The implementation of the Cayman Islands Monetary Authority’s Regulatory Enhanced Electronic Forms Submission system has brought about noted improvements in the delivery and management of information, CIMA said.
The program was launched in January 2015 to facilitate the online submission of information by industry users. Since then, multiple applications were added to enhance document management for both industry and CIMA.
Users of the system are able to file and track new license applications electronically, submit requests for changes such as ownership and control, registered office and licensee terminations.
It is also possible to file fund annual returns online, which reduces costs and response times and increases efficiency through a structured workflow, the regulator said.
In addition, users can track relevant fees and complete payments via Escrow, CIMA’s new online fee payment module.
“Since the inception of REEFS, I am extremely pleased to note that the system continues to provide significant operational enhancements for both CIMA and the industry users as anticipated,” said CIMA’s Managing Director, Cindy Scotland. “Such functionalities have not only helped to alleviate frequent update requests and other administration duties, [but] with these improvements, the Authority can better position its staff in more strategic areas.”
In the future, users will have the ability to file governance change requests electronically, requiring notification only.