Trusts Licensing Requirements

All applications for licensing under the Banks and Trust Companies Act  should be submitted to the Authority. Applications should follow the requirements set out in the Banks and Trust Companies (Licence Applications and Fees) Regulations. Based on these regulations the Fiduciary Division has created the following checklists to assist applicants.

Application Requirements For A Trust Licence Under The Banks And Trust Companies ActView

Application Requirements For A Restricted Trust Licence Under The Banks And Trust Companies ActView

Application Requirements For A Nominee Trust Licence Under The Banks And Trust Companies ActView

Online Submissions and Electronic Applications

REEFS is our online, automated portal for submitting mandatory financial returns, change requests, and new license applications.

Please be aware that this is only a summary of legal requirements. For detailed information, refer to the Banks and Trust Companies Act.

All Licensees (Trust and Company Managers) are required to:

1. Notify Cmrai of any changes to the registered or principal office address.
2. Ensure their accounts are audited annually by an auditor approved by Cmrai, and submit a copy of the audited accounts to Cmrai:
   • Within three months of the trust company’s financial year-end.
   • Within six months of the company manager’s financial year-end.
3. Pay the annual fee by January 15th each year. If the fee is not paid by this date, a penalty of one-twelfth of the annual fee will be charged for each month or part of a month during which the fee and any penalty remain unpaid.
4. Obtain approval from Cmrai prior to issuing or transferring shares, and before appointing a director or controller.
5. Inform Cmrai of any changes in auditor or company name.

All Auditors

1. Must notify Cmrai if, during an audit of a licensee, they become aware or suspect that the licensee:
   • Is or may soon be unable to meet its obligations as they fall due.
   • Is conducting or attempting to conduct business, or winding up its business voluntarily, in a manner that could harm its investors or creditors.
   • Is conducting or attempting to conduct business without maintaining sufficient accounting records to properly audit its accounts.

Note 1: All applications should be submitted to:

Managing Director
SIX,Cricket Square Elgin Avenue Grand Cayman

Note 2:
Applicants should be aware that the Authority may request additional information to evaluate the application.