As from 2nd November 2015, Cayman companies will be required to notify the Cayman Islands Registrar of Companies of changes to the register of directors and officers, within 60 days of the change (the current period allowed is only 30 days). The Amendment Act also establishes a CI$500 maximum penalty per company for a breach of that obligation, and a total penalty of CI$2,500 where the same breach occurs in respect of five or more companies (except where the Registrar is satisfied that the breach was knowingly and willfully authorized or permitted).
in anticipation of the amendment Law, from 1 September 2015 to 5pm on 30 October 2015, the Registrar will waive any penalty fees for the late filing of changes to directors and officers of companies that are filed with the Registrar of Companies during the waiver period, regardless of when the changes being submitted were made, and how many late changes are submitted. In addition, penalty notices that have been issued prior to the start of the waiver period, but have not been paid, will be cancelled.
However, as from 2 November 2015, the amendment law will be strictly enforced by the Registrar and penalties will be imposed in accordance with the amendment law, including against companies where changes in directors and officers occurred during the waiver period but are filed in a late fashion with the Registrar of Companies post the waiver period.