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Clause 1 provides the short title of the legislation. Clause 2 provides for the insertion of new definitions and the deletion of one. It is proposed to delete the definition of the words \u201cmanaging director\u201d and to insert the definitions of \u201cchief executive officer\u201d and \u201cMinister\u201d. The term \u201cchief executive officer\u201d is intended to replace that of \u201cmanaging director\u201d. Clause 3 provides a general amendment to the principal Act by \u2014 (a) deleting the words \u201cmanaging director\u201d wherever they appear and substituting the words \u201cchief executive officer\u201d; and (b) deleting the words \u201cMinister charged with responsibility for Financial Services\u201d wherever they appear and substituting the word \u201cMinister\u201d. Clause 4 amends section 13 of the principal Act which deals with the appointment of the chief executive officer. It provides in part that the board, after consultation with the Minister, shall appoint a fit and proper person to be the chief executive officer and that the chief executive officer will be a non-voting member of the board. Clause 5 amends section 16 of the principal Act to change the composition of the Management Committee. Clause 6 amends section 21 to change the title \u201cdeputy managing directors\u201d \u201cto \u201cdeputy chief executive officer\u201d (or such other name that they may be called). Clause 7 provides transitional provisions which relate to the posts which exist at the date of the commencement of the amending legislation. The clause provides that a person who is appointed or purported to be appointed prior to the date of the commencement of the amending legislation to the post of \u2014 (a) chief executive officer, by whatever name called; or (b) deputy chief executive officer, by whatever name called, shall be deemed, on that date, to have been lawfully appointed and shall continue to be appointed under the principal Act as amended by the amending legislation. Arrangement of Clauses Introduced MONETARY AUTHORITY (AMENDMENT) BILL, Arrangement of Clauses Clause 1. 2. 3. 4. 5. 6.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Clause 1 Introduced MONETARY AUTHORITY (AMENDMENT) BILL, A BILL FOR AN ACT TO AMEND THE MONETARY AUTHORITY ACT (2020 REVISION) IN ORDER TO GIVE THE BOARD OF THE CAYMAN ISLANDS MONETARY AUTHORITY THE POWER TO DETERMINE THE COMPOSITION AND QUORUM OF ITS MANAGEMENT COMMITTEE; TO REFLECT CHANGES TO THE TITLES OF EXECUTIVE POSITIONS AT THE AUTHORITY THAT TOOK EFFECT ON 1ST NOVEMBER, 2024; 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 Act may be cited as the Monetary Authority (Amendment) Act, 2026.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 2 of the Monetary Authority Act (2020 Revision) - interpretation 2. The Monetary Authority Act (2020 Revision), in this Act referred to as the \u201cprincipal Act\u201d, is amended in section 2 as follows \u2014 (a) by deleting the definition of the words \u201cmanaging director\u201d; and (b) by inserting in the appropriate alphabetical sequence the following definitions \u2014 Clause 3 Introduced \u201c \u201cchief executive officer\u201d means the chief executive officer of the Authority appointed under section 13; and \u201cMinister\u201d means the Member of Cabinet charged with responsibility for financial services;\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"General amendment of the principal Act 3. The principal Act is amended as follows \u2014 (a) by deleting the words \u201cmanaging director\u201d wherever they appear and substituting the words \u201cchief executive officer\u201d; and (b) by deleting the words \u201cMinister charged with responsibility for Financial Services\u201d wherever they appear and substituting the word \u201cMinister\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 13 - appointment of managing director 4. The principal Act is amended in section 13 as follows \u2014 (a) by repealing the section heading and substituting the following section heading \u2014 \u201cAppointment of chief executive officer\u201d; (b) by repealing subsection (1) and substituting the following subsections \u2014 \u201c(1) The board, after consultation with the Minister, shall appoint a fit and proper person to be the chief executive officer. (1A) The chief executive officer is a non-voting member of the board.\u201d; (c) in subsection (2), by deleting the words \u201cCabinet, after consultation with the board\u201d and substituting the words \u201cboard, after consultation with the Minister\u201d; (d) in subsection (6), by deleting the words \u201cCabinet may, after consultation with the board\u201d and substituting the words \u201cboard may, after consultation with the Minister\u201d; and (e) in subsection (7), by deleting the words \u201cCabinet, on the recommendation of the board\u201d and substituting the words \u201cboard, after consultation with the Minister\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 16 - establishment of Management Committee 5. The principal Act is amended in section 16 by repealing subsection (2) and substituting the following subsection \u2014 \u201c(2) The Management Committee shall comprise \u2014 (a) persons appointed by the board in accordance with the rules made under section 47; and Clause 6 Introduced (b) senior officers of the Authority designated by the chief executive officer, with the approval of the board.