Minister says amended law will help financial sector
(CNS): Financial Services Minister André Ebanks has said that one of the bills he will be presenting to parliament next month will enhance the local financial services sector “in the face of changing market dynamics”. According to a release from his ministry, the Companies (Amendment) Bill, 2024, which was gazetted last week, will enhance Cayman’s product offerings by introducing innovative commercial changes, including a new procedure for reducing share capital in certain circumstances that will lower costs for companies and reduce the time involved for the process.
The ministry said it would also provide a more flexible approach for the passing of a written special resolution, which would allow it to be passed by a majority of at least two-thirds of the company’s members rather than unanimously. It would also allow conversions of a limited liability company or foundation company to an exempted company, providing flexibility for Cayman structures dealing with changes in circumstances, as well as re-registration of an exempted company as an ordinary company.
“I’m pleased to present this bill to enhance our financial services offering for local and international stakeholders, as we continue to thrive as a globally respected financial services centre of excellence in the face of changing market dynamics,” Ebanks said in the release.
Two other bills published towards the end of 2023 will also be presented at the next meeting of parliament, the ministry said. The Local Companies (Control) (Amendment) Bill, 2023 will allow Cabinet to set prudential matters expressly, such as fee allocations, with regards to local companies control licensing. The Merchant Shipping Bill, 2023 provides updated provisions to bring Cayman’s maritime legislative framework in line with current international standards and requirements.
Until the parliament meets, the public can lobby for changes to the legislation or raise questions and comments by contacting their local MP.
For more information about the draft bills, email matthew.yates@gov.ky or visit the website.
- Fascinated
- Happy
- Sad
- Angry
- Bored
- Afraid
Category: Business, Financial Services
What little that will do to help local and imported workers still suffering under a woeful minimum wage of $4.50/hour in the upscale Cayman Islands?
Institutionalized poverty leading to welfare state!
Hon.Deputy Premier, respect. can we ask what are happening to the promise of raising the monthly money for the Persioners and Veterans/Seafarers to 1500 P M in January 2024. Thanks.
Really???? Which Financial Sector? Seems like it is putting in an express land for foreign direct investment since the Invest Cayman was quietly shut down.
No worries. Once Singapore and Hong Kong take more financial firms away, there will be plenty of empty condos and homes and less traffic.
Good then maybe Caymanians can finally own a home! Go live in Singapore or Hong Kong if you think they are comparable to Cayman. There are satellite offices practicing now anyways. The high cost of living here is the result of an open market. Policy makers should have amended laws years ago to keep that from happening and not listen to the rhetoric coming from comments like yours.
PROMISE??? Can we speed this process along??