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Clause 1 provides the short title and commencement of the legislation. Clause 2 amends section 6 of the principal Act to improve on the paragraphing of the provision in keeping with modern legislative drafting practices. Clause 3 amends section 27(1)(a) of the principal Act to adjust the cross references to section 6(1). This is as a consequence of the amendments to section 6 of the principal Act. Clause 4 provides the transitional arrangement for applications for which a decision is pending on the day immediately preceding the commencement of this amending Act. The application fee for those applications will be refundable. Arrangement of Clauses Introduced BANKS AND TRUST COMPANIES (AMENDMENT) BILL, 2024 Arrangement of Clauses Clause 1.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 6 of the Banks and Trust Companies Act (2021 Revision) -\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 27 of the Banks and Trust Companies Act (2021 Revision) -\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Clause 1 Introduced BANKS AND TRUST COMPANIES (AMENDMENT) BILL, 2024 A BILL FOR AN ACT TO AMEND THE BANKS AND TRUST COMPANIES ACT (2021 REVISION) TO PROVIDE THAT THE APPLICATION FEE FOR THE GRANT OF A LICENCE IS NON-REFUNDABLE; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title and commencement 1. (1) This Act may be cited as the Banks and Trust Companies (Amendment) Act, 2024. (2) This Act comes into force on such date as may be appointed by Order made by the Cabinet. 2. Amendment of section 6 of the Banks and Trust Companies Act (2021 Revision) - application to be made to Authority 2. The Banks and Trust Companies Act (2021 Revision) is amended in section 6 as follows \u2014 (a) by repealing subsection (1) and substituting the following subsections \u2014 Clause 3 Introduced \u201c(1) A person who is desirous of carrying on banking business or a company that is desirous of carrying on trust business from within the Islands shall apply to the Authority for the grant of a licence. (1A) An application under subsection (1) shall be \u2014 (a) in writing; (b) accompanied by any prescribed information, particulars and details; and (c) accompanied by the prescribed non-refundable application fee. (1B) The Authority may grant a licence to an applicant under subsection (1) if satisfied that the carrying on of the business will not be against the public interest and the licence granted may be subject to any terms and conditions the Authority considers necessary. (1C) The Authority shall forward the application fee to the Financial Secretary for the benefit of the revenue.\u201d; (b) in subsection (5) as follows \u2014 (i) by deleting the words \u201cunder subsection (1)\u201d and substituting the words \u201cunder subsection (1B)\u201d; and (ii) by deleting the words \u201cAny conditions imposed pursuant to this subsection may, at any time, be varied or revoked by the Authority.\u201d; and (c) by inserting after subsection (5) the following subsection \u2014 \u201c(5A)Any conditions imposed pursuant to subsection (1B) may be varied or revoked by the Authority with notification as may be reasonable under the circumstances.\u201d. 3. Amendment of section 27 of the Banks and Trust Companies Act (2021 Revision) - regulations 3. The Banks and Trust Companies Act (2021 Revision) is amended in section 27(1)(a) by deleting the words \u201cunder section 6(1)\u201d and substituting the words \u201cunder section 6(1A)(b), 6(1A)(c)\u201d. Clause 4 Introduced 4. Transitional 4. Notwithstanding section 2 of this amending Act, the application fee for an application for which a decision is pending on the day immediately preceding the commencement of this amending Act shall be refundable. Passed by the Parliament the day of , 2024. 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This is as a consequence of the amendments to section 6 of the principal Act.\nClause 4 provides the transitional arrangement for applications for which a decision is\npending on the day immediately preceding the commencement of this amending Act. The\napplication fee for those applications will be refundable.\n\nBanks and Trust Companies (Amendment) Bill, 2024\nArrangement of Clauses\n\nc\n Introduced\nPage 5\n\nCAYMAN ISLANDS\n\nBANKS AND TRUST COMPANIES\n(AMENDMENT) BILL, 2024\n\nArrangement of Clauses\nClause\nPage\n1.\nShort title and commencement ..................................................................................................7\n2.\nAmendment of section 6 of the Banks and Trust Companies Act (2021 Revision) -\napplication to be made to Authority ............................................................................................7\n3.\nAmendment of section 27 of the Banks and Trust Companies Act (2021 Revision) -\nregulations .................................................................................................................................8\n4.