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The Rule on Deregistration of Private Trust Companies (\u201cthe Rule\u201d) was established to document the Cayman Islands Monetary Authority\u2019s (\u201cCIMA\u201d or \u201cthe Authority\u201d) requirements for the deregistration of Private Trust Companies (\u201cPTCs\u201d). The Rule should be read in conjunction with the following: a) Regulatory Procedure on Deregistration of Controlled Subsidiaries and Private Trust Companies; b) The Private Trust Companies Regulations (as amended) (\u201cPTCRs\u201d); and c) any other relevant laws and regulatory instruments issued by the Authority from time to time.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Statement of Objectives 2.1. This document establishes the Authority\u2019s Rules on deregistration of PTCs pursuant to the PTCRs. 2.2. Each of the paragraphs of section 6 below is referred to as a \u201cRule,\u201d and collectively, the \u201cRules\u201d. 2.3. The measure is consistent with the Authority\u2019s statutory objectives as prescribed in the MAL, including: a) to regulate and supervise financial services business carried on in or from within the Islands in accordance with this Law and the regulatory laws; b) act in the best economic interests of the Islands; c) promote and maintain a sound financial system in the Islands; d) promote and enhance market confidence, consumer protection and the reputation of the Islands as a financial centre; and e) reduce the possibility of financial services business or relevant financial business being used for the purpose of money laundering or other crime.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Statutory Authority 3.1    Section 34 (1) (a) of the Monetary Authority Law (\u201cMAL\u201d) provides that the Authority: 1) After private sector consultation and consultation with the Minister charged with the responsibility for Financial Services, the Authority may a) issue or amend rules or statements of principle or guidance concerning the conduct of licensees and their officers and employees; and any other persons to whom and to the extent that the regulatory laws may apply. RULE \u2013 DEREGISTRATION OF PRIVATE TRUST COMPANIES Cayman Islands Monetary Authority Page 6 of 8\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Scope of Application 4.1. This Rule applies to an entity registered by the Authority as a PTC pursuant to the PTCRs. 4.2. The Rule applies only in cases where deregistration is initiated by the registrant. In cases where deregistration is initiated by the Authority as part of an enforcement action, the procedure for deregistration is documented in the Enforcement Manual.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Definitions 5.1. The following definitions are provided for the purpose of this Rule: 5.1.1. \u201cPrivate Trust Company\u201d has the same meaning as in the PTCRs 5.1.2. \u201cRegistered Entity\/Registrant\u201d means an entity registered by the Authority as a PTC pursuant to the PTCRs.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Rules 6.1. A registered entity must submit an application for deregistration to the Authority when the entity intends to cease carrying on or has ceased to carry on business as a PTC. 6.2. The application for deregistration must be submitted to the Authority within 28 days from the date the director(s) of the PTC resolve to cease carrying on business of a PTC. 6.3. Where the registered entity has never carried on business, an application for deregistration must be made to the Authority within 28 days from the date the Resolution was passed by the directors. The Resolution must confirm that the entity has never carried on business as a PTC. 6.4. When applying for deregistration of a PTC, the registered entity must submit all of the following documents: a) a completed License Termination\/Surrender\/Deregistration form (application form) via the Authority\u2019s online portal, REEFS; b) a Resolution signed by at least two directors where the PTC has two or more directors, or by the sole director in cases where a PTC has one director indicating the date on which the registered entity either ceased or will cease to carry on business; c) a Declaration signed by at least two directors where the PTC has two or more directors, or by the sole director in cases where a PTC has one director confirming: 1) all connected persons are informed of the closure or intended closure of the registered entity; 2) all outstanding liabilities have been settled; RULE \u2013 DEREGISTRATION OF PRIVATE TRUST COMPANIES Cayman Islands Monetary Authority Page 7 of 8 3) all outstanding complaints against the registered entity are resolved; 4) there are no current, pending or threatened legal proceedings against the registered entity; and 5) the entity is not acting as trustee of any trusts. 