelevant change;\n(b) state the date on which the relevant change\noccurred; and\n(c) give the limited liability partnership any\ninformation needed to update the limited\nliability partnership\u2019s beneficial ownership\nregister.\n(3) The duty under subsection (2) shall be complied\nwith by the end of the period of one month beginning with\nthe day on which the person discovered the relevant change.\nRemoval of\nentries from\nlimited liability\npartnership\u2019s\nbeneficial\nownership\nregister\n65. A limited liability partnership may cause an entry\nrelating to a person that is no longer a registrable person to\nbe removed from its beneficial ownership register on the\nexpiration of five years from the date on which the person\nceased to be a registrable person in relation to the limited\nliability partnership.\nPower of Court\nto rectify\nbeneficial\nownership\nregister\n\n66. (1) If -\n(a) the name of any individual or relevant legal\nentity is, without sufficient cause, entered in\nor\nomitted\nfrom\na\nlimited\nliability\npartnership\u2019s beneficial ownership register as\na registrable person; or\n(b) default is made or unnecessary delay takes\nplace in entering on a limited liability\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n24\npartnership\u2019s beneficial ownership register\nthe fact that the individual or relevant legal\nentity has ceased to be a registrable person,\nthe person aggrieved, or any individual or relevant legal\nentity that is a registrable person in relation to the limited\nliability partnership, may apply to the Court for rectification\nof the limited liability partnership\u2019s beneficial ownership\nregister.\n(2) The Court may -\n(a) refuse the application; or\n(b) order\nrectification\nof\nthe\nbeneficial\nownership register and payment by the\nlimited liability partnership of any damages\nsustained by any person aggrieved.\n(3) On an application under this section, the Grand\nCourt may decide any question -\n(a) as to whether the name of any person who is\na party to the application should or should\nnot be entered in or omitted from the limited\nliability partnership\u2019s beneficial ownership\nregister; and\n(b) that is necessary or expedient to be decided\nfor rectification of the limited liability\npartnership\u2019s beneficial ownership register.\n(4) If the Court makes an order for rectification of a\nlimited liability partnership\u2019s beneficial ownership register\nagainst the limited liability partnership, it shall direct notice\nof the rectification to be given to the competent authority.\n\nAccess to Beneficial Ownership Information\n\nDuty of\ncompetent\nauthority to\nestablish search\nplatform\n67. (1) The competent authority shall establish a search\nplatform by means of which access may be provided to\ninformation on all beneficial ownership registers maintained\nby corporate services providers or the Registrar on behalf of\nlimited liability partnerships subject to this Part.\n(2) The search platform must -\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n25\n(a) be secure and accessible only by the\ncompetent authority;\n(b) be able to search all limited liability\npartnership beneficial ownership information\nprovided to the competent authority by\ncorporate services providers or the Registrar\nby the name of an individual, legal entity or\nlimited liability partnership; and\n(c) prevent communication to any person of the\nfact that a search is being made or has taken\nplace, except where the competent authority\nexpressly discloses such communication.\nDuties of the\nRegistrar and\ncorporate\nservices\nproviders\n\n68. (1) A corporate services provider engaged by a\nlimited liability partnership pursuant to section 59, or the\nRegistrar if so engaged, shall offer the limited liability\npartnership an information technology solution, either\ndirectly or through another corporate services provider, that\nenables the corporate services provider or the Registrar, as\nthe case may be -\n(a) to establish and maintain the limited liability\npartnership\u2019s beneficial ownership register\non behalf of the limited liability partnership;\nand\n(b) to provide information on the beneficial\nownership register to the competent authority\nby means of the search platform established\nby the competent authority pursuant to\nsection 67.\n(2) The corporate services provider shall regularly\ndeposit beneficial ownership information received from\nlimited liability partnerships that have engaged the corporate\nservices provider in such place, in such manner and at such\nintervals as may be prescribed.