Archive for November, 2010

CIMA asks public not to reveal personal bank information

Tuesday, November 23rd, 2010

On November 19, 2010, the Cayman Islands Monetary Authority (CIMA) published a public notice to urge the public not to respond to e-mails that request personal bank information.

In the notice, the Authority reminded the public that, in accordance with best practices for banks licensed to operate in and from the Cayman Islands, banks do not request their customers’ personal details via e-mail.

So, any email that supposedly comes from your bank requesting to verify one’s personal or online banking details should be ignored. Also, it is recommended not to click any links included in such e-mail.

AIFMD approval boosts fund industry in Cayman

Wednesday, November 17th, 2010

On November 15, Walkers, the leading international financial centre law firm, welcomed the confirmation of the final terms of the Alternative Investment Fund Managers Directive (AIFMD) and the removal of uncertainty for non-EU fund managers marketing non-EU funds in the EU as a positive development for the investment funds industry in the Cayman Islands, as well as in the BVI and Jersey.

On November 11, 2010, the final terms of the AIFMD were approved by the European Parliament.

Rod Palmer, partner and Global Head of Investment Funds with Walkers, said: “The confirmation that non-EU fund managers will be able to continue marketing Cayman Islands, BVI and Jersey funds to professional European investors is excellent news for the industry”.

Richard May, partner with Walkers based in the British Virgin Islands, said that the Cayman Islands, as well as the BVI and Jersey, are very highly rated by the FATF in respect to their anti-money laundering regimes. This means they will not have to make any changes in their funds’ operations to comply with the Directive.

According to Jennifer Thomson, partner with Walkers in the Cayman Islands, in recent discussions on the Directive, the Cayman Islands Monetary Authority (CIMA) confirmed their commitment to entering into co-operation agreements with EU regulators as a matter of priority. He said: “This follows Cayman’s long history of working with regulators worldwide and reflects Cayman’s own strong regulatory framework. We know Jersey and BVI regulators share this commitment as well.”

The Cayman Islands appears on the OECD’s “white list” of nations which have substantially implemented the internationally agreed standards on tax and information exchange. The jurisdiction continues to enter into new tax information exchange agreements (TIEAs) with EU member states.

Research and Markets publishes Offshore Financial Services in Cayman Islands 2005-2009

Thursday, November 11th, 2010

Research and Markets has announced the addition of the report titled “Offshore Financial Services in Cayman Islands, 2005-2009 (Databook)” to their offering.

The databook highlights key data on the offshore financial services market in the jurisdiction. The data provided in this report includes total deposits, total mutual fund investment and their market segmentation. All the data provided in Offshore Financial Services in Cayman Islands are historical and regards 2005-2009.

When reviewing total deposits, the report provides a comparison of offshore and onshore, and retail and institutional customers. When reviewing total mutual funds, it offers a comparison of offshore and onshore, and retail and institutional customers.

The report shows that, over the 2005-2009 period, deposit balances in Cayman increased at a CAGR of 15.2%. Also, over this period, mutual fund balances increased at a CAGR of 18.1%.

The report is useful for understanding how the offshore financial services market in the offshore jurisdiction has developed over the period, to get to know about the size of the deposits and mutual funds as well as to be able to make adequate business decisions through an understanding of the overall trends within the Cayman market.

Ignition Cayman Ltd. got major Cayman government contract

Friday, November 5th, 2010

Following a public competition (RFP), Ignition (Cayman) Ltd. has been awarded a contract by the Government of the Cayman Islands. In accordance with the contract, the firm will digitize and index over 1 million documents for the Lands & Survey Department of the Cayman Islands Government.

The project is to be completed within 8 months. It includes processing documents in varied sizes, most of which are in color. Digitized and indexed documents will be uploaded to the government’s Oracle based ECM (Enterprise Content Mgmt) System.

Ignition has offices in Grand Cayman as well as in Bermuda, Atlanta and Halifax.

Ireland to invade Cayman “to get some cash”

Monday, November 1st, 2010

On October 22, Ireland’s Prime Minister Mr. Cowen announced that he was “declaring war” on the Cayman Islands.

He said that Ireland’s economy should be re-invigorated. He also said that Ireland has “an under-utilised military which could easily take out the Caymans and clean out its banks, thereby providing us with much-needed cash”.

He said that when this idea occurred to him, he checked it out on Wikipedia to find out that the Cayman Islands has no regular military forces.

Mr. Cowen noted that, depending on the success of the Caymans venture, declaring war on Saudi Arabia “to get cash and oil” could be considered.