{"kind":"expression","expression":{"expr_id":"2219","doc_id":"2219","label":"Companies (Amendment) (No. 2) Law, 2020 (Law 19 of 2020)","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/bill\/2020\/19\/eng@2020-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/bill\/2020\/19\", \"expression\": \"\/akn\/ky\/bill\/2020\/19\/eng@2020-01-01\", \"manifestation\": \"\/akn\/ky\/bill\/2020\/19\/eng@2020-01-01.pdf\"}, \"pdf\": {\"md5\": \"fd3b0066cc99ee77a3445e4efa16a5de\", \"path\": \"\/Users\/q\/kyleg-data\/working\/BILLS\/2020\/2020-0019\/2020-0019.pdf\", \"pages\": 9, \"filename\": \"2020-0019.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 992, \"paragraph_count\": 5, \"text_char_count\": 6357}, \"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\": \"BANKS AND TRUST COMPANIES (AMENDMENT) BILL, 2020 A BILL FOR A LAW TO AMEND THE BANKS AND TRUST COMPANIES LAW (2020 REVISION) TO CLARIFY THAT A PERSON MUST HAVE A LICENCE TO CARRY ON TRUST BUSINESS; TO CLARIFY THE DEFINITION OF RELEVANT FINANCIAL BUSINESS; TO EMPOWER THE AUTHORITY TO IMPOSE ADMINISTRATIVE FINES; AND FOR INCIDENTAL AND CONNECTED PURPOSES Introduced PUBLISHING DETAILS Sponsoring Ministry\/Portfolio: Ministry of Financial Services and Home Affairs (FSHA) Banks and Trust Companies (Amendment) Bill, 2020 Objects and Reasons Introduced Memorandum of OBJECTS AND REASONS This Bill seeks to amend the Banks and Trust Companies Law (2020 Revision) (\u201cthe principal Law\u201d) to clarify that a person must have a licence to carry on trust business and to clarify the interpretation of term \u201crelevant financial business\u201d. The Bill would also empower the Authority to impose administrative fines and provide for incidental and connected purposes. Clause 1 provides the short title of the legislation. Clause 2 seeks to amend section 5 of the principal Law by repealing and substituting subsection (2) in order to prohibit a person from carrying on, purporting to carry on, or arranging for another person to carry on trust business unless the person holds a valid licence granted by the Authority under the principal Law authorising that person to carry on such business or is exempt under regulations made under subsection (2B) from holding such licence. The provision also clarifies that an individual shall not carry on, purport to carry on, or arrange for another person to carry on, trust business in or from within the Islands. Clause 3 seeks to amend section 15 of the principal Law to clarify that the term \u201crelevant financial business\u201d has the same meaning given to that term under section 2(1) of the Proceeds of Crime Law (2020 Revision). Clause 4 seeks to amend section 18 of the principal Law to provide for the power of the Authority to impose administrative fines. Banks and Trust Companies (Amendment) Bill, 2020 Arrangement of Clauses Introduced BANKS AND TRUST COMPANIES (AMENDMENT) BILL, 2020 Arrangement of Clauses Clause 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 5 of the Banks and Trust Companies Law (2020 Revision) - 3.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Banks and Trust Companies (Amendment) Bill, 2020 Clause 1 Introduced BANKS AND TRUST COMPANIES (AMENDMENT) BILL, 2020 A BILL FOR A LAW TO AMEND THE BANKS AND TRUST COMPANIES LAW (2020 REVISION) TO CLARIFY THAT A PERSON MUST HAVE A LICENCE TO CARRY ON TRUST BUSINESS; TO CLARIFY THE DEFINITION OF RELEVANT FINANCIAL BUSINESS; TO EMPOWER THE AUTHORITY TO IMPOSE ADMINISTRATIVE FINES; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Law may be cited as the Banks and Trust Companies (Amendment) Law, 2020. 2. Amendment of section 5 of the Banks and Trust Companies Law (2020 Revision) - licence or registration required to carry on banking or trust business 2. The Banks and Trust Companies Law (2020 Revision), in this Law referred to as the \u201cprincipal Law\u201d, is amended in section 5 as follows \u2014 (a) by repealing subsection (2) and substituting the following subsections \u2014 \u201c(2) A person shall not \u2014 (a) carry on, or purport to carry on, trust business; or (b) arrange for another person to carry on trust business, Clause 3 Banks and Trust Companies (Amendment) Bill, 2020 Introduced from within the Islands, whether or not such business is carried on in the Islands, unless that person is a person referred to in subsection (2A) and holds a valid licence granted by the Authority under this Law authorising the person to carry on trust business or is exempt under regulations made under subsection (2B) from holding such licence. (2A) Subject to subsection (3), a person who carries on trust business under this Law shall be \u2014 (a) a company incorporated under the Companies Law (2020 Revision); (b) a general partnership established under the Partnership Law (2013 Revision); (c) a limited partnership registered under the Partnership Law (2013 Revision); (d) an exempted limited partnership registered under the Exempted Limited Partnership Law (2018 Revision); (e) a foreign company registered under Part IX of the Companies Law (2020 Revision); (f) a limited liability company formed and registered under the Limited Liability Companies Law (2020 Revision); or (g) a limited liability partnership formed and registered under the Limited Liability Partnership Law, 2017 (Law 13 of 2017). (2B) The Cabinet may make regulations to provide for exemptions and conditions in relation to the requirements of subsection (2). (2C) Notwithstanding any provision of this Law or any other Law, an individual shall not \u2014 (a)  carry out trust business; or (b) arrange for another person to carry out trust business, in or from within the Islands, under this Law.\u201d; and (b) in subsection (6) by deleting the words \u201csubsection (2)\u201d and substituting the words \u201csubsection (2B)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 15 - general requirements for trust companies 3. The principal Law is amended in section 15(3) by deleting the words \u201cunder Schedule 6\u201d and substituting the words \u201cas defined under section 2(1)\u201d. Banks and Trust Companies (Amendment) Bill, 2020 Clause 4 Introduced 4. Amendment of section 18 - additional powers of Authority 4. The principal Law is amended in section 18(1) by inserting after subparagraph (ic), the following subparagraph \u2014 \u201c(id) impose an administrative fine in accordance with section 42A of the Monetary Authority Law (2020 Revision);\u201d. Passed by the Legislative Assembly the day of , 2020. 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The Bill would also\nempower the Authority to impose administrative fines and provide for incidental and\nconnected purposes.\nClause 1 provides the short title of the legislation.\nClause 2 seeks to amend section 5 of the principal Law by repealing and substituting\nsubsection (2) in order to prohibit a person from carrying on, purporting to carry on, or\narranging for another person to carry on trust business unless the person holds a valid\nlicence granted by the Authority under the principal Law authorising that person to carry\non such business or is exempt under regulations made under subsection (2B) from holding\nsuch licence. The provision also clarifies that an individual shall not carry on, purport to\ncarry on, or arrange for another person to carry on, trust business in or from within the\nIslands.\nClause 3 seeks to amend section 15 of the principal Law to clarify that the term \u201crelevant\nfinancial business\u201d has the same meaning given to that term under section 2(1) of the\nProceeds of Crime Law (2020 Revision).\nClause 4 seeks to amend section 18 of the principal Law to provide for the power of the\nAuthority to impose administrative fines.\n\nBanks and Trust Companies (Amendment) Bill, 2020\nArrangement of Clauses\n\nc\n Introduced\nPage 5\n\nCAYMAN ISLANDS\n\nBANKS AND TRUST COMPANIES\n(AMENDMENT) BILL, 2020\n\nArrangement of Clauses\nClause\nPage\n1.\nShort title ...................................................................................................................................... 7\n2.\nAmendment of section 5 of the Banks and Trust Companies Law (2020 Revision) -\nlicence or registration required to carry on banking or trust business .......................................... 7\n3.\nAmendment of section 15 - general requirements for trust companies ........................................ 8\n4.\nAmendment of section 18 - additional powers of Authority .......................................................... 9\n\nBanks and Trust Companies (Amendment) Bill, 2020\nClause 1\n\nc\n Introduced\nPage 7\n\nCAYMAN ISLANDS\n\nBANKS AND TRUST COMPANIES\n(AMENDMENT) BILL, 2020\n\nA BILL FOR A LAW TO AMEND THE BANKS AND TRUST COMPANIES LAW (2020\nREVISION) TO CLARIFY THAT A PERSON MUST HAVE A LICENCE TO CARRY ON\nTRUST BUSINESS; TO CLARIFY THE DEFINITION OF RELEVANT FINANCIAL\nBUSINESS; TO EMPOWER THE AUTHORITY TO IMPOSE ADMINISTRATIVE FINES;\nAND FOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Law may be cited as the Banks and Trust Companies (Amendment) Law, 2020.\n2.