RegulatoryProcedure-DeregistrationofControlledSubsidiariesandPrivateTrustCompanies_1605729282.pdf

Here are the key points summarized:

Purpose: To outline the procedures for deregistering a controlled subsidiary or private trust company (PTC) in the Cayman Islands.

Key Points:

1. Application Process: A registered entity must submit an application to the Cayman Islands Monetary Authority (CIMA) through the online portal, REEFS, along with supporting documents and information.
2. Conditions for Deregistration: The registered entity must meet certain conditions, including:
   • Ceasing or ceasing to carry on business as a controlled subsidiary or PTC.
   • Paying any outstanding regulatory fees.
   • Meeting all outstanding obligations, including prudential filings and submissions of financial statements (where applicable).
3. Submission Requirements: The application must include:
   • A completed License Termination/Surrender/Deregistration form.
   • A Resolution signed by at least two directors (or the sole director in cases where the entity has one director) indicating the date on which the registered entity will cease to carry on business as a controlled subsidiary or PTC.
4. Fees: The registered entity must pay the applicable deregistration fee, as prescribed in the PTCRs.
5. Procedure for Deregistration: CIMA will:
   • Confirm receipt of the application and supporting documents.
   • Review the application for completeness and confirm that all outstanding regulatory fees are paid, all outstanding obligations are met, and the entity is in good standing with CIMA.
   • Request any additional information required to support the assessment of the application.
   • Provide a non-objection letter to the Registrar of Companies, stating that the entity is being deregistered.
   • Upon approval of the deregistration application, issue a written notice to the registered entity confirming deregistration of the entity and publish a notice on its website.