Six laws to strengthen Cayman's financial services regulatory framework, and a seventh that eases the births registration process at the General Registry, came into effect on Tuesday, 7 July.

The Companies Management (Amendment) Law, 2020 adjusts references to the list of equivalent jurisdictions published under the Anti-Money Laundering Regulations (2018 Revision), to jurisdictions designated in accordance with section 5(2)(a) of the Proceeds of Crime Law (2020 Revision).

It also aligns the fitness and propriety provisions under section 18 of the Companies Law with other regulatory laws; and empowers the Cayman Islands Monetary Authority (CIMA) to impose administrative fines.

The Tax Information Authority (Amendment) Law, 2020 strengthens the compliance, enforcement and cooperation functions of Cayman's Tax Information Authority, which is the Islands' competent authority in these matters.

Among other things, it allows for enhanced collaboration between the competent authority and other local Government authorities under appropriate legal channels, and further demonstrates Cayman's compliance with the international standards for the exchange of information for tax purposes.

The Reporting of Savings Income Information (European Union) (Repeal) Law, 2020 repeals the law, which was first passed in 2005, that established an international agreement between Cayman and the EU for collecting and exchanging certain prescribed information. This Law has been superseded by subsequent laws and agreements entered into.

The Private Funds (Amendment) Law, 2020 requires, among other things, that conflicts of interest arising in relation to valuation, safekeeping of fund assets and cash monitoring are managed and monitored. The enacted Law also includes a clarification of the definition of "private fund".

The Mutual Funds (Amendment) (No. 3) Law, 2020 addresses a typographical error in the definition of "regulated mutual fund," to ensure that both licensed funds and administered funds are captured in the definition.

The Exempted Limited Partnerships (Amendment) Law, 2020 adds the Private Funds Law, 2020 to the list of regulatory laws under which an ELP can be prudentially regulated, if applicable. It also requires those ELPs that are prudentially regulated by CIMA to seek CIMA's approval, prior to asking the Registrar of ELPs in Cayman to deregister them for the purposes of registering in another jurisdiction.

The Births and Deaths Registration (Amendment) Law, 2020 allows birth registration information to be provided electronically, and waives the requirement for registrants to be in person while signing the birth registration form.

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