\nTransitional ................................................................................................................................9\n\nBanks and Trust Companies (Amendment) Bill, 2024\nClause 1\n\nc\n Introduced\nPage 7\n\nCAYMAN ISLANDS\n\nBANKS AND TRUST COMPANIES\n(AMENDMENT) BILL, 2024\n\nA BILL FOR AN ACT TO AMEND THE BANKS AND TRUST COMPANIES ACT (2021\nREVISION) TO PROVIDE THAT THE APPLICATION FEE FOR THE GRANT OF A\nLICENCE IS NON-REFUNDABLE; AND FOR INCIDENTAL AND CONNECTED\nPURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Act may be cited as the Banks and Trust Companies (Amendment) Act,\n2024.\n(2) This Act comes into force on such date as may be appointed by Order made by\nthe Cabinet.\n2.\nAmendment of section 6 of the Banks and Trust Companies Act (2021\nRevision) - application to be made to Authority\n2.\nThe Banks and Trust Companies Act (2021 Revision) is amended in section 6 as\nfollows \u2014\n(a)\nby repealing subsection (1) and substituting the following subsections \u2014\n\nClause 3\nBanks and Trust Companies (Amendment) Bill, 2024\n\nPage 8\n Introduced\nc\n\n\u201c(1) A person who is desirous of carrying on banking business or a\ncompany that is desirous of carrying on trust business from within\nthe Islands shall apply to the Authority for the grant of a licence.\n(1A) An application under subsection (1) shall be \u2014\n(a)\nin writing;\n(b) accompanied by any prescribed information, particulars and\ndetails; and\n(c)\naccompanied by the prescribed non-refundable application fee.\n(1B) The Authority may grant a licence to an applicant under subsection\n(1) if satisfied that the carrying on of the business will not be against\nthe public interest and the licence granted may be subject to any terms\nand conditions the Authority considers necessary.\n(1C) The Authority shall forward the application fee to the Financial\nSecretary for the benefit of the revenue.\u201d;\n(b) in subsection (5) as follows \u2014\n(i)\nby deleting the words \u201cunder subsection (1)\u201d and substituting the\nwords \u201cunder subsection (1B)\u201d; and\n(ii) by deleting the words \u201cAny conditions imposed pursuant to this\nsubsection may, at any time, be varied or revoked by the Authority.\u201d;\nand\n(c)\nby inserting after subsection (5) the following subsection \u2014\n\u201c(5A)Any conditions imposed pursuant to subsection (1B) may be\nvaried or revoked by the Authority with notification as may be\nreasonable under the circumstances.\u201d.\n3.\nAmendment of section 27 of the Banks and Trust Companies Act (2021\nRevision) - regulations\n3.\nThe Banks and Trust Companies Act (2021 Revision) is amended in section 27(1)(a)\nby deleting the words \u201cunder section 6(1)\u201d and substituting the words \u201cunder section\n6(1A)(b), 6(1A)(c)\u201d.\n\nBanks and Trust Companies (Amendment) Bill, 2024\nClause 4\n\nc\n Introduced\nPage 9\n\n4.\nTransitional\n4.\nNotwithstanding section 2 of this amending Act, the application fee for an application\nfor which a decision is pending on the day immediately preceding the commencement\nof this amending Act shall be refundable.\nPassed by the Parliament the\nday of\n, 2024.\nSpeaker\nClerk of the Parliament","akn_extracted_at":"2026-07-18 12:35:56.043187+00","cms_id":"2024-0014","law_type":"bill","year":"2024","number":"14","title":"Banks and Trust Companies (Amendment) Bill, 2024","status":"bill"},"provenance":{"files":[{"file_id":"7134","expr_id":"2335","kind":"akn_xml","filename":"2024-0014.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2024\/2024-0014\/2024-0014.akn.xml","content_md5":"ceddd5a154e62f424d29c283e990f4bd","byte_size":"7355","http_last_modified":null,"fetched_at":"2026-07-18 12:35:56.07905+00"},{"file_id":"4669","expr_id":"2335","kind":"pristine_pdf","filename":"2024-0014.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2024\/2024-0014\/2024-0014.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2024\/2024-0014\/2024-0014.pdf","content_md5":"a3e3c14ed23586fc5a82134a41a6bbdc","byte_size":"227355","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.370433+00"},{"file_id":"4670","expr_id":"2335","kind":"working_pdf","filename":"2024-0014.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2024\/2024-0014\/2024-0014.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2024\/2024-0014\/2024-0014.pdf","content_md5":"a3e3c14ed23586fc5a82134a41a6bbdc","byte_size":"227355","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.370433+00"}],"paragraph_count":12,"latest_history":{"history_id":"270313","change_type":"UPDATE","changed_at":"2026-07-18 00:00:00+00","change_source":"MIGRATION_027","change_reason":"CMS-id-collision audit 2026-07-18: title corrected from the document's own PDF and\/or the (law_type, cms_id)-keyed official legislation.gov.ky listing."}},"quality":{"expr_id":"2335","doc_id":"2335","quality_state":"known_issue","quality_score":"47","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"high\": 1, \"medium\": 2}","finding_summary":"stored title is not visible in the opening extracted text; 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