The timeframe in which companies can respond to the public consultation regarding beneficial ownership of Cayman Islands’ registered companies is about to close.
The Cayman Islands Government has extended the deadline to Friday, February 28, 2014. Cayman Finance, the organisation representing the financial services industry in the Cayman Islands, has been encouraging its members to submit their thoughts on what it describes as “an important issue”.
The extension was announced towards the end of January. The government said it felt the extra time was warranted for such an important subject and encouraged individuals working in financial services and commerce to provide their input.
Cayman Finance provided its own response on January 24. It has expressed some concerns around the establishment of a central database, as has been proposed.
“There are significant costs and risks associated with the establishment and maintenance of a central registry with no discernible benefit,” it said. “Even if we were to put aside the costs and risks, it is likely that such a requirement would significantly affect business as customers chose jurisdictions without such a registry. Any refinements in the obligations of data collection in respect of legal and beneficial owners of Cayman Islands legal entities should be enacted through the current regulatory infrastructure.
“We note that the UK Prime Minister David Cameron has announced that the UK will establish a central register of company beneficial ownership which will be open to the public. However, no other G8 government has made a similar announcement or indicated that a publicly accessible register is a desirable goal.”
Cayman, deadline, Cayman Finance, government