The Securities Investment Business Law (2003 Revision) (SIBL) is now fully in effect. Investment managers and advisers incorporated or established in the Cayman Islands – or with a registered branch there – who were carrying on securities investment business on 29 July, 2003 now have until the end of January 2004 to comply with its provisions.
An investment manager or adviser is not required to be regulated under any other regulatory laws in the Cayman Islands in respect of securities investment business. If it is currently regulated by the Cayman Islands Monetary Authority and only conducts securities investment business, it may surrender and cancel its existing licence. If the manager or adviser is carrying on regulated activities in addition to the securities investment business, another licence or registration will need to be retained.
