Archive for December, 2010

Claims of Cayman Islands’ funds re-domiciling to the EU are false

Sunday, December 26th, 2010

Although the Irish fund industry announced doubling their registered funds to 7.4%, this statistics cannot be compared with the Cayman fund industry, which, according to the Cayman Islands Monetary Authority (CIMA), goes on growing by approximately 95 funds per month.

The CIMA has reported a natural attrition rate of de-registrations of approximately 5%. This has been a typical rate over the past several years, which signifies stability in the fund industry of the Cayman Islands.

Redomiciling funds from Cayman to Malta
has been discussed previously. However, this is not popular trend as the CIMA has confirmed that only 4 funds have cited re-domicilation to the EU – 2 of them to Malta and 2 funds to Luxembourg.

Cayman Finance Chairman Anthony Travers stated: “If we sent out a press release each time a Cayman fund was launched, the international media would be flooded with two such announcements each day. A doubling of registered funds to 7.4% does not constitute news. What astounds me is how these insignificant claims get column inches.”

According to a recent study carried out by International Fund Investment, 60% of investors are against more regulation because adds to increased costs with no other discernable benefits. The study also revealed that only 18% of fund managers are even considering moving funds to the European Union.

Simon Osborn of International Fund Investment said: “For the institutional investors and managers the well-understood path of the Cayman fund – non-bureaucratic, quick set up times, high quality service providers and its solid reputation is preferred Cayman is well-known and that familiarity breeds trust”.

Travers stated: “Comparing the information of the Cayman Islands Monetary Authority and the International Fund Investment report supports what the Cayman service providers are seeing”. He added that investors are not looking for increased regulation, but for returns and “the emphasis is now on stress-tested products such as Cayman’s and effective due diligence to best protect their investments”.

Cayman to relax visa requirements for Jamaicans

Monday, December 20th, 2010

The Cayman Islands is intending to relax visa requirements for Jamaicans travelling to the British territory in January 2011.

On December 17, this announcement was made by Premier McKeeva Bush at the inaugural Northern Caribbean Conference on Economic Co-operation, hosted by Jamaica National Building Society (JNBS).

Visa exemptions may be applied by Jamaican Nationals who hold validated US, UK or Canadian visas.

Cayman Complaints Commissioner visits Ombudsman in Gibraltar

Wednesday, December 15th, 2010

Complaints Commissioner of the Cayman Islands, Nicola Williams, is currently visiting the Office of the Ombudsman in Gibraltar in order to acquaint herself with the working of an ombudsman of similar jurisdiction and level as her own.

During her short stay, Williams will have meetings with the Minister for Social Services and the Mayor. Also, she will have a Tour of the Rock.

Before her appointment, Ms Williams was 1 of 15 commissioners with the UK’s Independent Police Complaints Commission. She was in charge with investigating, mediating and resolving complaints about police misconduct. Also, she has 16 years of experience as a barrister in private practice and is also a Fellow of the RSA (Royal Society for the encouragement of Arts, Manufactures and Commerce, an organisation for social progress) and a former BBC Regional Advisory Committee chair.

It is worth mentioning that the Office of the Complaints Commissioner of the Cayman Islands was established in July 2004 with a view to encourage government departments and agencies to better serve the public. This independent Office answers only to the Legislative Assembly as a whole through the Speaker. The Complaints Commissioner is an Ombudsman.

Cayman government plans stimulus for businesses

Wednesday, December 1st, 2010

With a view to boost the local economy in the Cayman Islands, more than 250 suggestions and initiatives have been submitted to the Cayman government’s Stimulus Implementation Group by numerous committees and associations.

The Prime Minister McKeeva Bush revealed that the group was created to examine the most effective way to stimulate the economy. Currently, the group is prioritising measures for implementation in the remainder of 2010.

In the end of November, Bush told the Legislative Assembly that he will be unveiling a stimulus programme in December to chart the way through the recession.

He said: “It is important to demonstrate to our private sector partners, both local and international, that we are prepared to identify problems, prescribe solutions and oversee their implementation”. Also, he added: “We will provide the leadership that sets this country on the right path, and given the evidence the country has seen to date, we are heading in the right direction.”

Bush indicated that the micro-businesses (having 5 or fewer employees) were of particular concern, so they must not be disadvantaged when trying to compete with larger businesses. Bush said that micro-businesses play a significant role in providing opportunities for individuals in lower income brackets. However, micro-businesses are the most vulnerable types of businesses to failure.