CAYMAN ISLANDS. Supplement No. 1 published with Gazette No. 06 dated 13 March, THE REGULATORY HANDBOOK APPENDICES E2 TIME LINES
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1 CAYMAN ISLANDS Supplement No. 1 published with Gazette No. 06 dated 13 March, THE REGULATORY HANDBOOK APPENDICES E2 TIME LINES
2 E2 Time Lines BANKING SUPERVISION TIMELINES New Licence Applications (Category A Licensees) MC 6-8 weeks New Licence Applications (Category B Licensees) MC 6-8 weeks New Licence Applications (Money Services Business) MC 4-6 weeks Approval for Issue, Transfer, Disposal of shares (no change in control) Division 2 weeks Approval for Surrender of Licence Division 3 weeks Approval to open a subsidiary, branch, agency or representative office (for licensed Division 4 weeks activities only) Approval of Change of Auditors (Banks & Trust Companies Law) Division 1 week Extension of Filing of Regulatory Reports (e.g. QPR Form, Financial Statements) Division 1 week Approval for use of the word "Bank" and its derivatives Division 2 weeks Approval for Change of Principal Office &/or Authorised Agent (Banks & Trust Division 1 week Companies Law) Make Regulations (S.27 of BTCL) FIDUCIARY SERVICES TIMELINES New Licence Application - Unrestricted Trust MC 6-8 weeks New Licence Application - Company Management Licence MC 6-8 weeks New Licence Application Corporate Licence MC 6-8 weeks
3 New Licence Application - Restricted Trust Licence MC 6-8 weeks New Licence Application - Nominee Licence MC 6-8 weeks Approval for Issue, Transfer, Disposal of shares- (no change in control) Division 2 weeks Approval for Surrender of Licence Division 4 weeks Approval of Change of Auditors (Companies Management Law) Division 1 week Extension of Filing of Regulatory Reports (e.g. Biannual Form, Financial Division 1 week Statements) Approval of "authorised insurer" (Companies Management Law) Division 1 week Approval of "authorised/recognised custodian" Division 4 weeks Approval for use of word "Trust" Division 2 weeks Approval for Change of Principal Office & Authorised Agent (Banks & Trust Law) Division 1 week Approval of Agent Pursuant to the Banks & Trust Companies Law Division 1 week Approval of a branch, subsidiary, agency or representative office Division 4 weeks Registration of Controlled Subsidiaries or Private Trust Companies Division 1 week Cancellation of Registration of Controlled Subsidiaries or Private Trust Companies Division 1 week Make Regulations (S.27 of BTCL) INSURANCE SUPERVISION TIMELINES New Licence Application - Class A MC 6-8 weeks New Licence Application - Class B (sub-categories B(i) and B(ii)) MC 5-6 weeks New Licence Application - Class B (sub-categories B(iii) and B(iv)) MC 6-8 weeks New Licence Application - Class C MC 5-6 weeks New Licence Application - Class C Catastrophe Bonds Division 5-10 Business Days New Licence Application - Analogous Class C Catastrophe Bonds Division 5-7 Business Days Renew Licence Application - Class C Catastrophe Bonds Division 5-7 Business Days
4 New Licence Application - Class D MC 6-8 weeks New Licence Application - Insurance Manager MC 5 weeks New Licence Application - Agent MC 4 weeks New Licence Application - Broker MC 5 weeks Approval for registration of a Portfolio Insurance Company Division 5-6 Weeks Approval to add a Segregated Portfolio to an SPC Division 5-6 Weeks Approval for Issue, Transfer, Disposal of shares (no change in control) Division 2 weeks Approval to accept remedial action plan presented by licensees when capital falls below PCR Division 4-5 weeks Approval for Surrender of Licence Division 3 weeks Approval to open a subsidiary, branch, agency or representative office (for licensed activities only) Division 4 weeks Class A Approval of Change of Auditors (Insurance Law) Division 1 week Approval for use of word Insurance Division 2 weeks Extension of Filing of Regulatory Reports Division 1 week Make Regulations (S.23) INVESTMENT AND SECURITIES DIVISION TIMELINES Type of Approval Responsibility Timeframe New Application Securities Investment Business Licence (SIBL) (Note 1) MC 6-8 weeks New Application Japanese Regulations Division 6-8weeks Excluded Person Declaration Securities Investment Business law Division 1 week Director/Senior Officer Approval (MFA, SIBL & Sec. 5 Funds) Division 3-6 weeks New Mutual Fund Administrators Licence Application MC 6-8 weeks New Auditors Application- MC 4-6 weeks New Mutual Fund Registration (Sec. 4(3) & 4(1)(b)) Division 1 week New Mutual Fund Licence Application (Sec. 5) Division 4 weeks New Restricted Mutual Fund Administrators Licence Application MC 6-8 weeks
5 Approval for change in ultimate beneficial ownership (controlling interest) MC 6-8 weeks Issue, transfer, disposal, dealing in shares (MFA & Sec. 5 Funds) including approval Division 2 weeks of new shareholders (no change in control) Approval for Revocation of MFA Licence on voluntary surrender by licensee (MFL Division 4-6 weeks 30 (12)) Approval for Revocation of SIB Licence on voluntary surrender by licensee (SIBL MC 4-6 weeks 17 (7)) Voluntary Surrender of Registration and Deregistration of Mutual Fund (Sec. 4(3), Division 2 weeks 4(1)(b) & 5) Extension to Filing of Regulatory Reports (RF-1, Financials) Division 1 week Approval for Change of Name - Fund Division 1 week Issuance of new certificate for Change of Name - MFA Division 2 weeks Approval of Change of Auditors Division 1 week Cancellation of Registration/License of Mutual Fund (failing to comply with MFL MC sec.8 and/or 9) (Note 2) Make Regulations (s.39 MFL and s.11 SIBL)
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