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Clause 1 provides the short title of the legislation. Clause 2 amends section 2 of the principal Law in the definition of the word \u201ccustodian\u201d by replacing the reference to the list published in the Gazette and referred to in regulations 22(d) and 23(1) of the Anti-Money Laundering Regulations (2018 Revision) with a reference to the jurisdictions that are designated as having measures for combating money laundering and the financing of terrorism which are equivalent to that of the Islands in accordance with section 5(2)(a) of the Proceeds of Crime Law (2020 Revision). Clause 3 amends section 18 of the principal Law in subsection (1) to align the language used in subsection (1) which empowers the Authority to take enforcement provisions with the language used in other regulatory Laws. The clause also amends subsection (1) to provide for the power to impose an administrative fine as an additional power of the Monetary Authority where it is of the opinion that a licensee does an act under subsection (1)(a) to (g). Clause 3 also repeals subsection (7) which limits the circumstances in which the Monetary Authority may declare that a licensee is a fit and proper person. This amendment would align the fitness and propriety test under the principal Law with the test under other regulatory Laws which does not have any such limitation. Companies Management (Amendment) Bill, 2020 Clause 1 Introduced COMPANIES MANAGEMENT (AMENDMENT) BILL, 2020 A BILL FOR A LAW TO AMEND THE COMPANIES MANAGEMENT LAW (2018 REVISION) TO ADJUST REFERENCES TO THE LIST OF EQUIVALENT JURISDICTIONS PUBLISHED UNDER THE ANTI-MONEY LAUNDERING REGULATIONS (2018 REVISION) TO JURISDICTIONS DESIGNATED IN ACCORDANCE WITH SECTION 5(2) OF THE PROCEEDS OF CRIME LAW (2020 REVISION); TO ALIGN THE FITNESS AND PROPRIETY PROVISIONS UNDER SECTION 18 OF THE LAW WITH OTHER REGULATORY LAWS; 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 Companies Management (Amendment) Law, 2020. Clause 2 Companies Management (Amendment) Bill, 2020 Introduced\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 2 of the Companies Management Law (2018 Revision) - definitions 2. The Companies Management Law (2018 Revision) is amended in section 2, in paragraph (b) of the definition of the word \u201ccustodian\u201d, by deleting the words \u201cincluded in the list published in the Gazette and referred to in regulations 22(d) and 23(1) of the Anti-Money Laundering Regulations (2018 Revision)\u201d and substituting the words \u201cdesignated as having measures for combating money laundering and the financing of terrorism which are equivalent to that of the Islands in accordance with section 5(2)(a) of the Proceeds of Crime Law (2020 Revision)\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 18 of the Companies Management Law (2018 Revision) - additional powers of Authority 3. The Companies Management Law (2018 Revision) is amended in section 18 as follows \u2014 (a) in subsection (1) as follows \u2014 (i) by deleting the words \u201cIf the Authority is of the opinion that a licensee\u201d and substituting the words \u201cWhere the Authority is of the opinion that\u201d; (ii) by repealing paragraphs (a) to (e) and substituting the following paragraphs \u2014 \u201c(a) a licensee is or appears likely to become unable to meet the licensee\u2019s obligations as they fall due; (b) a licensee is carrying on business in a manner detrimental to the public interest or the interest of the licensee\u2019s clients or creditors; (c) a licensee has contravened this Law, Part XVIIA of the Companies Law (2020 Revision) or Part 12 of the Limited Liability Companies Law (2020 Revision); (d) a licensee has failed to comply with a condition of the licensee\u2019s licence; (e) the direction and management of a licensee\u2019s business is not being conducted in a fit and proper manner; (f) a person holding a position as a director, manager or