\n(3) If there is default in complying with subsection\n(2), the corporate services provider and any officer of the\ncorporate services provider who is in default -\n(a) shall incur a penalty of five hundred dollars;\nand\n(b) shall incur an additional penalty of one\nthousand dollars and a further penalty of one\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n26\nhundred dollars for every day during which\nthe default continues if the competent\nauthority is satisfied that the default was\nknowingly\nor\nwilfully\nauthorized\nor\npermitted.\nLimits on\nsearches that\nmay be executed\n\n(2018 Revision)\n\n(2018 Revision)\n69. (1) The competent authority shall execute a search of\na limited liability partnership\u2019s beneficial ownership register\nby means of the search platform if formally requested to do\nso -\n(a) by a senior official referred to in section\n262(1) of the Companies Law (2018\nRevision), provided that the senior official\ncertifies that the request meets the conditions\nreferred to in section 262(2) of that Law; or\n(b) by the Financial Crime Unit of the Royal\nCayman Islands Police Service, provided that\na senior official of the Unit certifies that the\nrequest meets the conditions referred to in\nsection 262(3) of the Companies Law (2018\nRevision).\n(2) No person shall use the search platform to search a\nlimited liability partnership\u2019s beneficial ownership register\nexcept the competent authority.\nDisclosure of\nbeneficial\nownership\ninformation by\nthe Cayman\nIslands\nMonetary\nAuthority\n\n(2018 Revision)\n\n70. (1) The Cayman Islands Monetary Authority may, on\nrequest by the competent authority, disclose any information\nin its possession respecting -\n(a) a limited liability partnership; or\n(b) a subsidiary of such a limited liability\npartnership registered or holding a licence\nunder a regulatory law,\nthat the limited liability partnership would be required to\nprovide under this Part as required particulars if this Part\napplied to it.\n(2) For greater certainty, section 50(1) of the\nMonetary Authority Law (2018 Revision) does not apply to a\ndisclosure made under this section.\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n27\nNon-disclosure\nof  information\nconcerning\nrequests for\nbeneficial\nownership\ninformation\n\n(Law 23 of\n2016)\n\n(2017 Revision)\n\n71. (1) Neither the competent authority nor any employee,\nservant or agent of the competent authority shall disclose any\ninformation relating to a request for beneficial ownership\ninformation referred to in section 69, including the fact that\nsuch a request was made or that a search was carried out, to\nany person other than the authorized personnel of the\ncompetent authority or the law enforcement agency that\nrequested the search.\n(2) Information maintained by corporate services\nproviders and the Registrar in respect of beneficial ownership\nof a limited liability partnership is deemed to be confidential\ninformation under the Confidential Information Disclosure\nLaw, 2016.\n(3) Subject to sections 18 and 19 of the Tax\nInformation Law (2017 Revision), information deemed to be\nconfidential under subsection (2) shall only be disclosed in\naccordance with the Confidential Information Disclosure\nLaw, 2016.\n\nEnforcement\nRight to issue\nrestrictions\nnotice\n72. (1) A limited liability partnership to which this Part\napplies may send a restrictions notice to a person who has a\nrelevant interest in that limited liability partnership if -\n(a) a notice under section 56 or 62 was served\non the person;\n(b) the person has not, by the end of the period\nof one month beginning with the date of\nreceipt of the notice -\n(i)\ncomplied with the notice; or\n(ii) provided\nthe\nlimited\nliability\npartnership\nwith\na\nvalid\nreason\nsufficient to justify the person's failure\nto comply with the notice; and\n(c) the relevant interest is not subject to a\nsecurity interest granted to a third party who\nis not affiliated with the person.\n(2) In deciding whether to send a restrictions notice,\nthe limited liability partnership shall have regard to the effect\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n28\nof the notice on the rights of persons in respect of the\nrelevant interest, including third parties, persons with a\nsecurity interest over the relevant interest, other holders of a\npartnership interest and other beneficial owners.