Section 7Part 2 — Beneficial Ownership Information
Registrable beneficial owner
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The following are registrable beneficial owners in relation to a legal person — (a) an individual that the legal pe rson identifies pursuant to section 6
as a beneficial owner of the legal person; or
a reportable legal entity identified pursuant to section 6 (2)(b) —
that directly holds a relevant interest in the legal person or meets one or more of the specified conditions; or
through which any beneficial owner or reportable legal entity indirectly holds a relevant interest in the legal person. ( 2 ) The question as to whether a person is a registrable beneficial owner shall be determined in such manner as may be prescribed. 8 . Duty to give notice to registrable beneficial owners 8 . ( 1 ) Subject to subsection (5), a legal person shall give notice in writing to beneficial owners and reportable legal entities identified by the legal person under section 6 and to any person that it knows, or has reasonable cause to believe, is a registrable b eneficial owner in relation to it. ( 2 ) The notice under subsection (1) shall require the persons to whom it is addressed, no later than thirty days after the receipt of the notice — ( a ) to state whether or not they are registrable beneficial o wners within the meaning of this Act ; and ( b ) if the person is a registrable beneficial owner, to confirm or correct any required particulars that are included in the notice and to supply any required particulars that are missing from the notice.
A legal person sh all also give notice in writing to a person holding a relevant interest in —
the legal person; or
another legal person that the first mentioned legal person knows or has reasonable cause to believe is a reportable legal entity in relation to that other legal person.
A notice under subsection (3) shall require the person to whom it is addressed — c Revised as at 14th January, 2026 Page 11
to state whether or not the person knows the identity of a registrable beneficial owner or any person likely to have that knowledge; and
if the person is required to provide a statement under paragraph (a), to supply, at the expense of the legal person, any required particulars in respect of such registrable beneficial owners that are within the addressee’s knowledge no later than thirty days aft er receipt of the notice.
A legal person is not required to give a notice to an individual or a reportable legal entity if —
the legal person knows that the individual or reportable legal entity is not a registrable beneficial owner; or
the leg al person has already been informed of the individual’s or reportable legal entity’s status as a registrable beneficial owner in relation to it, and has received all the required particulars.
A person to which a notice under this section is given is no t required by that notice to disclose any information —
in respect of which legal professional privilege applies; or
that the person is prohibited by any law applicable in the Islands from disclosing. 9 . Duty of registrable beneficial owners to s upply information 9 . ( 1 ) A registrable beneficial owner shall — ( a ) notify the legal person that the said registrable beneficial owner is a registrable beneficial owner in relation to the legal person; ( b ) state the date, to the best of the person’s knowledge, on which the person became a registrable beneficial owner in relation to the legal person; and
give the legal person the required particulars. ( 2 ) This section applies to a person if — ( a ) the person is a registrable beneficial owner in relation to a legal person; ( b ) the person has no reason to believe that the said person’s required particulars are stated in the legal person’s beneficial ownership register; and ( c ) the person has not received a notice from the legal person under section 8 . ( 3 ) The duty under subsection (1) shall be complied with by the end of the period of thirty days beginning with the day on which all of the conditions in subsections (2)(a) through (2)(c) are first met with respect to the person. 10 . E xempt ion 10 . ( 1 ) The competent authority, if satisfied, having regard to any undertaking given by an individual or a legal person, that there are special reasons for an exemption from compliance with a notice or duty under this Act , may exempt — ( a ) the individual or legal person from complying with a notice issued under section 8 ; (b) the legal person from taking steps to identify the individual or legal person or give notice under section 8 to, or with respect to, either the individual or legal person; (c) any person from sending a notice or giving information under section 8 ;
the individual or legal person from the duties imposed by sections 9 and 1 4 ; or
the individual or legal p erson from being entered on a legal person’s beneficial ownership register as a registrable beneficial owner in relation to any legal person. ( 2 ) The competent authority shall exercise the exemption powers in subsection (1) in accordance with the criteria as may be prescribed. ( 3 ) A legal person that is — (a) designated as a company to which section 80 of the Companies Act (2026 Revision) applies; or (b) registered in accordance with section 7 of the Non - Profit Organisations Act (2020 Revision) , is e xempt from the provisions of this Act . 