The Cayman Islands Monetary Authority and the Financial Services Regulatory Authority of Abu Dhabi Global Market have signed a memorandum of understanding putting in place a framework for mutual assistance and exchange of information to foster high standards of regulatory practice and compliance in both jurisdictions. The agreement was signed on June 9 by Cindy Scotland, managing director of CIMA, and Richard Teng, CEO of the Financial Services Regulatory Authority.
The MoU aims to promote the integrity, efficiency and financial soundness of financial institutions by improving the effective regulation, enhancing the supervision of cross-border transactions, and preventing fraudulent and other prohibited practices in ADGM and the Cayman Islands, CIMA said in a press statement.
PwC appoints new Caribbean CEO
Frazer Lindsay has been appointed CEO of PricewaterhouseCoopers Caribbean Region Ltd. He succeeds Darren Johnston.
Based in the Cayman Islands, Mr. Lindsay will oversee and coordinate the operations of the network of PwC firms operating in the Bahamas, Bermuda, British Virgin Islands, Cayman Islands, East Caribbean, Jamaica and Turks and Caicos. He has previously served in a variety of regional leadership roles, including coordinating the Assurance practices of these territories and acting as territory senior partner of PwC Cayman Islands.
“Frazer will bring a sharp clients-and-markets focus to the role and a strong commitment to the development of our people,” said Colm Homan, chairman, PricewaterhouseCoopers Caribbean Region Ltd.
Health City recognized for commercial development
Health City Cayman Islands was recently honored for its affordable, energy-efficient building design as part of the ICF Builder Awards. The international competition, which showcases the advantages of building with Insulated Concrete Forms, took place at the World of Concrete trade show in Las Vegas. The tertiary care hospital was recognized for best in the Heavy Commercial division. The ICF Builder Awards are given annually to projects that demonstrate outstanding innovation, quality and craftsmanship in ICF construction.
In presenting the award, judges cited the complexity of the design, the striking architecture and the challenges the construction team overcame to set a new standard for the entire ICF industry.
Gene Thompson, project director at Health City, said, “This is an amazing accomplishment for such a small island in the time frame of 12 months. Great vision and hard work has truly paid off.”
The award-winning building, submitted by Health City Development, used the Fox Blocks brand ICF system, chosen in part because it was locally made by CL Flowers and sons. The general contractor was Clan Construction Ltd.
Walkers admits Caymanian attorney
Walkers has admitted its 42nd Caymanian attorney at law.
The admission for Rebecca Peck was moved by Walkers Partner Colette Wilkins on June 9 before Justice Ingrid Mangatal at the Grand Court.
“We are delighted to have another talented attorney at Walkers, and we expect that she will prove to be a valuable asset to the profession in the Cayman Islands,” said Antonia Hardy, managing partner of Walkers Cayman Islands office.
Ms. Peck was the recipient of the 2012 Walkers Legal Scholarship. She attended Cayman Prep and High School and completed her A-Levels at Framlingham College, Suffolk in the U.K. In 2008 she was selected to attend the Global Young Leaders Conference in the United States.
Ms. Peck will join the Investment Funds Group in Walkers’ Cayman office, where she will focus on a broad range of hedge fund and private equity matters.
Greenlight Re supports school garden program
Greenlight Re donated more than $8,600 to sponsor young students to participate in the Seed2Plate school garden program facilitated by YMCA Cayman starting in September.
Seed2Plate, a partnership between Slow Food South Sound and Cayman Food Revolution, was launched in March with a pilot program at Red Bay Primary School. The goal is to teach children about growing plants, food, health and nutrition in a fun and engaging way through school gardens and cooking.
The Food Revolution initiative was started by British chef Jamie Oliver.
Slow Food is an international culinary organization that promotes, among other things, eating locally produced food ingredients whenever possible.
Seed2Plate will continue its school garden program in the fall in government schools through YMCA Cayman, and in some private schools.