Trusts Licensing Requirements
All applications for licensing under the Banks and Trust Companies Law (2009 Revision) should be submitted to the Authority. Applications should follow the requirements set out in the Banks and Trust Companies Law (Licence Applications and Fees) (Amendment) Regulations, 2012. Based on these regulations the Fiduciary Division has created the following checklists to assist applicants.
Application Requirements For A Restricted Trust Licence Under The Banks And Trust Companies Law (2009 Revision)
Application Requirements For A Trust Licence Under The Banks And Trust Companies Law (2009 Revision)
Application Requirements For A Nominee Trust Licence Under The Banks And Trust Companies Law (2009 Revision)
Please note that this is only a summary of legal requirements. For additional detail please refer to the Banks and Trust Companies Law (2009 Revision) which is also available in hard copy from the Legislative Assembly.
All Licensees (Trust and Company Managers):
- must inform the CIMA of any change in the registered office or principal office;
must have their accounts audited annually by an auditor approved by the CIMA and submit a copy of the audited accounts to the CIMA:
- within three months of the trust company’s financial year-end; or
- within six months of the company manager’s financial year-end;
- must pay the annual fee by the 15th of January of each year. If an annual fee is not paid by that date, a penalty of one-twelfth of the annual fee will be payable for each month or part of a month during which the annual fee and any penalty remains unpaid;
- must receive the approval of CIMA prior to issuing or transferring shares and prior to appointing a director or controller; and
- must inform CIMA of changes in auditor, or change of name.
must notify CIMA if, in the course of carrying out an audit of a licensee, they become aware or have reason to believe that the licensee:
- is or is likely to become unable to meet its obligations as they fall due;
- is carrying on, or attempting to carry on, business, or is winding up its business voluntarily in a manner that is prejudicial to its investors or creditors, or
- is carrying on or attempting to carry on business without keeping any or sufficient accounting records to allow its accounts to be property audited.
Note 1:All applications should be sent to:
Cayman Islands Monetary Authority
P.O Box 10052
Grand Cayman KY1-1001
Applicants should be aware that the Authority may require additional information to determine the application.