New appointments, promotions strengthen CIMA
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This is a digitised version of an article from The Cayman Compass's print archive. Occasionally, the digitisation process introduces transcription errors, or other problems.
See the article in its original context from October 2000.
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The appointment is the major one among several staff changes made at CIMA and announced in a GIS press release.
New managing director Mr. Bourbon has just spent three years with the Isle of Man Financial Supervision Commission.
There, as head of supervision, he was concerned with the regulation of banking, investments and mutual funds.
He previously spent 13 years with the Barclays group, where he held several senior positions, including compliance officer and regional direct sales manager.
A Fellow of the Chartered Institute of Bankers (FCIB), Mr. Bourbon is also affiliated with several other professional bodies and in addition, holds a Master of Science degree in Financial Services Regulation from London Guildhall University.
After spending his first weeks in the job becoming familiarised with CIMA issues and staff, as well as with government and private sector officials, he has now fully taken up the reins.
With recent legislation having increasedthe CIMA's scope and powers, the authority has appointed its first in-house legal advisor, Langston R. M. Sibblies. His work as an attorney has taken him to Canada, the British Virgin Islands, Jamaica and Grenada, with an earlier stint, in 1989, in the Cayman Islands.
While living in Canada, he worked on legislative policy in the Attorney General's office and practised privately.
Mr. Sibblies comes to CIMA from the Secretariat of the Portfolio of Finance and Development. ment, where for the past 18 months he has been executive director.
"At Finance I assisted with developing the plans for the new regulatory system. At the Monetary Authority, I will contribute to the implementation of the new programme," says Mr. Siblies.
He feels that CIMA will put his experience as a negotiator in alternative dispute resolution to good use.
"Settling disputes out of court is becoming more and more prevalent. And the capability to negotiate settlements is now an important tool for an attorney," he explains. As in-house lawyer, Mr. Sibblies will be involved in a number of additional activities which include assisting with civil litigation and drafting legal documents such as directives, memoranda of understanding, and instructions for amendments to existing legislation.
He will also assist with reviewing licensing applications from financial institutions.
A Caymanian who has been with CIMA since its inception and with the Financial Services Department before that, Anna McLean is now appointed as head of banking & trust supervision.
Her ten years experience in banking supervision included a twelve-month secondment to the Bank of England. The year was spent working with two different supervisory groups; one reviewing the developing world particularly Africa, the Caribbean and Latin America and the other supervising small and medium size UK Banks.
In addition to that, Mrs. McLean has also participated in banking supervision-training programmes at the Bank for International Settlement, the Board of Governors of the Federal Reserve System, and the New York Fed. She has also trained at regional central banks including the Bank of Jamaica, the Central Bank of Barbados and the Eastern Caribbean Central Bank. During the last three years, Mrs. McLean has been actively involved in the management of the Banking and Trust Department. As such, she has taken part in international banking supervision conferences such as the Offshore Group of Bank Supervisors, the Caribbean Group of Bank Supervisors, and the Association of Supervisors of Banks of the Americas.
Mrs. McLean holds a degree in Business Management from Florida. State University and she is presently a candidate for an MBA from the University of the West Indies.
She is enthusiastic about the next two years as she points out: "I look forward to the challenges implicit in taking the regulation of our financial industry to new heights."
Mrs. McLean is married to Omar, a partner at the local architectural firm of Office for Architecture and Design, and is the mother of nine-year old twin boys, Travis and Vaughn.
Another Caymanian and former CIMA stalwart, Mitchell Scott has returned to the Authority on a special two-year contract as special assistant to the managing director.
His responsibilities include working on special projects and standing in for section heads and deputies as necessary, to facilitate the promotional training of other Caymanian staff and allow them to understudy for managerial posts.
Regarding his new position as challenging, he notes: "Some, perhaps most, of my work will involve familiar areas such as banking or mutual funds but I will also have to apply myself to a wider range of applications and Cont'd on facing page from facing page topical issues. "I expect all of this to result in two challenging but interesting, rewarding and intensely active years."
Mr. Scott has some 13 years experience in financial services regulation, nine of which were in banking supervision, two in mutual funds and two in policy and research.
During this previous tenure in government and the Monetary Authority, he was seconded to the Bank of England for one year, attended several training courses on bank supervision and participated in banking supervisory conferences in Chile, Sweden and other locations. He has also attended, and on occasion made presentations at, seminars on mutual funds and trusts, both in the Cayman Islands and in New York.
Prior to entering the private sector in 1999, his final CIMA posting was as Head of the Policy and Research Division. A graduate of Furman University in South Carolina, he is married to Yvonne and is the father of two, Jamie and Kira.
Dwight Carter is the new acting head of the Investment Services Division which currently has responsibility for the regulation and supervision of the mutual fund and company management industry within the Islands.
Mr. Carter joined the Banking Supervision Department (the predecessor to the Financial Services Department and CIMA) in 1989 and served in the banking supervision area before transferring to the Investments Services division in 1995. As regulatory and supervisory responsibilities have globally increased, he has seen Cayman's regulatory staff numbers grow from 1989's six, to over fifty today.
Mr. Carter is experienced in the local financial industry having, for a number of years, served one of our major commercial banks in a senior capacity.
Mr. Carter was also attached to the Bank of England on a 12 month training secondment during which he concentrated on the review of Latin American banks, specifically, those of Mexican origin.
Over the years, he has attended training courses sponsored by the Bank of Governors of the Federal Reserve System, the Bank of Jamaica, the Securities Exchange Commission in Washington D.C., as well as courses sponsored by members of our local financial industry.
He is a founding member of the "Offshore Group of Collective Investment Scheme Supervisors" which regularly meets to discuss and formulate policies of mutual interest to its members, including staff training.
He also frequently represents CIMA at mutual fund conferences held within the region, the USA and the UK and recently has taken a keen interest in e-commerce and its role in developing market share and the global distribution of mutual funds in the 21st Century. Mr. Carter and his wife Edna, a senior manager at CIBC, have one daughter, Katrina, who will complete her PhD in sociology later this year.
Commenting on the Monetary Authority appointments, Financial Secretary George McCarthy said, "I am of course delighted to have Mr. Bourbon on board and at the helm and I regard the other new assignments and promotions as equally positive.
"We naturally strive to ensure that our regulatory regime continues to meet the highest international standards and this must always be our mandate.
"Just as important, however is the Monetary Authority's commitment to the upward mobility of Caymanians which is also proving to be very successful."