\nEffect of\nrestrictions\nnotice\n\n73. (1) The effect of a restrictions notice with respect to a\nrelevant interest is as follows -\n(a) any transfer or agreement to transfer the\ninterest is void;\n(b) no rights are exercisable in respect of the\ninterest;\n(c) no additional rights may be granted in\nrespect of the interest or in pursuance of an\noffer made to the interest-holder;\n(d) except in a liquidation, no payment may be\nmade of sums due from the limited liability\npartnership in respect of the interest, whether\nin respect of capital or otherwise; and\n(e) other than in a liquidation, an agreement to\ntransfer any of the following associated\nrights in relation to the relevant interest is\nvoid -\n(i)\na right to be granted additional rights in\nrespect of the relevant interest; or\n(ii) a right to receive payment of any sums\ndue\nfrom\nthe\nlimited\nliability\npartnership in respect of the relevant\ninterest.\n(2) This section does not apply to an agreement to\ntransfer a relevant interest referred to in subsection (1)(a) or\nto an associated right referred to in subsection (1)(e), if the\nagreement results from the making of an order referred to in\nsection 76(2)(b).\nProtection of\nthird party rights\n\n74. (1) The Court may, on application by any person\naggrieved, give a direction for the purpose of protecting the\nrights of third parties, persons with a security interest over\nthe relevant interest, holders of a partnership interest or other\nbeneficial owners in respect of a relevant interest, if the Court\nis satisfied that a restrictions notice unfairly affects those\nrights.\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n29\n(2) An order under this section -\n(a) shall direct, subject to such terms as the\nCourt thinks fit, that certain acts will not\nconstitute a breach of the restrictions placed\non the relevant interest by the restrictions\nnotice;\n(b) shall specify the acts that will not constitute a\nbreach of the restrictions; and\n(c) may confine the direction to cases where\nthose acts are done by persons, or for\npurposes, described in the order.\nBreach of\nrestrictions an\noffence\n\n75. (1) A person commits an offence who, knowing that a\nrelevant interest is subject to restrictions -\n(a) exercises or purports to exercise any right to\ndispose of the relevant interest;\n(b) exercises or purports to exercise any right to\ndispose of any right to be issued with the\nrelevant interest; or\n(c) votes in respect of the relevant interest\n(whether as holder of the interest or as\nproxy) or appoints a proxy to vote in respect\nof the relevant interest.\n(2) A person who has a relevant interest that the\nperson knows to be subject to restrictions commits an offence\nif the person -\n(a) knows a person to be entitled (apart from the\nrestrictions) to vote in respect of the interest,\nwhether as holder or as proxy;\n(b) does not know the person to be aware of the\nfact that the interest is subject to restrictions;\nand\n(c) fails to notify the person of the fact referred\nto in paragraph (b).\n(3) A person commits an offence if the person -\n(a) has a relevant interest that the person knows\nto be subject to restrictions or is entitled to\nan associated right; and\n(b) enters into an agreement that is void by\nvirtue of section 73(1)(a) or (e).\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n30\n(4) A person who commits an offence under this\nsection is liable on summary conviction to a fine of five\nthousand dollars.\n(5) No person commits an offence who contravenes\nsubsections (1) to (3) in furtherance of compliance with a\ndirection of the Court given under section 74 or 76.\nOffence: issuing\npartnership\ninterests contrary\nto restriction\n76. Subject to a direction given under section 74 or 75, a\nlimited liability partnership that issues partnership interests in\ncontravention of a restriction imposed by virtue of a\nrestrictions notice commits an offence and is liable on\nsummary conviction to a fine of five thousand dollars.\nRelaxation of\nrestrictions\n\n77. (1) A limited liability partnership that issues a\nrestrictions notice, or any person aggrieved by such notice,\nmay apply to the Court for an order directing that the relevant\ninterest cease to be subject to restrictions.\n(2) The Court may only make an order under this\nsection if -\n(a) the Court is satisfied that the information\nrequired by the notice served under section\n56 or 64 has been disclosed to the limited\nliability partnership and no unfair advantage\nhas accrued to any person as a result of the\nearlier failure to make that disclosure; or\n(b) the relevant interest is to be transferred for\nvaluable\nconsideration\nand\nthe\nCourt\napproves the transfer.