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Statement On EU Court Of Justice Ruling On Business Registers – Financial Services

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Grand Cayman, 30 November 2022 – The
Cayman Islands Government has seen the Court of Justice of the
European Union’s recent judgement regarding business registers
in Luxembourg.

At present, the Ministry of Financial Services and Commerce is
preparing draft legislation to consolidate beneficial ownership
legislation into one Act and is currently in the consultation phase
with a wide cross section of the financial services industry and
considering their feedback to date.

The intent of the draft legislation is to enhance the
transparency framework for legal persons by providing clarity to
all users of the beneficial ownership legislation, to reduce the
possibility of misuse of our entities as well as ensure efficiency
in the framework.

There is also a component of the draft legislation that sets out
a proposed approach to introduce public beneficial ownership
registers in line with the request of the United Kingdom. The
Ministry, with the assistance of external counsel, is currently
reviewing the ECJ judgement to determine if there are any
implications with respect to the proposal to introduce public
beneficial ownership registers.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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