officer of a licensee\u2019s business is not a fit and proper person to hold the respective position; or (g) a person holding or acquiring control or ownership of a licensee is not a fit and proper person to have such control or ownership,\u201d; and (iii) by inserting after subparagraph (ic), the following subparagraph \u2014 Companies Management (Amendment) Bill, 2020 Clause 3 Introduced \u201c(id) impose an administrative fine in accordance with section 42A of the Monetary Authority Law (2020 Revision);\u201d; and (b) by repealing subsection (7). Passed by the Legislative Assembly the day of , 2020. 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TO ALIGN THE FITNESS AND PROPRIETY PROVISIONS UNDER\nSECTION 18 OF THE LAW WITH OTHER REGULATORY LAWS; TO EMPOWER THE\nAUTHORITY TO IMPOSE ADMINISTRATIVE FINES; AND FOR INCIDENTAL AND\nCONNECTED PURPOSES\n\nPage 2\n Introduced\nc\n\nPUBLISHING DETAILS\nSponsoring Ministry\/Portfolio: Ministry of Financial Services and Home Affairs\n(FSHA)\n\nCompanies Management (Amendment) Bill, 2020\nObjects and Reasons\n\nc\n Introduced\nPage 3\n\nMemorandum of\nOBJECTS AND REASONS\nThis Bill amends the Companies Management Law (2018 Revision) (the \u201cprincipal Law\u201d)\nto adjust references to the list of equivalent jurisdictions published under the Anti-Money\nLaundering Regulations (2018 Revision) to jurisdictions designated in accordance with\nsection 5(2)(a) of the Proceeds of Crime Law (2020 Revision), to align the fitness and\npropriety provisions under section 18 of the principal Law with other regulatory Laws and\nto empower the Monetary Authority to impose administrative fines.\nClause 1 provides the short title of the legislation.\nClause 2 amends section 2 of the principal Law in the definition of the word \u201ccustodian\u201d\nby replacing the reference to the list published in the Gazette and referred to in regulations\n22(d) and 23(1) of the Anti-Money Laundering Regulations (2018 Revision) with a\nreference to the jurisdictions that are designated as having measures for combating money\nlaundering and the financing of terrorism which are equivalent to that of the Islands in\naccordance with section 5(2)(a) of the Proceeds of Crime Law (2020 Revision).\nClause 3 amends section 18 of the principal Law in subsection (1) to align the language\nused in subsection (1) which empowers the Authority to take enforcement provisions with\nthe language used in other regulatory Laws.\nThe clause also amends subsection (1) to provide for the power to impose an administrative\nfine as an additional power of the Monetary Authority where it is of the opinion that a\nlicensee does an act under subsection (1)(a) to (g).\nClause 3 also repeals subsection (7) which limits the circumstances in which the Monetary\nAuthority may declare that a licensee is a fit and proper person. This amendment would\nalign the fitness and propriety test under the principal Law with the test under other\nregulatory Laws which does not have any such limitation.\n\nCompanies Management (Amendment) Bill, 2020\nClause 1\n\nc\n Introduced\nPage 5\n\nCAYMAN ISLANDS\n\nCOMPANIES MANAGEMENT (AMENDMENT)\nBILL, 2020\n\nA BILL FOR A LAW TO AMEND THE COMPANIES MANAGEMENT LAW (2018\nREVISION)\nTO\nADJUST\nREFERENCES\nTO\nTHE\nLIST\nOF\nEQUIVALENT\nJURISDICTIONS\nPUBLISHED\nUNDER\nTHE\nANTI-MONEY\nLAUNDERING\nREGULATIONS\n(2018\nREVISION)\nTO\nJURISDICTIONS\nDESIGNATED\nIN\nACCORDANCE WITH SECTION 5(2) OF THE PROCEEDS OF CRIME LAW (2020\nREVISION); TO ALIGN THE FITNESS AND PROPRIETY PROVISIONS UNDER\nSECTION 18 OF THE LAW WITH OTHER REGULATORY LAWS; TO EMPOWER THE\nAUTHORITY TO IMPOSE ADMINISTRATIVE FINES; AND FOR INCIDENTAL AND\nCONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Law may be cited as the Companies Management (Amendment) Law, 2020.\n\nClause 2\nCompanies Management (Amendment) Bill, 2020\n\nPage 6\n Introduced\nc\n\n2.\nAmendment of section 2 of the Companies Management Law (2018 Revision)\n- definitions\n2.