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 21 - power to employ staff, etc. 6. The principal Act is amended in section 21(1) by deleting the words \u201cdeputy managing directors\u201d and substituting the words \u201cdeputy chief executive officers, by whatever name called\u201d. 7. Transitional provisions 7. A person who is appointed or purported to be appointed prior to the date of the commencement of this amending Act to the post of \u2014 (a) chief executive officer, by whatever name called; or (b) deputy chief executive officer, by whatever name called, shall be deemed, on that date, to have been lawfully appointed and shall continue to be appointed under the principal Act as amended by this amending Act. Passed by the Parliament the day of , 2026. 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It is proposed\nto delete the definition of the words \u201cmanaging director\u201d and to insert the definitions of\n\u201cchief executive officer\u201d and \u201cMinister\u201d. The term \u201cchief executive officer\u201d is intended to\nreplace that of \u201cmanaging director\u201d.\nClause 3 provides a general amendment to the principal Act by \u2014\n(a)\ndeleting the words \u201cmanaging director\u201d wherever they appear and\nsubstituting the words \u201cchief executive officer\u201d; and\n(b) deleting the words \u201cMinister charged with responsibility for Financial\nServices\u201d wherever they appear and substituting the word \u201cMinister\u201d.\nClause 4 amends section 13 of the principal Act which deals with the appointment of the\nchief executive officer. It provides in part that the board, after consultation with the\nMinister, shall appoint a fit and proper person to be the chief executive officer and that the\nchief executive officer will be a non-voting member of the board.\nClause 5 amends section 16 of the principal Act to change the composition of the\nManagement Committee.\nClause 6 amends section 21 to change the title \u201cdeputy managing directors\u201d \u201cto \u201cdeputy\nchief executive officer\u201d (or such other name that they may be called).\nClause 7 provides transitional provisions which relate to the posts which exist at the date\nof the commencement of the amending legislation. The clause provides that a person who\nis appointed or purported to be appointed prior to the date of the commencement of the\namending legislation to the post of \u2014\n(a) chief executive officer, by whatever name called; or\n(b) deputy chief executive officer, by whatever name called,\nshall be deemed, on that date, to have been lawfully appointed and shall continue to be\nappointed under the principal Act as amended by the amending legislation.\n\nMonetary Authority (Amendment) Bill, 2026\nArrangement of Clauses\n\nc\nIntroduced\nPage 7\n\nCAYMAN ISLANDS\n\nMONETARY AUTHORITY (AMENDMENT) BILL,\n2026\n\nArrangement of Clauses\nClause\nPage\n1.\nShort title ...................................................................................................................................9\n2.\nAmendment of section 2 of the Monetary Authority Act (2020 Revision) - interpretation .............9\n3.\nGeneral amendment of the principal Act .................................................................................. 10\n4.\nAmendment of section 13 - appointment of managing director ................................................. 10\n5.\nAmendment of section 16 - establishment of Management Committee .................................... 10\n6.\nAmendment of section 21 - power to employ staff, etc. ............................................................ 11\n7.\nTransitional provisions ............................................................................................................. 11\n\nMonetary Authority (Amendment) Bill, 2026\nClause 1\n\nc\nIntroduced\nPage 9\n\nCAYMAN ISLANDS\n\nMONETARY AUTHORITY (AMENDMENT) BILL,\n2026\nA BILL FOR AN ACT TO AMEND THE MONETARY AUTHORITY ACT (2020 REVISION)\nIN ORDER TO GIVE THE BOARD OF THE CAYMAN ISLANDS MONETARY\nAUTHORITY THE POWER TO DETERMINE THE COMPOSITION AND QUORUM OF ITS\nMANAGEMENT COMMITTEE; TO REFLECT CHANGES TO THE TITLES OF\nEXECUTIVE POSITIONS AT THE AUTHORITY THAT TOOK EFFECT ON 1ST\nNOVEMBER, 2024; AND FOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Act may be cited as the Monetary Authority (Amendment) Act, 2026.\n2.\nAmendment of section 2 of the Monetary Authority Act (2020 Revision) -\ninterpretation\n2.