CIMA signs Memorandum of Understanding with Brazilian Regulator
As an attempt to strengthen its commitment to cooperating and sharing information with international regulatory counterparts, the Cayman Islands Monetary Authority (CIMA) has recently signed the Memorandum of Understanding with a major Brazilian regulator. This was the latest establishment of formal ties with foreign regulators. The CIMA signed the document with the Securities and Exchange Commission of Brazil (the Comissão de Valores Mobiliários).
The Memorandum of Understanding was signed by CIMA Managing Director Cindy Scotland and Chairperson of CVM Maria Helena dos Santos Fernandes de Santana.
This was CIMA’s second Memorandum of Understanding with a Brazilian entity, the previous one was established with Banco Central Do Brazil (Brazil’s Central Bank) in March 2006.
Scotland said, “Brazil is one of the largest emerging economies in the world – one of the BRIC nations – with significant prospects for growth and development and I believe this MoU has an important role to play in bolstering economic opportunities between the Cayman Islands and Brazil.”