6.5. The information presented in the Declaration must be accurate and the directors of the registered entity may not delegate the requirements established in 6.4(c) to another party. 6.6. Where the registered entity will be dissolved, the registered entity must submit to the Authority evidence that it has been placed in voluntary liquidation and at a minimum copies of the forms filed with Registrar of Companies. 6.7. Where the registered entity has applied to the Registrar of Companies to be struck from the register of companies, a Certificate of Strike-Off evidencing the same must be presented to the Authority. 6.8. Where the registered entity will remain a legal entity carrying out nonlicensable services; the registered entity must apply to the Registrar of Companies for a Certificate of Change of Name and submit a certified copy of the certificate to the Authority as confirmation that the entity\u2019s name will no longer entail the use of the letters \u201cPTC\u201d in accordance with section 6 of the PTCRs. 6.9. All required documents must be submitted to the Authority at the time an application is being made along with payment of the applicable deregistration fee as prescribed in the PTCRs. 7. Enforcement 7.1. Whenever there has been a breach of the Rules, the Authority\u2019s policies and procedures as contained in its Enforcement Manual will apply, in addition to any other powers provided in the PTCRs and the MAL, as amended. 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The Rule should be read in conjunction with the following:\n\na)\nRegulatory Procedure on Deregistration of Controlled Subsidiaries and\nPrivate Trust Companies;\nb)\nThe Private Trust Companies Regulations (as amended) (\u201cPTCRs\u201d); and\nc)\nany other relevant laws and regulatory instruments issued by the\nAuthority from time to time.\n\n2.\nStatement of Objectives\n\n2.1.\nThis document establishes the Authority\u2019s Rules on deregistration of PTCs\npursuant to the PTCRs.\n\n2.2.\nEach of the paragraphs of section 6 below is referred to as a \u201cRule,\u201d and\ncollectively, the \u201cRules\u201d.\n\n2.3.\nThe measure is consistent with the Authority\u2019s statutory objectives as\nprescribed in the MAL, including:\n\na)\nto regulate and supervise financial services business carried on in or\nfrom within the Islands in accordance with this Law and the regulatory\nlaws;\nb)\nact in the best economic interests of the Islands;\nc)\npromote and maintain a sound financial system in the Islands;\nd)\npromote and enhance market confidence, consumer protection and the\nreputation of the Islands as a financial centre; and\ne)\nreduce the possibility of financial services business or relevant financial\nbusiness being used for the purpose of money laundering or other\ncrime.\n\n3.\nStatutory Authority\n\n3.1    Section 34 (1) (a) of the Monetary Authority Law (\u201cMAL\u201d) provides that the\nAuthority:\n\n1)\nAfter private sector consultation and consultation with the Minister\ncharged with the responsibility for Financial Services, the Authority may\n\na)\nissue or amend rules or statements of principle or guidance\nconcerning the conduct of licensees and their officers and\nemployees; and any other persons to whom and to the extent\nthat the regulatory laws may apply.\n\nRULE \u2013 DEREGISTRATION OF PRIVATE TRUST COMPANIES\n\nCayman Islands Monetary Authority\n\nPage 6 of 8\n4.\nScope of Application\n\n4.1.\nThis Rule applies to an entity registered by the Authority as a PTC pursuant to\nthe PTCRs.\n\n4.2.\nThe Rule applies only in cases where deregistration is initiated by the\nregistrant. In cases where deregistration is initiated by the Authority as part\nof an enforcement action, the procedure for deregistration is documented in\nthe Enforcement Manual.\n\n5.\nDefinitions\n\n5.1.\nThe following definitions are provided for the purpose of this Rule:\n\n5.1.1. \u201cPrivate Trust Company\u201d has the same meaning as in the PTCRs\n\n5.1.2. \u201cRegistered Entity\/Registrant\u201d means an entity registered by the\nAuthority as a PTC pursuant to the PTCRs.\n\n6.\nRules\n\n6.1.\nA registered entity must submit an application for deregistration to the\nAuthority when the entity intends to cease carrying on or has ceased to carry\non business as a PTC.\n\n6.2.\nThe application for deregistration must be submitted to the Authority within 28\ndays from the date the director(s) of the PTC resolve to cease carrying on\nbusiness of a PTC.\n\n6.3.\nWhere the registered entity has never carried on business, an application for\nderegistration must be made to the Authority within 28 days from the date the\nResolution was passed by the directors. The Resolution must confirm that the\nentity has never carried on business as a PTC.