\nThe Monetary Authority Act (2020 Revision), in this Act referred to as the \u201cprincipal\nAct\u201d, is amended in section 2 as follows \u2014\n(a)\nby deleting the definition of the words \u201cmanaging director\u201d; and\n(b) by inserting in the appropriate alphabetical sequence the following\ndefinitions \u2014\n\nClause 3\nMonetary Authority (Amendment) Bill, 2026\n\nPage 10\nIntroduced\nc\n\n\u201c \u201cchief executive officer\u201d means the chief executive officer of the\nAuthority appointed under section 13; and\n\u201cMinister\u201d means the Member of Cabinet charged with\nresponsibility for financial services;\u201d.\n3.\nGeneral amendment of the principal Act\n3.\nThe principal Act is amended as follows \u2014\n(a)\nby deleting the words \u201cmanaging director\u201d wherever they appear and\nsubstituting the words \u201cchief executive officer\u201d; and\n(b) by deleting the words \u201cMinister charged with responsibility for Financial\nServices\u201d wherever they appear and substituting the word \u201cMinister\u201d.\n4.\nAmendment of section 13 - appointment of managing director\n4.\nThe principal Act is amended in section 13 as follows \u2014\n(a)\nby repealing the section heading and substituting the following section\nheading \u2014\n\u201cAppointment of chief executive officer\u201d;\n(b) by repealing subsection (1) and substituting the following subsections \u2014\n\u201c(1) The board, after consultation with the Minister, shall appoint a fit and\nproper person to be the chief executive officer.\n(1A) The chief executive officer is a non-voting member of the board.\u201d;\n(c)\nin subsection (2), by deleting the words \u201cCabinet, after consultation with\nthe board\u201d and substituting the words \u201cboard, after consultation with the\nMinister\u201d;\n(d) in subsection (6), by deleting the words \u201cCabinet may, after consultation\nwith the board\u201d and substituting the words \u201cboard may, after consultation\nwith the Minister\u201d; and\n(e)\nin subsection (7), by deleting the words \u201cCabinet, on the recommendation\nof the board\u201d and substituting the words \u201cboard, after consultation with the\nMinister\u201d.\n5.\nAmendment of section 16 - establishment of Management Committee\n5.\nThe principal Act is amended in section 16 by repealing subsection (2) and\nsubstituting the following subsection \u2014\n\u201c(2) The Management Committee shall comprise \u2014\n(a)\npersons appointed by the board in accordance with the rules\nmade under section 47; and\n\nMonetary Authority (Amendment) Bill, 2026\nClause 6\n\nc\nIntroduced\nPage 11\n\n(b) senior officers of the Authority designated by the chief\nexecutive officer, with the approval of the board.\u201d.\n6.\nAmendment of section 21 - power to employ staff, etc.\n6.\nThe principal Act is amended in section 21(1) by deleting the words \u201cdeputy\nmanaging directors\u201d and substituting the words \u201cdeputy chief executive officers, by\nwhatever name called\u201d.\n7.\nTransitional provisions\n7.\nA person who is appointed or purported to be appointed prior to the date of the\ncommencement of this amending Act to the post of \u2014\n(a)\nchief executive officer, by whatever name called; or\n(b) deputy chief executive officer, by whatever name called,\n\nshall be deemed, on that date, to have been lawfully appointed and shall continue to\nbe appointed under the principal Act as amended by this amending Act.\nPassed by the Parliament the\nday of\n, 2026.\nSpeaker\nClerk of the Parliament","akn_extracted_at":"2026-08-21 08:15:54.471746+00","is_tombstone":"f","tombstone_provenance":"{}","future_commencement_provenance":"{}","cms_id":"2026-0023","law_type":"bill","year":"2026","number":"23","title":"Monetary Authority (Amendment) Bill, 2026","status":"bill"},"provenance":{"files":[{"file_id":"182839","expr_id":"29582","kind":"akn_xml","filename":"2026-0023.akn.xml","source_url":null,"storage_path":"\/home\/q\/Dropbox\/coding\/kyleg-data\/working\/BILLS\/2026\/2026-0023\/2026-0023.akn.xml","content_md5":"9535a83870984302fd641b1ceaa527f0","byte_size":"10336","http_last_modified":null,"fetched_at":"2026-08-21 08:15:54.556391+00"},{"file_id":"182791","expr_id":"29582","kind":"pristine_pdf","filename":"2026-0023.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2026\/2026-0023\/2026-0023.pdf","storage_path":"\/home\/q\/Dropbox\/coding\/kyleg-data\/pristine\/BILLS\/2026\/2026-0023\/2026-0023.pdf","content_md5":"f22a86fc452fce2aa60c75cd62ece65e","byte_size":"239882","http_last_modified":null,"fetched_at":"2026-09-13 08:08:01.228354+00"},{"file_id":"182792","expr_id":"29582","kind":"working_pdf","filename":"2026-0023.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2026\/2026-0023\/2026-0023.pdf","storage_path":"\/home\/q\/Dropbox\/coding\/kyleg-data\/working\/BILLS\/2026\/2026-0023\/2026-0023.pdf","content_md5":"f22a86fc452fce2aa60c75cd62ece65e","byte_size":"239882","http_last_modified":null,"fetched_at":"2026-09-13 08:08:01.228354+00"}],"paragraph_count":13,"latest_history":{"history_id":"340466","change_type":"CREATE","changed_at":"2026-09-13 07:31:49.888442+00","change_source":"CRAWL_DELTA","change_reason":"recent-changes [Bills]: new PDF for known work (not in legislation_files)"}},"quality":null}