s.2Interpretation
2
Section 2Part 0 —

Interpretation

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

In this Act —
“Authority” means the Cayman Islands Monetary Authority established under section 5(1) of the Monetary Authority Act (2020 Revision) and includes any employee of the Cayman Islands Monetary Authority acting under the Authority’s authorisation;
“Court” means the Grand Court;
“exempted limited partnership” has the meaning assigned by section 2 of the Exempted Limited Partnership Act (2021 Revision);
“financial year”, in relation to a licensee, means the period not exceeding fifty-three weeks at the end of which the balance of the licensee’s accounts is struck or, if no such balance is struck or if a period in excess of fifty-three weeks is employed, then a calendar year;
“licence” means a licence granted under section 5;
“licensee” means a person holding a licence under this Act;
“limited liability partnership” means a limited liability partnership registered under section 18(4) or 33(4) of the Limited Liability Partnership Act (2023 Revision);
“money services business” means the business of providing, in or from within the Islands, any of the following services —
money transmission;
cheque cashing;
currency exchange;
the issuance, sale or redemption of money orders or traveller’s cheques; and
such other services as the Cabinet may specify by notice published in the Gazette; and
“net worth” means excess assets over liabilities as presented under applicable generally accepted accounting principles subject to adjustment for non-admitted assets as determined by the Authority;
“partnership” has the meaning assigned by section 3 of the Partnership Act (2013 Revision); and
“sub-agent” means a person who provides any of the services specified in paragraphs (a) to (e) in the definition of “money services business” on behalf of a licensee pursuant to —
a contract between the sub-agent and the licensee; or
an arrangement between the sub-agent and the licensee;

Defined Terms

AuthorityCourtexempted limited partnershipfinancial yearlicencelicenseelimited liability partnershipmoney services businessnet worthpartnershipsub-agent

Cross References