Campbells first to use CIMAConnect

Cayman law firm Campbells became
the first company to use the live version of the Cayman Islands Monetary
Authority’s new e-business portal CIMAConnect to register a mutual fund earlier
this month.

CIMA launched the new service on 4
October, in order to automate business transactions between the Authority and
regulated entities.

“Campbells has long been a leading
legal adviser to investment funds and other entities in the Cayman Islands,”
said Campbells Partner Robert Searle, who noted that the Monday filing with CIMAConnect
had been quick and easy. Mr. Searle had completed the registration from his
desk, saving time and easing administrative tasks.

“We work very hard, and draw on
long experience, to stay in the vanguard of developments in the
financial-services industry, and believe that the fact that we were the first
to use CIMAConnect demonstrates that ongoing leadership,” said new Campbells
partner, Ian Dillon. “The launch of CIMAConnect enables us to focus more productively
on each particular client and his needs.”

CIMAConnect will initially target
new fund authorisations. Authorised service providers sign on to the system,
submitting online registration or licensing requests, then track them through
the review process to approval. The portal’s secure automated data-management
system eliminates most traditional manual processing, dramatically reducing the
turn-around time for decisions.

Following the roll-out of the
fund-registration and licensing services, CIMA will expand the online system to
encompass a range of requests such as changes to an entity’s name or beneficial
ownership, amendments to its business plan, appointment of new directors/senior
officers and the issue of letters to certify entities in good regulatory
standing.

This will be followed by an
extension of services to insurance, banking, trust and various
corporate-service entities.

“We believe that CIMAConnect is the
way forward for the future of financial services and CIMA itself,” said CIMA
Managing Director Cindy Scotland. “We welcome Campbells and others and look
forward to a growing volume of online transactions.”

She said CIMA had rolled out its
electronic reporting service in 2007 and CIMAConnect is a natural extension of
that service.

“It is important to keep pace with
the demands of regulating Cayman’s financial services, to innovate and to grow,
and capitalising on technological development enables everyone to be more
efficient and more responsive,” Ms. Scotland said. “CIMAConnect is convenient,
secure and reliable; it eliminates delays and ensures information is easily
recovered in the face of a natural disaster. CIMAConnect is a landmark
development for the authority and for the Cayman Islands.”