Single family offices are no longer exempt from regulation by the Cayman Islands Monetary Authority (CIMA) following amendments to the Securities Investment Business Law. As a result, single family offices will be required to be licensed and prudentially regulated if they do not fall within another exemption, or to cease conducting securities investment business.

The amendments were made to ensure that CIMA can apply anti-money laundering supervisory powers over single family offices that are conducting securities business in the Cayman Islands.

Please contact your usual Harneys representative if you believe this change impacts your business or if you would like further information.