\n(3) An order made by virtue of subsection (2)(b) may\ncontinue, in whole or in part, the restrictions mentioned in\nsection 73(1)(c) and (d) so far as they relate to a right\nacquired or offer made before the transfer.\n(4) Where any restrictions continue in force by virtue\nof subsection (3) -\n(a) an application may be made under this\nsection for an order directing that the\nrelevant interest cease to be subject to those\nrestrictions; and\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n31\n(b) subsection (2) does not apply in relation to\nthe making of such an order.\nOrders for sale\n\n78. (1) On application by a limited liability partnership\nthat issues a restrictions notice, the Court may order that the\nrelevant interest subject to restrictions be sold, provided that\nthe Court approves the sale.\n(2) A Court that makes an order under subsection (1)\nmay make such further order relating to the sale or transfer of\nthe interest as it thinks fit on application by -\n(a) the limited liability partnership that issued\nthe restrictions notice;\n(b) the person appointed in pursuance of the\norder to effect the sale; or\n(c) any person with an interest in the relevant\ninterest.\n(3) On making an order under subsection (1) or (2),\nthe Court may order that the applicant's costs be paid from\nthe proceeds of sale.\nProceeds of sale\nof relevant\ninterest\n79. (1) If a relevant interest is sold pursuant to an order\nunder section 77, the proceeds of the sale, less the costs of\nthe sale, must be paid into the Court for the benefit of\npersons who are beneficially interested in the relevant\ninterest.\n(2) A person who is beneficially interested in the\nrelevant interest may apply to the Court for the whole or part\nof those proceeds to be paid to that person.\n(3) On an application under subsection (2), the Court\nshall order the payment to the applicant of -\n(a) the whole of the proceeds of sale together\nwith any interest on the proceeds; or\n(b) if another person was also beneficially\ninterested in the relevant interest at the time\nof the sale, such proportion of the proceeds\n(and any interest) as the value of the\napplicant's interest bears to the total value of\nthe relevant interest.\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n32\n(4) Where the Court has ordered under section 77(3)\nthat the costs of an applicant be paid from the proceeds of\nsale, the applicant is entitled to payment of those costs before\nany person receives any part of the proceeds under this\nsection.\nLimited liability\npartnership may\nwithdraw\nrestrictions\nnotice\n\n80. A limited liability partnership that issues a restrictions\nnotice to a person shall by notice withdraw the restrictions\nnotice if -\n(a) it is satisfied that there is a valid reason\nsufficient to justify the person's failure to\ncomply with the notice served under section\n56 or 62;\n(b) the notice served under section 56 or 62 is\ncomplied with; or\n(c) the limited liability partnership discovers that\nthe rights of a third party in respect of the\nrelevant interest are being unfairly affected\nby the restrictions notice.\n\nOffences\nFailure of a\nlimited liability\npartnership to\nestablish or\nmaintain\nbeneficial\nownership\nregister\n81. A limited liability partnership that knowingly and\nwilfully contravenes section 54(1), 55(1), 59, 60(1) or (2) or\n62(2) or knowingly and wilfully fails to issue a notice as\nrequired by section 56, 62 or 63(3) commits an offence and is\nliable on summary conviction for each such contravention -\n(a) to a fine of twenty-five thousand dollars; and\n(b) if the offence is a continuing one, to a fine of\nfive hundred dollars for each day or part of a\nday during which the offence continues, up\nto a maximum of twenty-five thousand\ndollars.\nFailure to\ncomply with\nnotices\n\n82. (1) A person to whom a notice under section 56 or 62\nis addressed commits an offence if the person -\n(a) knowingly and wilfully fails to comply with\nthe notice; or\n(b) in purported compliance with the notice -\n(i)\nmakes a statement that the person\nknows to be false in a material\nparticular; or\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n33\n(ii) recklessly makes a statement that is\nfalse in a material particular.