11 . Corporate services providers to review particulars 11 . ( 1 ) A corporate services provider shall — (a) review the required particulars provided under section 6 by the legal person; and (b) take reasonable measures to verify the identity of the beneficial owner or reportable legal entity, using information obtained from reliable sources, so as to be satisfied that the required particulars are accurate and current before entering them in the legal person’s beneficial ownership register in the prescribed form and manner. ( 2 ) A corporate services provider shall provide the required particulars referred to in subsection (1) to the competent authority at such intervals as may be prescribed in acco rdance with section 13(3) . c Revised as at 14th January, 2026 Page 13 ( 3 ) There is no requirement to enter required particulars concerning an individual or reportable legal entity that is not a registrable beneficial owner, a senior managing official or a trustee identified in accordance with sect ion 4(3). ( 4 ) For the purposes of this section, reasonable measures are considered to have been undertaken to verify the identity of the beneficial owner or reportable legal entity if the identity of the beneficial owner or reportable legal entity has been validated against data from reliable sources. (5) For the purposes of this section , “ reliable sources ” means independent source documents or information issued by a government entity, a licensed financial institution or similar originator or issuer of i nformation that is well known and considered reputable. 12 . Required p articulars and written confirmation required for categories of legal persons 12 . ( 1 ) A corporate services provider shall provide the competent authority with written confirmation as to the legal person’s category stating whether the legal person is — ( a ) listed , or is a subsidiary of a listed entity , on the Cayman Islands Stock Exchange or a n approved stock exchange; (b) licenced under a regulatory law; (c) a fund registered under the Private Funds Act (2025 Revision) or the Mutual Funds Act (2025 Revision) ; (d) exempted by the Cabinet by virtue of this Act ; or (e) another legal person not falling within , or not opting to fall within, paragraphs (a) t hrough (d). ( 2 ) For the purposes of subsection (1) (a) , a legal person is a subsidiary o f a listed entity if — ( a ) the listed entity holds seventy - five per cent or more of the shares or voting rights in the subsidiary legal person; ( b ) the listed entity exercises ultimate effective control over the subsidiary legal person; or ( c ) the listed entity controls the subsidiary legal person by other means. ( 3 ) The requi red particulars for the category of legal person shall be provided by way of the search platform maintained pursuant to section 22 in the form, in the manner and at such intervals as are required of corporate services providers in accordance with section 1 3 (3). ( 4 ) The written confirmation of the category of legal person shall include the following information — ( a ) for particulars under subsection (1)(a) —
the name and jurisdiction of the stock exchange; and
where the legal person is a subsidi ary of a listed entity, in addition to the information under subparagraph (i), the name of the listed entity; ( b ) for particulars under subsection (1)(b), the regulatory law under which the legal person is licenced; ( c ) for particulars under subsection (1) (c), the contact details of a licensed fund administrator or another contact person licensed or registered under a regulatory law for providing beneficial ownership information located within the Islands; ( d ) for particulars under subsection (1)(d), such i nformation as may be prescribed; ( e ) for persons under subsection (1)(e), where the registrable beneficial owner, senior managing official or trustee identified in accordance with section 4(3) is an individual, the required particulars set out in subsection (5) or (6) or, where the registrable beneficial owner or trustee identified in accordance with section 4(3) is a corporate entity, the required particulars set out in subsection
. ( 5 ) The required particulars of an individual, except an individual under section 2(2), are —
full legal name;
residential address;
an address for service of notices under this Act ;
date of birth;
nationality;
information from the individual’s unexpired and valid passport, driver’s licence or other government - issued document that identifies the individual including —
identification number;
country of issue; and
date of issue and of expiry;
nature in which the individual owns or exercises control of the legal person; and
the date on which the individual became or ceased to be a registrable beneficial owner in relation to the legal person in question. ( 6 ) The required particulars of an individual under section 2(2 ) are — (a) name; (b) principal office; c Revised as at 14th January, 2026 Page 15 (c) the legal form of the individual and the law by which the individual is governed; (ca) the nature in which the individual owns or exercises control of the legal person; and (d) the date on which the individual became or ceased to be a registrable beneficial owner in rel ation to the legal person in question . ( 7 ) The required particulars of a reportable legal entity are — ( a ) corporate or firm name; ( b ) registered or principal office; ( c ) the legal form of the entity and the law by which it is governed; ( d ) the nature of t he reportable legal entity’s ownership or its exercise of control of the legal person; ( e ) the register in which it is entered and its registration number in that register; and ( f ) the date on which it became or ceased to be a registrable beneficial owner in relation to the legal person in question.
The legal person shall appoint the licensed fund administrator or the contact person referred to in subsection (4)(c) and shall be responsible for the licensed fund administrator or the contact person provid ing the competent authority with the requested beneficial ownership information within twenty - four hours of a request being made or at any other time as the competent authority may reasonably stipulate.
Where a legal person is being wound up, the corpo rate services provider or the liquidator shall provide the competent authority with the details of the liquidator along with the details of the registrable beneficial owners as at the date of the appointment of the liquidator, where the details of the regi strable beneficial owners are held, as soon as may be reasonably practicable.
For the purposes of subsection (9), “ liquidator ” means either the liquidator, the provisional liquidator or the joint liquidator as the case may be.
Cross References
- Section 80 of Companies Act
Reference to Companies Act