\nAmendment of section 5 of the Banks and Trust Companies Law (2020\nRevision) - licence or registration required to carry on banking or trust\nbusiness\n2.\nThe Banks and Trust Companies Law (2020 Revision), in this Law referred to as the\n\u201cprincipal Law\u201d, is amended in section 5 as follows \u2014\n(a) by repealing subsection (2) and substituting the following subsections \u2014\n\u201c(2) A person shall not \u2014\n(a) carry on, or purport to carry on, trust business; or\n(b) arrange for another person to carry on trust business,\n\nClause 3\nBanks and Trust Companies (Amendment) Bill, 2020\n\nPage 8\n Introduced\nc\n\nfrom within the Islands, whether or not such business is carried\non in the Islands, unless that person is a person referred to in\nsubsection (2A) and holds a valid licence granted by the\nAuthority under this Law authorising the person to carry on\ntrust business or is exempt under regulations made under\nsubsection (2B) from holding such licence.\n(2A) Subject to subsection (3), a person who carries on trust business\nunder this Law shall be \u2014\n(a) a company incorporated under the Companies Law (2020\nRevision);\n(b) a general partnership established under the Partnership Law\n(2013 Revision);\n(c) a limited partnership registered under the Partnership Law\n(2013 Revision);\n(d) an exempted limited partnership registered under the Exempted\nLimited Partnership Law (2018 Revision);\n(e) a foreign company registered under Part IX of the Companies\nLaw (2020 Revision);\n(f)\na limited liability company formed and registered under the\nLimited Liability Companies Law (2020 Revision); or\n(g) a limited liability partnership formed and registered under the\nLimited Liability Partnership Law, 2017 (Law 13 of 2017).\n(2B) The Cabinet may make regulations to provide for exemptions and\nconditions in relation to the requirements of subsection (2).\n(2C) Notwithstanding any provision of this Law or any other Law, an\nindividual shall not \u2014\n(a)  carry out trust business; or\n(b) arrange for another person to carry out trust business,\nin or from within the Islands, under this Law.\u201d; and\n(b) in subsection (6) by deleting the words \u201csubsection (2)\u201d and substituting\nthe words \u201csubsection (2B)\u201d.\n3.\nAmendment of section 15 - general requirements for trust companies\n3.\nThe principal Law is amended in section 15(3) by deleting the words \u201cunder Schedule\n6\u201d and substituting the words \u201cas defined under section 2(1)\u201d.\n\nBanks and Trust Companies (Amendment) Bill, 2020\nClause 4\n\nc\n Introduced\nPage 9\n\n4.\nAmendment of section 18 - additional powers of Authority\n4.\nThe principal Law is amended in section 18(1) by inserting after subparagraph (ic),\nthe following subparagraph \u2014\n\u201c(id) impose an administrative fine in accordance with section 42A\nof the Monetary Authority Law (2020 Revision);\u201d.\nPassed by the Legislative Assembly the\nday of\n\n, 2020.\n\nSpeaker\n\nClerk of the Legislative Assembly","akn_extracted_at":"2026-06-22 15:41:23.495438+00","cms_id":"2020-0019","law_type":"bill","year":"2020","number":"19","title":"Companies (Amendment) (No. 2) Law, 2020 (Law 19 of 2020)","status":"bill"},"provenance":{"files":[{"file_id":"7018","expr_id":"2219","kind":"akn_xml","filename":"2020-0019.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2020\/2020-0019\/2020-0019.akn.xml","content_md5":"ec56b218b89e86b253ec6b4b7884ef3a","byte_size":"8749","http_last_modified":null,"fetched_at":"2026-06-22 15:41:23.541543+00"},{"file_id":"4437","expr_id":"2219","kind":"pristine_pdf","filename":"2020-0019.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2020\/2020-0019\/2020-0019.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2020\/2020-0019\/2020-0019.pdf","content_md5":"fd3b0066cc99ee77a3445e4efa16a5de","byte_size":"666325","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.297539+00"},{"file_id":"4438","expr_id":"2219","kind":"working_pdf","filename":"2020-0019.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2020\/2020-0019\/2020-0019.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2020\/2020-0019\/2020-0019.pdf","content_md5":"fd3b0066cc99ee77a3445e4efa16a5de","byte_size":"666325","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.297539+00"}],"paragraph_count":14,"latest_history":null},"quality":{"expr_id":"2219","doc_id":"2219","quality_state":"known_issue","quality_score":"51","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"high\": 1, \"medium\": 2}","finding_summary":"stored title is not visible in the opening extracted text; 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