\n(2) A person does not commit an offence under\nsubsection (1)(a) if the person proves that the requirement to\ngive information was frivolous or vexatious.\n(3) A person who is guilty of an offence under this\nsection is liable -\n(a) on\nconviction\non\nindictment,\nto\nimprisonment for a term of two years or a\nfine of ten thousand dollars, or to both;\n(b) on summary conviction to imprisonment for\na term of twelve months or a fine of five\nthousand dollars, or to both.\nFailure to\nprovide\ninformation\n\n83. (1) A person commits an offence if the person -\n(a) knowingly and wilfully fails to comply with a\nduty under section 57 or 64 within the time\nrequired by that section; or\n(b) in purported compliance with such a duty -\n(i)\nmakes a statement that the person\nknows to be false in a material\nparticular; or\n(ii) recklessly makes a statement that is\nfalse in a material particular.\n(2) A person who is guilty of an offence under this\nsection is liable -\n(a) on\nconviction\non\nindictment,\nto\nimprisonment for a term not exceeding two\nyears or a fine of ten thousand dollars, or to\nboth;\n(b) on summary conviction to imprisonment for\na term of twelve months or to a fine of five\nthousand dollars, or to both.\nUnlawful search\nor disclosure of\nbeneficial\nownership\ninformation\n84. A person who conducts a search of a limited liability\npartnership\u2019s beneficial ownership register contrary to\nsection 69(1) or (2) or who discloses beneficial ownership\ninformation contrary to section 71 commits an offence and is\nliable on summary conviction to a fine of ten thousand\ndollars or imprisonment for twelve months, or to both.\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n34\nOffences by\npartners and\nmanagers\n85. Where a limited liability partnership or a legal entity is\nguilty of an offence under this Part and it is proved that the\noffence was committed with the consent or connivance of, or\nwas attributable to, wilful default on the part of a partner or\nperson concerned in the management of the limited liability\npartnership or legal entity, the partner or person is guilty of\nthe same offence and liable to the same penalty as the limited\nliability partnership or legal entity.\n\nSupplementary Provisions\nExemptions\n\n86. (1) The competent authority, if satisfied, having\nregard to any undertaking given by an individual or a legal\nentity, that there are special reasons for an exemption from\ncompliance with a notice or duty under this Part, may\nexempt -\n(a) the individual or legal entity from complying\nwith a notice issued under section 56 or 62;\n(b) a limited liability partnership from taking\nsteps to identify that individual or legal entity\nor give notice under sections 56 or 62 to or\nwith respect to them;\n(c) anyone from sending a notice or giving\ninformation pursuant to a notice under\nsection 56(3);\n(d) the individual or legal entity from the duties\nimposed by sections 57 and 62; or\n(e) the individual or legal entity from being\nentered on a limited liability partnership\u2019s\nbeneficial ownership register as a registrable\nperson in relation to any limited liability\npartnership.\n(2) The competent authority shall exercise the\nexemption powers in subsection (1) in accordance with the\nprescribed criteria.\nRegulations\nunder this Part\n\n87. (1) The Cabinet may make regulations respecting\nanything required to carry out this Part or prescribing\nanything required to be prescribed under this Part, including\nregulations -\n(a) specifying criteria for the exercise of the\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n35\ncompetent authority\u2019s exemption powers\nunder section 86;\n(b) respecting the giving of notices under section\n56 or 62, including the form, content and\nmanner of giving such notices;\n(c) to add to or remove from any of the lists of\nrequired particulars, including specifying the\nparticulars required respecting the nature of\ncontrol of an individual over the limited\nliability partnership referred to in the\nparticulars;\n(d) requiring additional matters to be noted in a\nlimited\nliability\npartnership's\nbeneficial\nownership register;\n(e) requiring\nthe\ncompetent\nauthority,\na\ncorporate services provider, the Registrar or\na limited liability partnership to refrain from\nusing\nor\ndisclosing\nparticulars\nof\na\nprescribed kind from a limited liability\npartnership\u2019s beneficial ownership register\n(or to refrain from doing so except in\nprescribed\ncircumstances)\nwhere\nan\napplication is made