Regulations for directors of Cayman companies

The Law does not apply to unit trusts or partnerships.
The new regime contemplates three categories of directors:

• Professional Director: An individual who is appointed as a director for 20 or more covered entities is required to be licensed by CIMA.
• Registered Director: An individual who acts as a director of a covered entity but is not a Professional Director is required to be registered with CIMA.
• Corporate Director: A body corporate acting as a director of a covered entity is required to be licensed by CIMA.

Applications from Professional Directors and Registered Directors must be received by CIMA by 4 September 2014; applications from Corporate Directors must be received by 4 December 2014. Useful FAQs are available on CIMA's website: http://www.cimoney.com.ky/