Cayman and Malta sign Memorandum of Understanding
On February 18, 2009, the Cayman Islands Monetary Authority (CIMA) oficially established bilateral ties with the Malta Financial Services Authority (MFSA).
The 2 financial services regulators signed the terms of a Memorandum of Understanding at a signing ceremony at CIMA. It should be noted that this agreement boosts the number of Memoranda of Understanding signed by CIMA with international counterparts to 14.
This memorandum will govern cooperation and the exchange of information between the regulators that actually had been taking place on an informal basis.
On behalf of the MFSA, the document was signed by Chairman and President Professor Joseph Bannister. According to him, this was just a matter of formalising the relationship. He said, “We have always had good relations with Cayman and exchanged information freely. Information has always been provided to us when required regardless of whatever sector of the financial services industry it has been.”