Details of the Cayman Islands Monetary Authority’s operations for the financial year 1 July 2004 through 30 June 2005 and indicators of the financial sector’s performance during the same period are now available to the public. The information is contained in CIMA’s 2004/05 Annual Report which has been released on the Authority’s website.
The compilation outlines CIMA’s activities and accomplishments in carrying out its monetary, regulatory, cooperative and advisory functions, the four core functions the Authority has been mandated by law, said a press release from CIMA.
It includes an overview of industry trends and regulatory developments in the banking, fiduciary services, insurance, and investments and securities sectors.
The report records that during the 2004/05 fiscal year the number of active mutual funds regulated by the Authority grew by 21 per cent to 6,527 funds at 30 June. Captive insurance licences increased seven percent to 709. In the banking sector, while the total number of banking and trust licences declined by 22 to 312, due mainly to consolidations worldwide, the assets and liabilities of licensees increased. Total international assets booked through banks in the Cayman Islands stood at US$1,265 billion at 30 June and liabilities totalled US$1,250 billion at the same date.
During the year, the CIMA-private sector Mutual Funds Working Group completed reviews of the legislation governing the funds sector, making recommendations for enhancements to the Cabinet.
The review of the domestic insurance market, post-Ivan, undertaken by Authority Director Alan Traill, industry consultant Terrence Fairs and CIMA’s Insurance Division was completed and released to the public. The Authority also negotiated and signed several instruments enabling the lawful exchange of information with international and local authorities.
These included bi-lateral memoranda of understanding with Bermuda and the Isle of Man, and a multilateral MOU with nine regional regulators. CIMA processed over 100 requests for assistance from overseas regulatory authorities, the release said.
The 2004/05 Annual Report also gives information on enforcement actions the Authority took during the period and provides details on the amendments and additions to the Regulatory Handbook, Enforcement Manual and other industry guidelines made available to the public. Information on CIMA’s internal operations is also included.
The financial statements for the Authority are not available to the public at this time. These will be released once they have been accepted by the Cabinet and laid on the table of the Legislative Assembly.
The Monetary Authority’s 2004/05 Annual Report can be accessed in the ‘Publications’ section of the CIMA website at www.cimoney.com.ky.