\n\n6.4.\nWhen applying for deregistration of a PTC, the registered entity must submit\nall of the following documents:\n\na)\na\ncompleted\nLicense\nTermination\/Surrender\/Deregistration\nform\n(application form) via the Authority\u2019s online portal, REEFS;\n\nb)\na Resolution signed by at least two directors where the PTC has two or\nmore directors, or by the sole director in cases where a PTC has one\ndirector indicating the date on which the registered entity either ceased\nor will cease to carry on business;\n\nc)\na Declaration signed by at least two directors where the PTC has two or\nmore directors, or by the sole director in cases where a PTC has one\ndirector confirming:\n\n1)\nall connected persons are informed of the closure or intended\nclosure of the registered entity;\n2)\nall outstanding liabilities have been settled;\n\nRULE \u2013 DEREGISTRATION OF PRIVATE TRUST COMPANIES\n\nCayman Islands Monetary Authority\n\nPage 7 of 8\n3)\nall outstanding complaints against the registered entity are\nresolved;\n4)\nthere are no current, pending or threatened legal proceedings\nagainst the registered entity; and\n5)\nthe entity is not acting as trustee of any trusts.\n\n6.5.\nThe information presented in the Declaration must be accurate and the\ndirectors of the registered entity may not delegate the requirements\nestablished in 6.4(c) to another party.\n\n6.6.\nWhere the registered entity will be dissolved, the registered entity must submit\nto the Authority evidence that it has been placed in voluntary liquidation and\nat a minimum copies of the forms filed with Registrar of Companies.\n\n6.7.\nWhere the registered entity has applied to the Registrar of Companies to be\nstruck from the register of companies, a Certificate of Strike-Off evidencing the\nsame must be presented to the Authority.\n\n6.8.\nWhere the registered entity will remain a legal entity carrying out nonlicensable services; the registered entity must apply to the Registrar of\nCompanies for a Certificate of Change of Name and submit a certified copy of\nthe certificate to the Authority as confirmation that the entity\u2019s name will no\nlonger entail the use of the letters \u201cPTC\u201d in accordance with section 6 of the\nPTCRs.\n\n6.9.\nAll required documents must be submitted to the Authority at the time an\napplication is being made along with payment of the applicable deregistration\nfee as prescribed in the PTCRs.\n\n7.\nEnforcement\n\n7.1.\nWhenever there has been a breach of the Rules, the Authority\u2019s policies and\nprocedures as contained in its Enforcement Manual will apply, in addition to\nany other powers provided in the PTCRs and the MAL, as amended.\n\nCayman Islands Monetary Authority\n\nPage 8 of 8","akn_extracted_at":"2026-06-22 15:38:21.294474+00","cms_id":"2020-0143","law_type":"subordinate","year":"2020","number":"143","title":"Deregistration of Private Trust Companies Rules","status":"in_force"},"provenance":{"files":[{"file_id":"5709","expr_id":"628","kind":"akn_xml","filename":"2020-0143_SL 143 of 2020.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2020\/2020-0143\/2020-0143_SL 143 of 2020.akn.xml","content_md5":"9fb6c03463d0473c48bad2fb2802dfb4","byte_size":"10125","http_last_modified":null,"fetched_at":"2026-06-22 15:38:21.375512+00"},{"file_id":"1255","expr_id":"628","kind":"pristine_pdf","filename":"2020-0143_SL 143 of 2020.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2020\/2020-0143\/2020-0143_SL 143 of 2020.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2020\/2020-0143\/2020-0143_SL 143 of 2020.pdf","content_md5":"ff7caa54839a3660a73c0f866880b8c3","byte_size":"450053","http_last_modified":null,"fetched_at":"2026-06-21 23:09:34.069494+00"},{"file_id":"1256","expr_id":"628","kind":"working_pdf","filename":"2020-0143_SL 143 of 2020.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2020\/2020-0143\/2020-0143_SL 143 of 2020.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2020\/2020-0143\/2020-0143_SL 143 of 2020.pdf","content_md5":"ff7caa54839a3660a73c0f866880b8c3","byte_size":"450053","http_last_modified":null,"fetched_at":"2026-06-21 23:09:34.069494+00"}],"paragraph_count":47,"latest_history":null},"quality":{"expr_id":"628","doc_id":"628","quality_state":"needs_review","quality_score":"90","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{ok}","repair_actions":"{collapse_duplicate_text,strip_page_furniture}","finding_severity_counts":"{}","finding_summary":"Extraction appears complete and well-formatted; no obvious OCR or structural issues.","assessed_at":"2026-06-22 15:29:45.549289+00","updated_at":"2026-06-22 15:29:45.549289+00"}}