Business in brief: Maples donates $50K to YMCA

Maples and Calder Global Managing Partner, Alasdair Robertson, takes a break to pose with children attending a YMCA mid-term break camp hosted at the Field of Dreams.

Maples donates $50K to YMCA

The Maples group is sponsoring YMCA Cayman Islands with a donation of CI$50,000 from the Maples Foundation.

“The YMCA is so very grateful to Maples for this generous donation, and their commitment to support our Islands is compelling,” said YMCA Chairman, Andrew Johnson. “The Y exists to make our community stronger, especially our young people, and we simply could not do this work without such strong support.”

Launched in June 2016, the Founders Campaign called on the Cayman community to assist the YMCA’s efforts to build capacity, expand its programs and increase awareness. With corporate donors such as the Maples group, the campaign was able to surpass its initial fundraising goal of $350,000.

Alasdair Robertson, global managing partner of Maples and Calder and chairman of MaplesFS, said “the Maples group is proud to lend its support toward initiatives that help to build a stronger and healthier community in the Cayman Islands and we look forward to the continued success of the YMCA.”

Cayman Finance launches local awareness campaign

Cayman Finance has started a campaign to raise general awareness about what the financial services industry does and how it impacts the local community, economy and Cayman’s population.

Cayman Finance will give presentations to organizations, associations and businesses in different sectors during the next two months as part of the campaign.

“The financial services industry has such a positive impact on our community,” said Jude Scott, CEO of Cayman Finance. “We understand it can sometimes be difficult for members of the wider community to see the positive influence the industry has on all residents, but the industry accounts for more than 50 percent of government revenue – that’s in excess of $300 million each year – which helps to fund education, healthcare, infrastructure, charities and more.”

“For example, our most recent survey of our 14 board member firms shows that $1.8 million in scholarships was awarded to 95 recipients in 2015,” he said. “The total value of donations to local charities totaled over US$2.2 million. These figures really help to show the industry’s commitment to our community.”

The financial services industry employs more than 5,000 people, and about 2,700 Caymanians – more than any other industry, Cayman Finance said in a press release.

In addition to offering careers for lawyers, accountants, IT professionals, marketing professionals and more, the financial services industry also is a prominent buyer of services from large, medium and small businesses in other industries in the Cayman economy, the financial services organization said.

“It is especially important in the lead-up to the election that the community understand the importance of the financial services industry,” Mr. Scott added. “It is our duty to ensure the future leaders of our country make it the priority it should be.”

‘CRS 101’ seminar aims to help firms prepare

Consulting firm FTS is organizing a seminar to help local financial services firms in their preparations for the OECD’s Common Reporting Standards (CRS).

The seminar ‘CRS 101’ will feature speakers on topics such as the essentials of CRS, differences between CRS and FATCA, and a hands-on case study on how to prepare for the key elements of the new tax information exchange regime.

“While many firms are very prepared for FATCA, CRS is a more recent initiative, so it helps to provide some extra help as we are nearing the first key deadlines in April and May of this year,” said Paul Byles, director of FTS.

Mr. Byles said the half-day seminar, hosted at The Ritz-Carlton, Grand Cayman on April 11, is structured as a no-frills direct training exercise.

“The seminar is for CEOs, managers, compliance staff and anyone directly involved in onboarding of new clients in their firms,” he said.

April 30 is the initial deadline for local financial services firms to provide certain information to the Department of International Tax Cooperation (DITC), and May 31 is the first CRS reporting deadline.

Duncan Nicol, director of the Department of International Tax Cooperation, who is one of the speakers at the seminar, said, “The DITC has been working with industry to prepare for the implementation of CRS, and seminars such as CRS 101 support these efforts by helping local financial services firms to fine-tune their preparations.”

Interested firms should register at before March 31.

Harneys relocates partner to Cayman

Harneys investment funds partner Patrick Colegrave has relocated to Cayman from the offshore law firm’s London office, where he led the growth of Harneys’ Africa practice, the law firm said.

His clients include investment managers, administrators, banking institutions and other service providers in the investment management industry, as well as institutional and high net worth investors.

“I’m delighted to be re-joining the team in Cayman. Harneys continues to challenge the Cayman market and it is very exciting to be able to enhance the offering and stand out as innovators of the market,” Mr. Colegrave said.

Staff hires, promotions at Appleby

Offshore law firm Appleby has announced nine promotions across its Bermuda, Cayman, Hong Kong and Isle of Man offices. In Cayman, Sebastian Said was appointed counsel and is a member of the firm’s dispute resolution department.

Group Managing Partner Michael O’Connell said the appointments reflect Appleby’s ambitious growth plans as an independent law firm.

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