Business in brief: Mourant Ozannes interns complete summer program

Among the 19 summer interns at Mourant Ozannes, from left, David Ramsaran, Hilary Cockhill, Maya Smith, Rashana Singh, Gaby Myers and Zared Franklin.

Nineteen young Caymanians have completed their internships at Mourant Ozannes.

Over the summer students drawn from the Cayman Finance Work Experience Scheme and from Cayman Islands schools spent between two and four weeks working alongside lawyers and other professionals in the Camana Bay offices of the international law firm.

This year the firm increased its support of the Cayman Finance Work Experience Program and offered seats to four students: Shania Thomas and Dana Douglas, who secured placements as corporate services assistants, and Patrisia Thompson and Zared Franklin, who worked as legal assistants.

Mourant Ozannes Cayman Office Managing Partner, Peter Hayden, said: “It is great to see so many students participating in this program which allows them to gain a real insight into working in a law firm and assists them to make better-informed decisions on their future careers. Many students come back to work with us again in following years, join our scholarship program or join the firm after graduating. We wish them all the best with their studies.”

Cayman Finance intern Zared Franklin, who joined Mourant Ozannes’s litigation team, said: “The experience here has been amazing. I’ve been able to understand the type of work being carried out and was even able to witness an actual court case live which was very interesting.”

Law student Victoria Crawshaw, who has returned to Mourant Ozannes for several holiday work placements while completing her studies, noted that as a law student, interning allows insight into what working at a law firm is really like.

“Working with a wonderful team of lawyers is a great opportunity to put things you’ve been learning throughout the year at university into practice,” she said. “The Mourant Ozannes summer scheme is a brilliant program that allows you to develop your passion for law in a supportive environment. Gaining experience in different departments is incredibly helpful in enabling you to decide what type of law you’d like to practice in the future.”

Students looking to join the program in 2017 should submit applications by April 14, 2017.

CIMA warns of fraudulent emails

The Cayman Islands Monetary Authority has warned the public that fraudulent emails are being sent to clients of Cayman Islands banks calling for the registration of foreign bank accounts at the instruction of CIMA.

The authority said it has not issued any edict that all foreign bank accounts should be fully registered with CIMA by Sept. 20 or any other date.

Banking customers should exercise caution and verify the authenticity of any correspondence purporting to come from their bank, CIMA said.


New LCCL procedures in effect

Procedural changes designed to better uphold the Local Companies (Control) License Law are now in effect.

Since Sept. 1, Caymanians looking to participate in potential business endeavors with foreign investors must state their interest, in writing, to the investors and to the Trade and Business Licensing Board.

When submitting applications to the board, foreign investors must include copies of the two local newspaper ads, published in accordance with section 11 (4) (e) of the law, that solicited Caymanian participation.

Tobacco License renewals due by November

The Department of Commerce and Investment reminds all tobacco dealers that according to the Tobacco Law, annual applications for registration renewals must be submitted by 5 p.m. Nov. 1.

Applications submitted between Nov. 2 and Dec. 31 will attract a late fee that is 50 percent higher than the regular renewal rate. Applications submitted between Jan. 1 and Jan. 31 will incur a late fee of 100 percent of the regular renewal rate.

Any dealer who does not apply for a renewal before Jan. 31 must cease operations for one year and apply for a completely new grant for the following year.

Annual registration renewal fees are $500 for a retailer, $750 for a cigar bar, and $5,000 for a wholesale distributor.

Mimecast ranked 15th in Cybersecurity 500

Email and data security company Mimecast ranked 15th in the Cybersecurity 500, a compilation of the world’s leading cybersecurity solutions and service providers, published by Cybersecurity Ventures.

Mimecast Offshore is used by many businesses in the Caribbean that have worked with the firm’s regional partner, eShore to protect their systems.

“This is a tremendous accolade for Mimecast Offshore and will be well received by our clients throughout the Caribbean, Latin America, and Bermuda who trust our company to protect their networks,” said Polly Pickering, managing director at Cayman-based eShore.

“Mimecast’s Targeted Threat Protection technology is an excellent example of the world-class technologies that eShore brings to the Offshore Financial industry to operate securely at a global level.”

Peter Bauer, CEO of Mimecast, said customers are facing unprecedented security threats that put their entire organization at risk.

“That is why we believe it is vital for organizations to implement a cyber resilience strategy that protects users, data and operations from various types of risk, from technology failure to malicious intent, as well as downtime. This recognition is a testament to Mimecast’s ability to combat today’s top cybersecurity risks, such as ransomware, malicious insiders and spear phishing, while ensuring our customers have a powerful cyber resilience strategy in place,” he said.

The Cybersecurity Market Report, also published quarterly by Cybersecurity Ventures, estimates that spending on cybersecurity products and solutions between 2017 and 2021 will surpass $1 trillion, reflecting a wave of new activity and new players in the industry.

Cayman recognizes Marshall Islands yacht master certificate of competency

The Cayman Islands Shipping Registry has recognized the Republic of the Marshall Islands’ Master (Yachts) Unlimited Tonnage Certificate of Competency.

The certificate is in line with the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW), which sets qualification standards for masters, officers and watch personnel on seagoing merchant ships.

The certificate has been designed by the Marshall Islands to allow yacht masters to continue their yachting careers over the traditional limit of 3,000 gross tons.

The RMI Registry, in coordination with Marine Professional Training in Fort Lauderdale, Florida, created a five-day training and evaluation course that includes a written multiple choice exam and simulator assessment in order to determine the candidates’ knowledge and experience in command of large yachts.

Candidates will need to meet the substantial STCW instructional and sea-time prerequisites, a press release said.