Financial services ministry engages virtually with industry

As part of its business continuity plans for the coronavirus pandemic, the Ministry of Financial Services held a virtual meeting with heads and delegates of financial services industry associations on 31 March.

The ministry facilitated a discussion with representatives from the Department for Financial Services Policy and Legislation, the Registrar of Companies, the Department for International Tax Cooperation, and the Cayman Islands Monetary Authority, which provides updates.

Financial Services Minister Tara Rivers said the government appreciates the importance of the sector for Cayman.

Financial Services Minister Tara Rivers

“We felt it was a good time to engage directly with industry associations to remind them of the work that the ministry and related departments are doing presently, and to hear any feedback or concerns industry may have at this time,” she said. “This regular dialogue, which is in keeping with the ministry’s programme of quarterly industry updates, will help to assist the government with our short, medium, and long-term planning in the face of this pandemic.”

She said, “Ultimately, we have the same goal in mind: which is to work together to support the local financial services industry that employs thousands of Caymanians and residents; to maintain clients’ confidence; to attract new business; and to ensure that the Cayman Islands continues to be a leading global financial centre, which benefits our people locally by providing jobs and incomes, during these unprecedented times and well into the future.”

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The meeting included updates on local and international engagement efforts, as well as presentations on continuity plans related to the ministry and other areas of government relevant to the financial services industry.

Industry associations, in turn, outlined the economic impact of COVID-19 on the businesses of their members.

The ministry said it will continue to work with industry to formulate further opportunities for dialogue between the public and private sector.

The government has introduced several measures to help the financial services industry address administrative challenges by extending the deadline for industry feedback on ongoing consultations, deferring annual fees and filing deadlines, and extending the Economic Substance Notification filings.

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