Heather Smith has been named head of the Investments and Securities Division of the Cayman Islands Monetary Authority, following the resignation of Yolanda McCoy.
Ms. Smith, who has been the deputy head of the division since November 2006, has more than 15 years’ experience in the financial services industry.
As deputy head, she oversaw the licensing, regulation and supervisory process for mutual funds, mutual fund administrators and entities conducting securities and investment business under the Securities Investment Business Law and the Mutual Funds Law.
She also ensured that the firms comply with their ongoing obligations under the Money Laundering Regulations and the Proceeds of Crime Law.
Her appointment as head of the division becomes effective on June 1. In this capacity, Ms. Smith will have responsibility for the authorization and supervision of regulated hedge funds, fund administrators and securities investment companies in the Cayman Islands, and for directing a program of continuous monitoring and inspection of licensed fund administrators and securities investment companies.
CIMA Managing Director Cindy Scotland thanked Mrs. McCoy for her service to the authority and wished her well in the new phase of her career.
“We know that Heather [Smith] is well prepared to assume the responsibilities of head. She has the requisite training, experience and industry exposure, and has represented the authority very competently in her substantive post,” Mrs. Scotland said. “We are also extremely pleased to be able to appoint another young Caymanian to this role.”
Ms. Smith earned a bachelor’s degree in business economics, as well as the Associate of the Securities Institute and Certified Anti-money Laundering Specialist qualifications.