Monetary Authority reviews issues

The Board of the Cayman Islands Monetary Authority reviewed a number of important issues at its recent meeting in the Cayman Islands.

The Board welcomed the publication of the International Monetary Fund Report and the numerous favourable and helpful comments therein. Managing Director Cindy Scotland, however noted, ‘There are a number of issues arising out of the Report which should be addressed. We will be discussing these with Government and industry in order to determine the best way forward.’

The Authority’s review of domestic insurance industry practices post Hurricane Ivan is well under way and will be submitted to Cabinet at the end of April 2005. The Authority continues to monitor the financial position of local insurers, states a press release.

The Authority is pursuing its membership of the International Organisation of Securities Commissions. Senior management of the Authority recently met with IOSCO representatives in Europe to discuss questions raised by IOSCO about the regulatory regime in the Cayman Islands, particularly relating to cross-border exchange of information.

The Financial Stability Forum has recently announced its focus on offshore financial centers, specifically on effective cross-border cooperation and information exchange and adequacy of supervisory resources in the OFCs. The Authority will monitor the Forum’s work and liaise closely with Government and the private sector so that the Cayman Islands can engage proactively and constructively with the Forum.

Mrs. Scotland remarked, ‘The Authority is committed to a regulatory regime which ensures the continued success and enhances the reputation of Cayman’s financial industry. We will achieve this by working together with Government and the private sector and by improving overseas understanding of the quality of the regime.’

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