Archive for April, 2017

Cayman Hedge Fund conference attracts 530 delegates

Wednesday, April 26th, 2017

GAIM Ops Cayman, one of the largest financial conferences on Cayman’s events calendar, opened on April 24 at The Ritz-Carlton, Grand Cayman.

The leading 3-day conference for hedge fund operations and compliance is bringing 530 delegates from the industry to Cayman for presentations, workshops and networking sessions. The delegates are mostly senior executives, managers and investors in the hedge fund industry by more than 120 speakers.

Sheelah Kolhatkar, author of the newly released book “Black Edge,” on the largest insider trading investigation surrounding hedge fund manager Steven A. Cohen and his fund SAC Capital, will discuss what can be learned from government’s focus on insider trading cases over the last eight years.

Cayman Islands not eligible for 10 Island Challenge funding

Tuesday, April 25th, 2017

The Cayman Islands could still be involved in entrepreneur Richard Branson’s Ten Island Challenge, though the jurisdiction is not eligible for grant funding from the renewable energy initiative.

According to Kurt Tibbetts, Infrastructure Minister, the government of the Cayman Islands has been holding regular talks with experts from Mr. Branson’s program, which provides guidance and financial support to island nations that commit to converting to green energy. There is no financing available to Cayman through the initiative, he said. One of the benefits of being associated with the Ten Island Challenge is that several of the countries that are part of that receive grants.” Mr. Tibbetts said: “The Cayman Islands is not considered to be a part of that, so anything we need then to do we have to ask how much it costs.”

Tourism Minister Moses Kirkconnell first revealed ambitions for the Sister Islands to be part of the challenge in June last year, highlighting the possibility that they could eventually transition to 100% reliance on renewable energy sources. “The vision for Little Cayman and the Brac is that they would be branded as part of the Ten Island Challenge,” he said at the time.

When announcing the Caribbean Transitional Energy Conference to be held in Cayman in May, Mr. Tibbetts said that there is still the ambition for the Sister Islands.

The Dart group, now one of the major landowners in Little Cayman after purchasing Point of Sand, The Paradise Villas hotel, Hungry Iguana restaurant and another 600-acre property in the last few years, is also interested in helping bring renewable energy to the island.

Sir Richard Charles Nicholas Branson is an English business magnate, investor and philanthropist.

CIMA stars creating online payment system

Wednesday, April 12th, 2017

The Cayman Islands Monetary Authority (CIMA) has announced the launch of a fee payment section of the Regulatory Enhanced Electronic Forms Submission (REEFS) system for authorised financial services industry users.

The payment section is being rolled out in 2 phases:

– Phase 1, now underway, allows authorised users to view all applicable due and overdue fees and historical payments. Users can also track relevant fees and sort by groups, such as fee category, due date and covered entity.

– Phase 2, which is expected to take place during the third quarter of 2017, will allow all authorised users to make online payments. To guarantee a smooth transition, users will be provided with the necessary training and guidance on the new fee payment module. This will include instructions on assigning fee payment roles and work flows.

CIMA Managing Director Cindy Scotland said :“Although there is still work to be done before its final stages, I trust that this new service will allow the Cayman Islands to maintain its position as a leading jurisdiction within the global financial services industry”.