Ministry provides financial services outlook

Minister Rivers provided an overview of the ministry’s initiatives.

The Ministry of Financial Services updated more than 400 industry practitioners on the latest developments in financial services on Friday, 10 Jan. at The Ritz-Carlton, Grand Cayman.

The quarterly event is an opportunity for industry to stay abreast of the various legislative changes and projects that government is working on, the ministry said in a press release.

Opening remarks were given by Premier Alden McLaughlin; Minister of Financial Services Tara Rivers and ministry Chief Officer Dax Basdeo. The morning also included presentations and panel discussions with ministry representatives including Michelle Bahadur, the director of the Department for Financial Services Policy and Legislation; Duncan Nicol, the director of the Department for International Tax Cooperation; and Heather Smith, head of Securities and Investments at the Cayman Islands Monetary Authority.

The update covered the new Private Funds Bill, the Economic Substance Bill and changes to the beneficial ownership regime.

Rivers said she was grateful for the participation of industry practitioners, both at the event and for their continued engagement on relevant working groups and legislative consultations.

“It is through our constructive and cooperative working relationship, which has significantly strengthened over the past two and a half years, and your commitment to doing what is in the best interests of the jurisdiction as a whole (which in turn, will have a direct positive impact on your respective companies and firms), that we can meet the challenges facing Cayman’s financial services industry; and succeed in ensuring that the Cayman Islands remains as one of the best and highly sought after places to do business in the world,” Rivers said in her remarks.

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