Cabinet has approved drafting instructions to amend the Trade Marks Act, 2016 and the Trade Marks Regulations, 2017, with the expressed aim of benefiting Caymanian entrepreneurs and creatives.
These proposed changes will seek to modernise the current legislation and make it more inclusive and aligned with international best practices for the registration and protection of intellectual property (IP) rights administered by the Cayman Islands Intellectual Property Office (CIIPO).
The proposed changes below will make it simpler for individuals/companies to protect their intellectual property:
• individuals as well as micro and small business owners will no longer be required to employ a registered agent to register a trade mark;
• and micro and small business owners will no longer be required to pay CI$200 registration fee and the CI$200 annual renewal fee.
This proposal reflects the commitment made by the Deputy Premier and Minister of Financial Services and Commerce, the Hon. André Ebanks MP, during his World Intellectual Property Day Message to make it simpler and more affordable for individuals and smaller businesses to protect their IP rights.
“It is the Government’s intention to have draft amendment legislation produced before the end of this year. I encourage our Caymanian creators and business owners, in particular, to watch this space and participate in consultative initiatives our Ministry or CIIPO may offer in due course. We want you included from draft bill to (hopefully) passage in the Parliament”, he said.
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