Cayman Finance welcomes FCA delisting
Cayman Finance said it welcomed news that the Financial Conduct Authority (FCA) in the U.K. has removed its recent “high risk countries” list from its website and does not plan to publish such a list in the future.
Cayman Finance had been critical not only of the fact that the Cayman Islands appeared on the list, but that the FCA did not publish or explain the methodology that led to the listing.
“We are, of course, very pleased that the FCA has discontinued this list which we strongly felt lacked credibility. Unfortunately, we will never know the extent of the negative impact the listing had on our reputation, but hopefully organizations like the FCA are more careful with initiatives such as these in the future,” said Gonzalo Jalles, CEO of Cayman Finance.
Cayman Finance also said that the association is supportive of the Cayman Islands government in dealing with the issue and were very pleased with the urgency taken, in particular by the Ministry of Financial Services.
“We would also like to commend the Minister of Financial Services for his urgent response to the FCA listing”, added Mr. Jalles.
New policies for bank and remittance company licensing
Revisions to the two regulatory policies, approved by the board of directors of the Cayman Islands Monetary Authority, came into effect Monday with the publication of the revised policies in the Gazette.
The policies relate to the licensing and approving of money services business, and to the licensing of banks.
The Regulatory Policy on Licensing and Approving Money Services Business outlines distinct criteria for licensing principals and approving agents; clarifies principals’ obligations to oversee agents’ anti-money laundering practices; and establishes criteria for what would be considered a suitable place of business.
Key changes in the revised Policy on Licensing Banks include enhancements to the criteria for licensing home regulated banks as well as to those requirements that pertain to the management and control and the track record of applicants.
These policies can be accessed on the CIMA website via the Regulatory Framework tab.
Michio Kaku to keynote at Cayman Captive Forum
Scientist Michio Kaku will be the keynote speaker for the 2014 Cayman Captive Forum.
His goal is to complete Albert Einstein’s dream of a “theory of everything” which can unify all known physical laws. He is the co-founder of string field theory, and string theory today is the leading candidate for this fabled theory. Dr. Kaku is also a futurist who predicts how science will revolutionize business, finance, medicine, and our way of life.
His latest book, “The Future of the Mind,” is a New York Times best-seller and details how many concepts from science fiction, such as telepathy, telekinesis, recording memories and exoskeletons, are possible today.
“Dr. Kaku is a dynamic speaker with an amazing story to tell. He speaks of things that are happening today in the world of science that we have only thought about in terms of fiction and fantasy,” said Erin Brosnihan, who co-chairs the Cayman Captive Forum together with Seamus Tivenan.
Dr. Kaku has interviewed more than 300 of the world’s top futurist scientists for major media and national publications.
Every week, he broadcasts to 130 radio stations which air his national science show “Science Fantastic.”
The Cayman Captive Forum runs from Dec. 2-4 and will also feature presentations from some of the world’s leading practitioners in the industry, with a track specifically geared to healthcare captives, an industry space dominated by Cayman.
First retail debt listing for CSX and Carey Olsen
Carey Olsen in the Cayman Islands has advised on the first listing of retail debt on the Cayman Islands Stock Exchange.
Carey Olsen partner Nick Bullmore supported by Associate Alistair Russell acted both as legal counsel and as listing agent to Cyprotex PLC, an AIM-listed company, in connection with the listing of their fixed rate redeemable and convertible loan notes.
Valia Theodoraki, chief executive officer of the CSX said: “We are pleased to welcome Cyprotex as our first-ever retail debt listing on the exchange.
“As an emerging research and life sciences company, they are a great example of the type of organization that can benefit from our retail debt offering.”
Directors Accreditation Course returns
The Cayman Islands Directors Association is again facilitating the Directors Accreditation Course, Sept. 10-12.
According to Paul Harris, president of CIDA, one of CIDA’s main aims is the education of Cayman-based directors through various educational events throughout the year.
“The Accredited Director course which we present in association with the Canadian division of the Institute of Chartered Secretaries and Administrators is the flagship of our efforts.”
The DEAP program delivers critical content in four areas: governance, finance, strategy and risk management, in a condensed period of time.
DEAP participants received material to be read ahead time – one document for each of the modules. The workshop combines presentations, discussions, case studies and a quiz for each module.
Upon successful completion, participants are awarded the Accredited Director designation.
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