The appointment of Gonzalo Jalles in January 2013 as the Chief Executive Officer of Cayman Finance marked not only a new chapter in the organisation but a renewed commitment to developing a closer working relationship with the Cayman Islands Government and continuing its efforts of informing both individuals and businesses in Cayman of the work and benefits of the financial services industry.
On the international stage, both Cayman Finance and CIG recognize the importance of working alongside one another to help dispel long-held inaccuracies and promote the integrity and transparency of Cayman’s financial system.
Having most recently joined forces at the Hedge Fund Brazil Forum earlier in March, plans are underway to attend City Week Financial Services Forum in London later this month, as well as to speak together at the Offshore Alert Conference in Miami in May. Gonzallo Jalles says the partnership between the private and public sector means an enhanced show of force when it comes to highlighting Cayman as the best place for overseas investors to do business.
In January this year, CF Chairman, Richard Coles called on industry to give its full support to an initiative announced by the Cayman Islands Monetary Authority to enhance the industry’s corporate governance framework. CIMA recently began formal consultation with the industry on corporate governance proposals that aim to enhance and clarify corporate governance standards and provide greater transparency in the Cayman Islands financial services industry.
Richard Coles said CF welcomed any efforts to enhance the corporate governance framework of the country, adding he was confident that with the full participation of industry and the usual very productive relationship between public and private sector, he fully expected the initiative to result in a raising of corporate governance standards while preserving the competitiveness of the industry.
In March, the Ministry for Financial Services announced it would adopt a Model 1 intergovernmental agreement (IGA) in response to the US Foreign Account Tax Compliance Act. Prior to the decision, CF had proactively reached out to a number of local associations, thus providing the Ministry with a consolidated position and analysis of the different FATCA IGA alternatives. To that end, CF is currently developing a seminar to be held in June, aimed at assisting financial companies navigate through the complex FATCA legislation and particularly the compliance issues associated with IGA Model 1.
Cayman Finance continues to raise the necessary awareness needed to keep both individuals and businesses in the Cayman Islands informed on the work and benefits of the financial-services industry to avoid any misinformation. At the recent 2013 Careers Expo, CF aimed to communicate to students and job seekers that the finance industry doesn’t necessarily mean one has to be an accountant or lawyer. There is a broad range of employment opportunities in sectors such as marketing, information technology, and human resources.
With an AGM scheduled for later this month and a 10th anniversary celebration slated for June, the CF Board and new CEO are certainly embracing the challenges of a busy year as their emphasis remains the organisation’s mandate: To foster the sustainable growth of the financial services in the Cayman Islands.