Auditor’s authority and accounting body sign agreement
The Auditor’s Oversight Authority and the Cayman Islands Institute of Professional Accountants have signed a memorandum of understanding to coordinate quality assurance review visits and inspections and to avoid the duplication of investigations or disciplinary cases.
While CIIPA regulates the professional conduct of all of its member accountants, the AOA regulates and supervises only the auditors of market-traded, specified or designated companies.
Both bodies are responsible for ensuring that a system of quality controls is in place, although the approaches may differ given the differences in authority.
To avoid any overlap, CIIPA will not include market-traded entity audits that the AOA is concerned with in its quality assurance file reviews.
IMPACT17 to feature tech startup pitch session
The internet marketing conference IMPACT17 will give three short-listed startup companies the opportunity to present their ideas and win a promotional PR and marketing package from a panel of investors.
The panel will judge the entries and select a winner after short presentations. This year’s investor judges include Faquiry Diaz of mxHero and Brian Wong of Kiip.
Competitors in the IMPACT17 Startup Battlefield will be Feello, Takenote and Equity Bender.
“Startup Battlefield events have become a central element of our IMPACT conferences,” said Sinan Kanatsiz, chairman and founder of the Internet Marketing Association. “We’re thrilled to host yet another exciting head-to-head competition between three of the most promising startups on the horizon. Our distinguished panel of judges will have their work cut out for them as they select a winner.”
“As co-hosts of IMPACT17, we are extremely excited about this element of the conference as this will be the first time a Startup Battlefield has been held in the Cayman Islands,” said Charlie Kirkconnell, CEO of Cayman Enterprise City. “I am particularly delighted that the IMA is inviting local companies to enter, as this is perfectly aligned with our goal of promoting technology-focused entrepreneurship in Cayman and connecting Caymanians with opportunities being created by the CEC Special Economic Zone.”
Entrants in the Startup Battlefield competition are judged on such criteria as leadership, background and technology, giving investors a complete view of each company’s foundation and future plans for success.
Previous Startup Battlefield winners include Feed.fm, which won the third annual competition at IMPACT16.
Cayman Enterprise City and the Internet Marketing Association are hosting IMPACT17 at the Kimpton Seafire Resort + Spa, April 27-28.
CUC closes first $40 million tranche of private placement
CUC closed a first US$40 million tranche of a US$60 million private placement. The $40 million senior unsecured note pays 3.9 percent and comes due Nov. 25, 2031.
It will be followed by a second tranche of a $20 million, 4.64 percent senior unsecured note, scheduled to close in May. The second note comes due Nov. 25, 2048.
The debt offering was privately placed with institutional investors in the United States with CIBC World Markets Corp. acting as sole placement agent.
Proceeds from the offering will be used to repay short-term debt and to finance ongoing additions and upgrades to CUC’s generation and transmission and distribution system.
CUC President and Chief Executive Officer Richard Hew stated, “We are pleased to secure this financing on favorable terms, a reflection of the continued stability and strong credit ratings of the company and the jurisdiction as a whole.”
He added that “CUC’s strong credit ratings help secure access to efficient capital markets. Significant capital investments are necessary to sustain a reliable electricity service to Grand Cayman, which CUC has remained committed to for over 50 years.”
Conyers rebrands client services business
Conyers Dill & Pearman is rebranding the Codan group of companies to Conyers Client Services.
Conyers Client Services provides corporate administration, secretarial, trust and management services to entities established in Bermuda, the British Virgin Islands, the Cayman Islands and Mauritius.
“We are an established leader in providing offshore services to an international client base and are proud to be rebranding our client services business to Conyers,” said David Lamb, partner and co-chairman, Hong Kong Office.
“Whilst there have been firms who have sold their fiduciary businesses in recent years, we are unifying our offering to provide first-class legal services and corporate secretarial, trust and management services to our clients.”
Narinder Hargun, director and co-chairman in the firm’s Bermuda office, said, “We have built strong teams in our legal and client services businesses and it is timely to bring these offerings together under the Conyers name, allowing us to remain competitive and continue to add value for our clients.”
SILO Compliance launches new features at STEP conference
The developer of SILO Compliance System will launch new features of the anti-money laundering compliance and due diligence management software at the STEP Caribbean Conference in Grand Cayman from May 1-3.
SILO Compliance Ltd. will be a sponsor and exhibitor at the event.
A beneficial owners report, which has been included in the latest updates, is one of the added features, SILO Compliance said.
Survey: Most financial services firms are prepared for FATCA
A survey of 105 respondents from the financial services industry indicates that most are well prepared for the U.S. Foreign Account Tax Compliance Act regime in the Cayman Islands.
Consulting firm FTS carried out the survey from March 9-19. It showed that more than 82 percent of all respondents had a “fairly good idea” or “a thorough understanding” of FATCA.
This bodes well for the general compliance culture of the Cayman Islands, said Paul Byles, director of FTS.
Given that the respondents performed a variety of roles in their firms and were not solely compliance focused, the result demonstrated that FATCA has had a very good level of awareness in the marketplace, he added.
“While technical training is important for compliance professionals, general awareness of regulatory and tax compliance initiatives by noncompliance staff is also key to a firm having an effective risk management system. It means that non-compliance staff obtain a better understanding of why they have to perform certain duties in their own roles,” Mr. Byles said.
Only 8 percent of compliance staff said they have not had FATCA training. Nearly two-thirds of all respondents said their firms had FATCA procedures; a further 13 percent saying they believed their firms had such procedures.
The survey results suggest that the Common Reporting Standard initiative, an international equivalent to FATCA, while also demonstrating a good level of awareness, is somewhat behind FATCA on training and awareness, Mr. Byles said. “This is to be expected. CRS is a relatively new initiative and I suspect that within a couple of years its level of awareness and training will catch up with that of FATCA.”
The full report is available at www.ftscayman.com.