to the competent\nauthority requesting the respective entity to\nrefrain from so doing;\n(f)\nspecifying the manner and form in which a\nlimited liability partnership shall keep its\nbeneficial ownership register;\n(g) setting the fees that the Registrar may charge\nfor services pursuant to an engagement by a\nlimited liability partnership pursuant to\nsection 59 to establish and maintain the\ncompany\u2019s beneficial ownership register;\n(h) respecting the procedure to be followed by\nlimited liability partnerships issuing and\nwithdrawing restrictions notices, including\nregulations providing for -\n(i)\nthe form and content of restrictions\nnotices, and the manner in which they\nmust be given;\n(ii) the factors to be taken into account in\ndeciding what counts as a reason\nsufficient to justify a person's failure to\n\nThe Limited Liability Partnership (Amendment) Bill, 2018\n\n36\ncomply with a notice issued under\nsection 56 or 62; and\n(iii) the effect of withdrawing a restrictions\nnotice on matters that are pending with\nrespect to the relevant interest when the\nnotice is withdrawn.\n(2) The Cabinet may make regulations respecting the\ninterpretation of the terms \u201cbeneficial owner\u201d, \u201csignificant\ninfluence or control\u201d, \u201cspecified conditions\u201d, \u201cregistrable\nperson\u201d and \u201crelevant interest\u201d, including regulations -\n(a) to replace any or all references in section\n54(3) to a percentage figure with references\nto some other (larger or smaller) percentage\nfigure;\n(b) to change or supplement the specified\nconditions in section 54(3) so as to include\ncircumstances (for example, circumstances\ninvolving more complex structures) that give\nindividuals a level of control over limited\nliability partnership Y broadly similar to the\nlevel of control given by the other specified\nconditions; and\n(c) specifying the circumstances in which a\nperson holds a right in a limited liability\npartnership or meets a specified condition in\nrelation to it directly or indirectly through\nany number of persons or arrangements of\nany description.\n(3) The Cabinet may, by affirmative resolution, make\nregulations to add to, remove from or otherwise revise the list\nof limited liability partnerships to which this Part applies or\ndoes not apply under section 52(1)(g).\u201d.\n3.\nNo prosecution may be commenced against a limited liability partnership for\nan offence under section 81, as enacted by clause 2 of this Law, unless the act or\nomission that constituted the offence took place at least three months after the\ncoming into force of that section.\n\nTransitional provision\n\n The Limited Liability Partnership (Amendment) Bill, 2018\n\n37\n\nPassed by the Legislative Assembly the    day of\n\n, 2018.\n\nSpeaker.\n\nClerk of the Legislative Assembly.","akn_extracted_at":"2026-06-22 15:41:17.59513+00","cms_id":"2018-0039","law_type":"bill","year":"2018","number":"39","title":"Banks and Trust Companies (Amendment) Law, 2018","status":"bill"},"provenance":{"files":[{"file_id":"6966","expr_id":"2167","kind":"akn_xml","filename":"2018-0039.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2018\/2018-0039\/2018-0039.akn.xml","content_md5":"faa4046391490cbcfbe0196ee6397a22","byte_size":"75978","http_last_modified":null,"fetched_at":"2026-06-22 15:41:18.005228+00"},{"file_id":"4333","expr_id":"2167","kind":"pristine_pdf","filename":"2018-0039.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2018\/2018-0039\/2018-0039.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2018\/2018-0039\/2018-0039.pdf","content_md5":"00da45bbe22510e86e14fbd3efe6d958","byte_size":"484605","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.26456+00"},{"file_id":"4334","expr_id":"2167","kind":"working_pdf","filename":"2018-0039.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2018\/2018-0039\/2018-0039.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2018\/2018-0039\/2018-0039.pdf","content_md5":"00da45bbe22510e86e14fbd3efe6d958","byte_size":"484605","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.26456+00"}],"paragraph_count":38,"latest_history":null},"quality":{"expr_id":"2167","doc_id":"2167","quality_state":"known_issue","quality_score":"55","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata,verify_title_metadata}","finding_severity_counts":"{\"low\": 2, \"high\": 1, \"medium\": 1}","finding_summary":"stored title is not visible in the opening extracted text; 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