CIFSA enjoys banner year

After successfully changing its membership structure, the Cayman Islands Financial Services Association held its first Annual General Meeting recently at the office of KPMG at Cricket Square.

The meeting was chaired by Eduardo D’Angelo P. Silva with most of CIFSA’s members represented.

In the AGM, CIFSA’s objectives and achievements during the past year were discussed, said a CIFSA press release. The directors were delighted to report on a very successful year. CIFSA increased its international awareness extensively by repeatedly appearing in the international press. Coverage included articles in publications like International Custody and Fund Administration magazine, Financial World, The Banker and Investor Services Journal, among others.

CIFSA also concentrated on building relationships with the Government regulators and key industry people, the release said.

CIFSA relies upon funding from its members. In 2006 CIFSA implemented a new membership structure with the aim of attracting every financial services firm in Cayman to their membership base – ensuring a truly representative industry body for businesses of all sizes. Annual membership fees are now based on the number of employees in a firm.

CIFSA Director Eric Crutchley said: ‘CIFSA has had a very successful year behind it and particular improvements were made in increasing international awareness of the financial services industry in the Cayman Islands. We are planning to continue this work, whilst simultaneously focusing on increasing awareness of CIFSA and the financial services industry locally’.

In addition, the CIFSA website ( continues to be a valuable resource for the public and industry for further information on financial services in the Cayman Islands.

Visitor numbers surpassed expectations, the release noted. In the last six months alone, 12,000 visitors accessed the site, 600,000 hits were achieved and more than a million hits are expected this year.

Mr. Crutchley commented: ‘The visitor numbers of our website have proven again that there is an important role for CIFSA to play in information provision.’

CIFSA Director Mr. Silva added: ‘We are very keen to build on this year’s success and have some exciting initiatives planned for next year to make this happen. Plans include essential research into the financial services industry and its impact on the Cayman Islands and continue to raise international awareness through speaking at international conferences and contributing to relevant editorial pieces in international publications.’

A not-for-profit association, CIFSA is funded by its private sector members who currently include Deloitte, Scotia Bank & Trust, PricewaterhouseCoopers, Cayman National Bank, HSBC, KPMG, Walkers, CIBC, Royal Bank of Canada, Appleby Spurling Hunter and Ogier.

The Association’s board and membership also comprises the Islands’ key associations including: the Cayman Islands Society of Professional Accountants (CISPA), the Cayman Islands Compliance Association (CICA), the Society of Trust and Estate Practitioners (STEP), the Cayman Islands Fund Administrators Association, the Company Managers Association, the Bankers

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