Minister says amended legislation will assist monetary sector : Cayman Information Service

Financial Services Minister André Ebanks, Cayman News Service


Financial Services Minister André Ebanks

(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…