\nThe Companies Management Law (2018 Revision) is amended in section 2, in\nparagraph (b) of the definition of the word \u201ccustodian\u201d, by deleting the words\n\u201cincluded in the list published in the Gazette and referred to in regulations 22(d) and\n23(1) of the Anti-Money Laundering Regulations (2018 Revision)\u201d and substituting\nthe words \u201cdesignated as having measures for combating money laundering and the\nfinancing of terrorism which are equivalent to that of the Islands in accordance with\nsection 5(2)(a) of the Proceeds of Crime Law (2020 Revision)\u201d.\n3.\nAmendment of section 18 of the Companies Management Law (2018\nRevision) - additional powers of Authority\n3.\nThe Companies Management Law (2018 Revision) is amended in section 18 as\nfollows \u2014\n(a)\nin subsection (1) as follows \u2014\n(i)\nby deleting the words \u201cIf the Authority is of the opinion that a\nlicensee\u201d and substituting the words \u201cWhere the Authority is of the\nopinion that\u201d;\n(ii) by repealing paragraphs (a) to (e) and substituting the following\nparagraphs \u2014\n\u201c(a)\na licensee is or appears likely to become unable to meet the\nlicensee\u2019s obligations as they fall due;\n(b) a licensee is carrying on business in a manner detrimental to the\npublic interest or the interest of the licensee\u2019s clients or\ncreditors;\n(c)\na licensee has contravened this Law, Part XVIIA of the\nCompanies Law (2020 Revision) or Part 12 of the Limited\nLiability Companies Law (2020 Revision);\n(d) a licensee has failed to comply with a condition of the licensee\u2019s\nlicence;\n(e)\nthe direction and management of a licensee\u2019s business is not\nbeing conducted in a fit and proper manner;\n(f)\na person holding a position as a director, manager or officer of\na licensee\u2019s business is not a fit and proper person to hold the\nrespective position; or\n(g) a person holding or acquiring control or ownership of a licensee\nis not a fit and proper person to have such control or\nownership,\u201d; and\n(iii) by inserting after subparagraph (ic), the following subparagraph \u2014\n\nCompanies Management (Amendment) Bill, 2020\nClause 3\n\nc\n Introduced\nPage 7\n\n\u201c(id) impose an administrative fine in accordance with section\n42A of the Monetary Authority Law (2020 Revision);\u201d;\nand\n(b) by repealing subsection (7).\nPassed by the Legislative Assembly the\nday of\n, 2020.\nSpeaker\nClerk of the Legislative Assembly","akn_extracted_at":"2026-06-22 15:41:32.064472+00","cms_id":"2020-0031","law_type":"bill","year":"2020","number":"31","title":"Exempted Limited Partnership (Amendment) Law, 2020 (Law 31 of 2020)","status":"bill"},"provenance":{"files":[{"file_id":"7030","expr_id":"2231","kind":"akn_xml","filename":"2020-0031.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2020\/2020-0031\/2020-0031.akn.xml","content_md5":"1b08e13266b4543d8621438e43ba4db7","byte_size":"8838","http_last_modified":null,"fetched_at":"2026-06-22 15:41:32.139269+00"},{"file_id":"4461","expr_id":"2231","kind":"pristine_pdf","filename":"2020-0031.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2020\/2020-0031\/2020-0031.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2020\/2020-0031\/2020-0031.pdf","content_md5":"8b0a4435f03112b00dfaebb51617f1fc","byte_size":"342198","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.30519+00"},{"file_id":"4462","expr_id":"2231","kind":"working_pdf","filename":"2020-0031.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2020\/2020-0031\/2020-0031.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2020\/2020-0031\/2020-0031.pdf","content_md5":"8b0a4435f03112b00dfaebb51617f1fc","byte_size":"342198","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.30519+00"}],"paragraph_count":11,"latest_history":null},"quality":{"expr_id":"2231","doc_id":"2231","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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