CIMA Director Registration Renewals and Cancellations – Key Steps and Deadlines

As the year-end approaches, directors of Cayman Islands “covered entities” should be mindful of their obligations under the Directors Registration and Licensing Act (Revised) (DRLA) to ensure compliance and avoid unnecessary fees.

A “covered entity” generally includes mutual funds and managers regulated under the Securities Investment Business Act (SIBA). Directors of such entities must be registered with the Cayman Islands Monetary Authority(CIMA) and keep their registration status current. Directors of regulated private funds do not need to register under DRLA unless they are also a director of another covered entity.

Renewal of Registration

If you remain appointed as a director of a covered entity on 1 January of the new year, you are required to pay the annual CIMA renewal fee for that year.

Renewal process:

• Log in to CIMA’s Director Registration Portal using your existing credentials.
• Follow the on-screen instructions to make payment of the renewal fee.
• Ensure payment is completed promptly to avoid penalties or suspension of registration.

Cancellation of Registration

If you will no longer act as a director of any covered entity in the coming year, you can avoid renewal fees by cancelling your registration on or before 31 December.

Cancellation process:

1. Log in to CIMA’s portal with your registration credentials.
2. Select “Manage Directorships” and remove all covered entities from your profile.
3. Pay the applicable de-registration fee.
4. Select “Surrender” and confirm that:
   • You have resigned from all covered entities.
   • You do not intend to act as a director of any covered entity going forward.
   • You understand that if you wish to resume directorships in the future, you must re-apply for registration.

Why Timing Matters

CIMA’s fee structure is based on your registration status as at 1 January. Even if you resign early in the new year, you will still be liable for the full year’s renewal fee if your registration was active on that date.

Therefore, if you intend to step down, you should complete the full cancellation process before year-end to avoid unnecessary costs.

Our Guidance

Marbury’s Regulatory Services and Fund Solutions teams advise clients on Cayman Islands regulatory compliance, including DRLA obligations. Our guidance emphasises:

• Proactive year-end planning to align resignations and cancellations with CIMA’s fee calendar.
• Accurate portal submissions to ensure CIMA’s records reflect your current status.
• Clear documentation of resignations and confirmations to avoid disputes or delays.

By following these steps and timelines, you can ensure a smooth renewal or cancellation process and maintain good standing with CIMA.

If you require assistance with your CIMA director registration renewal or cancellation, please contact your usual Marbury relationship manager directly or reach out to info@marburys.com for tailored guidance.

Click for more information on Marbury’s Fund Solutions and Regulatory Advisory Services.