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CIMA’s regulatory powers extended

Thursday, August 9th, 2018

The Cayman Islands Monetary Authority (CIMA) has said that a Privy Council decision made in July 2018 has confirmed the regulator’s powers to compel non-licensee Cayman-registered companies“>Cayman-registered companies to give up information on behalf of other overseas regulators under the authority’s 2018 Law.

According to a press release issued by CIMA, the Judicial Committee of the London-based court refused Select Vantage Inc.’s application to appeal a decision of the Cayman Islands Court of Appeal, which had found in CIMA’s favour last year.

“In refusing Select Vantage Inc.’s application, at the very first stage, the Privy Council has effectively and clearly affirmed the Court of Appeal’s earlier ground-breaking decision regarding CIMA’s powers. This decision acknowledges that CIMA has powers to obtain information from a non-licensee Cayman Islands registered company on behalf of another overseas regulator under the Monetary Authority Law 2018,” the Authority said.

Select Vantage Inc. is a Cayman Islands registered exempt company operating as a proprietary trading firm, which currently is not a licensee of CIMA. It was under investigation by the Australian Securities and Investments Commission (ASIC) for potential market manipulation and the Cayman Authority sought information for that regulator.

In 2017, CIMA was asked by Australian officials for information about the company for its investigations and CIMA obtained a Grand Court order obliging Select Vantage to hand over details of its traders. The firm challenged the order, arguing among other things that it was just a subsidiary and did not have the details requested. But the Cayman Islands Court of Appeal found in CIMA’s favour and rejected Select Vantage’s claims.

CIMA Managing Director Cindy Scotland noted the importance of the Privy Council’s decision and the affirmation of the authorities powers “to require information and documents in response to a proper request from an overseas regulatory authority whether the company or companies involved are licensed by CIMA or not”.

Cayman imports fall by 2% in 1st quarter 2017

Thursday, August 10th, 2017

The total value of all goods imported into Cayman in the 1st quarter of 2017 was CI$ 207.8 million, which is a drop of some CI$ 4.3 million as compared with the same period last year.

According to officials from the Economics and Statistics office, the decrease was due to a 6.1% reduction in the total value of non-petroleum products, which make up almost 89% of all imports into the country. The fall in imports of machinery and road vehicles, chemical and related products, and other commodities fell significantly.

The quarterly trade statistics bulletin reported a 4% increase in food imports and a massive 50% increase in petroleum and related-products, due in part to another increase in the price of oil on the global market.

However, this was not enough to offset the decline in other goods. With import duty a significant source of government revenue, the fall in the value of goods could have an impact on the public purse for those first three months of the year to the tune of more than $1 million.

CIMA announces new appointments

Tuesday, July 11th, 2017

The Cayman Islands Monetary Authority (CIMA) has promoted two staff members to top positions within the organisation, as of 1 June 2017.

Suzanne Sadlier, who has been a reinsurance specialist at CIMA since joining the authority in April 2015, was named deputy head of the Insurance Supervision Division, and Judiann Myles, who had a three-year tenure as the deputy head of CIMA’s Policy and Development Division, was appointed deputy head of the Compliance Division.

“As the authority continues to highlight the quality of expertise amongst our employees, we are extremely pleased to fill these important top positions from within our organisation”, Cindy Scotland, CIMA managing director, said. “With a combined proven track record for successfully leading large-scale initiatives, experience in strategic planning and technical operations within financial regulation, each of the aforementioned appointments certainly add value to CIMA’s management team, and its overall structure,” she added.

Cayman Islands to encourage investment

Tuesday, May 18th, 2010

When speaking at a recent conference, Anthony Travers, Cayman Finance Chairman, called for the further relaxation of the highly restrictive immigration and rollover policies of the jurisdiction with a view to encourage professionals to the Cayman Islands and to maximise its offering as a leading international financial centre in light of recent fee hikes.

Tracers recalled that in October 2009 higher fees, including for work permits, were introduced. He noted that the regime is unsustainable and emphasized that it would lead to more competitive offshore jurisdictions taking business from Cayman. As the government is increasingly seeking greater revenues from fewer transactions, he suggested that the jurisdiction’s offering should be of a higher standard. For instance, Travers urged the government to introduce additional reforms in order to provide prospective investors with the chance to set up physical operations in the Cayman Islands that would allow them to further maximise the benefits of investing in the jurisdiction with its low tax regime.

In the conclusion, Travers said that while the Cayman Islands has been in compliance with international standards on transparency and tax information, new scrutiny surrounding the lack of physical operations in the jurisdictions could be the next hurdle for it. By means of encouraging foreign companies to set up operations in Cayman, the jurisdiction could further show its compliance with the changing requirements being placed on offshore territories.