Business in brief: Cayman Shipping Registry No. 1 on ‘White List’

Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.
Cayman Compass is the Cayman Islands' most-trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

The Cayman Islands Shipping Registry, a division of the Maritime Authority of the Cayman Islands, has been listed as No. 1 on the “White List” in the 2016 annual report of the Paris MoU on Port State Control, a reflection of its ship safety and pollution prevention record. It is the 12th consecutive year that the Cayman Islands has been on the White List.

The Paris MoU on Port State Control is an administrative agreement between 27 maritime authorities. It deals mainly with enforcement of safety of life at sea, prevention of pollution by ships, and living and working conditions on board ships.

Each maritime administration is rated on the performance of the ships flying its flag during Port State Control inspections. The maritime administrations with the lowest detention ratios are assigned the highest rankings on the Paris MoU White List.

The Cayman Islands is also white-listed and rated as low risk in all major international ports as per the Port State Control Memoranda of Understanding (including the Paris and Tokyo MoUs).

The Cayman Islands also qualifies under the U.S. Coast Guard Qualship 21 Program, which recognizes and rewards vessels, their owners and flag administrations for their commitment to safety and quality. Joel Walton, CEO of the Maritime Authority of the Cayman Islands, said the White List achievement shows the commitment of all Cayman Islands Shipping Registry staff and management, along with the Ministry of Financial Services and Home Affairs and the board of the Maritime Authority.

“This recognition reflects their continued commitment and dedication to maintaining an outstanding safety and quality record for the Cayman flag. Being No. 1 on the White List brings confidence and security to both the owners of Cayman Islands [flagged] ships, and the seafarers who serve on them,” he said.

Brad Stephenson

Estera appoints manager of Fund Services in Cayman

Offshore fiduciary and administration services provider Estera has appointed Brad Stephenson to its Cayman Islands office as team manager in the company’s fund services business. He oversees Estera Cayman’s fund offering, including fund directorships and related fiduciary services to Cayman corporate structures.

Mr. Stephenson has more than a decade of experience in the Cayman funds industry, and previously served as a business development manager in a provider of specialized trust and fund administration services. He has extensive experience offering guidance on a range of corporate structures and has overseen the day-to-day management of funds in markets including the U.S., U.K., eastern Europe and throughout Asia.

“The opportunity to build upon Estera’s exceptional work and service to the funds industry is one I could not pass up,” he said. “Estera is a well-established force in the Cayman and global markets with offices in ten jurisdictions and is growing in all the services we offer, including funds, corporate, trusts and accounting.”

Justice McMillan presents Cayman case law at trusts conference

Cayman Islands Grand Court Judge, Justice Robin McMillan recently attended the Transcontinental Trusts Conference in Geneva, Switzerland, representing the Cayman Islands Judiciary. The conference on June 12-14, was attended by lawyers and trust service providers from around the world.

In his address on Cayman Islands case law, Justice McMillan highlighted three recent decisions of the Grand Court that had foreign litigation aspects.

The first case concerned a successful application by a trustee for sanction to defend English proceeding. The second case concerned a successful application directing a trustee of a STAR Trust not to submit to the jurisdiction of the English Courts or to provide further confidential information to the parties to the English proceedings. The third case dealt with a ruling of the Grand Court to replace a current trustee with a trustee both able and willing to act expeditiously in U.S. proceedings when it was expedient to so. All the judgments were anonymized by order of the court.

Justice McMillan invited the attendees to consider whether the decisions showed a willingness and a disposition on the part of the Cayman Islands courts to act in a protective, and arguably in an assertive, manner when the interests of trustees, beneficiaries and trust assets might require it.

Justice McMillan raised for consideration whether the judgments demonstrated an overarching judicial philosophy in the context of particular issues and circumstances. He also cited certain passages from the STAR Trust decision confirming that for such a trust the beneficiaries had no standing to enforce the trust at all, such rights being vested in the enforcer, who had a sole right to information from the trustee. This in turn gave rise to further discussion among the conference attendees themselves as to the respective responsibilities of courts and regulators in the modern world.

Carey Olsen makes six senior promotions

Offshore law firm Carey Olsen has made six senior promotions across its global network of offices.

The promotions, effective from July 1, include Peter Sherwood who moves up to counsel in the Cayman Islands office (subject to Immigration approvals), Alan Hughes who has been promoted to counsel in the Singapore office and four new senior associates: Andrew Chissick in London, Luke Sayer in Guernsey and both Samantha Hoare and Sarah Townsend in Jersey. Separately, counsel Michael Goulborn re-joins the firm’s dispute resolution and litigation practice in Jersey.

Peter Sherwood has a broad range of experience in the Cayman Islands and specializes in cross-border insolvency, restructuring and commercial litigation in the financial services sector.

Carey Olsen Chairman, John Kelleher, said: “These promotions reflect the growing talent within the firm and I congratulate the group on their well-deserved success. We are also delighted to welcome Michael back to Carey Olsen.”

Promotions for new Securities Division at CIMA

With the establishment of its new Securities Supervision Division, the Cayman Islands Monetary Authority announced the appointment of Kareem Robinson as deputy head of the division and Jessica Ebanks as chief analyst. Andrew Tweedie was promoted from Analyst to senior analyst.

The new unit now separates the supervision of securities investment business from the former Investments and Securities Division. As a result, this division is now renamed the Investments Supervision Division, and is solely focused on the regulation of activities relating to hedge/mutual funds and fund administrators.

CIMA Managing Director Cindy Scotland said while there are synergies between both sectors, they are distinct enough to require a different supervisory and regulatory approach. “Therefore, the segregation of securities investment from funds-related business will provide for a more specialized, robust, effective and efficient regulatory and supervisory regime for each sector.”

Before joining CIMA, Mr. Robinson was head of Corporate and Fiduciary Services of a global Channel Islands based law firm. He also served as a vice president of a global leading Cayman Islands-based fiduciary services provider, having held similar positions at other related organizations and offshore banks.

Mr. Robinson spent the former part of his financial career in wealth management with a global French private bank.

Ms. Ebanks began working with CIMA in 2013 as a senior analyst in the former Investments and Securities Division. Since then, she has worked her way up through the ranks serving in various roles.

Leading up to this, she held several positions in the financial services industry where she gained experience in securities and fund transactions.

Mr. Tweedie joined CIMA as an analyst in the Investments and Securities Division in January 2012. He has over 30 years of experience in accounting and other business management operations.

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