Lucy Frew
Partner
Cayman Islands
Many entities that previously had few or no obligations under the beneficial ownership reporting regime are having to identify and register beneficial owners before the end of 2024. Regulated investment funds have an alternative option of designating a licensed contact person.
Importantly, the changes keep the jurisdiction in line with evolving international standards. However, it is necessary for Cayman Islands structures to ensure compliance by the end of the year to avoid penalties.
In this article published in Law360, our regulatory partner, Lucy Frew, explains the latest evolution of the Cayman Islands beneficial ownership reporting regime with special focus on practical actions for entities within equity and debt investment structures, including regulated investments funds. There is a clear trend among regulated funds to appoint a contact person where their service providers offer them the option to do so. There are also key areas that governance functions may wish to consider to ensure their investment structures are taking the necessary steps and prepared for practical compliance in 2025.
