Financial services leaders met with US lawmakers, journalists and regulators in New York and Washington DC this month as part of an ongoing charm offensive to protect the often maligned image of Cayman’s key industry.
Deputy Premier André Ebanks led a government delegation in a series of meetings in the US capital. The financial services minister also took part in a series of ’round table’ events organised by industry group Cayman Finance in Manhattan.
Ebanks said the week of meetings had “reinforced and reaffirmed” the islands’ relationships with key industry figures in Cayman’s key economic pillar.
The government team met with members of US Congress and Senate committees, as well as officials from the Department of the Treasury and executives from Citigroup and Bank of America.
Ebanks said he had underscored the territory’s commitment to meeting global standards and given a briefing on the history and evolution of Cayman as a financial centre.
The group also met with a group of journalists who cover international issues relevant to Cayman’s financial services framework.
Coverage of Cayman in the international press has previously been an issue of contention for industry leaders who have bristled at what they see as misrepresentation of the jurisdiction.
Ebanks said, “The journalists were genuinely interested in the Cayman Islands and open to understanding our financial services framework in its modern light.
“These forthright conversations laid the foundation for building more trusted relationships with international media.”
He added that he had provided the journalists with a background briefing on the islands’ regulatory progress, culminating in its clean bill of health from recent Financial Action Task Force for anti-money laundering and counter terrorism financing inspections.
“In all our meetings throughout the week, I underscored government’s continuing commitment to global standards,” he said in a press release.
The deputy premier also spoke about the Cayman Islands’ cooperation with the standard-setting OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.
“The Global Forum sets the international standard and mechanisms, through which its members – now standing at 171 countries – exchange tax information with each other. This exchange of information helps tax and legal authorities around the world so that taxes are paid where they are due,” he said.
Cayman Finance ’round table’ events
The week of meetings began with a series of round-tables organised by Cayman Finance in New York.
Cayman Finance, which represents the islands’ financial services industry, said in a press release Tuesday that it had connected small groups of leading industry stakeholders with representatives from the Cayman Islands government, the Cayman Islands Monetary Authority and the financial services industry for constructive dialogue about the jurisdiction.
Over the course of the two-day event on 14-15 March, Cayman Finance hosted three discussions – two dedicated to funds and structured finance, and one to wealth management – attracting 40 senior executives from those sectors.
It also organised multiple individual meetings with prospective clients to highlight the jurisdiction’s investment opportunities.
Steve McIntosh, CEO of Cayman Finance, said in the release, “These roundtable discussions in New York City helped deepen our understanding and connection with investors in Cayman’s biggest market.
“The format, with senior executives from clients and onshore law firms that refer business to Cayman, produced conversations that were open and insightful about Cayman’s competitive advantages and how we can strengthen our position further in the market. We look forward to growing these relationships in future engagements.”
Deputy Premier Ebanks, who attended the event, thanked New York’s industry for their business and continuing recognition of the Cayman Islands as a sound place for investment.
“Cayman Finance’s refreshing new format felt less like client meetings and more like a productive working group of persons with shared goals,” he said. “It allowed all participants – Government, regulators and industry – to speak more candidly about our respective roles and experiences in this constantly evolving regulatory and commercial environment, and to identify ways in which we can work together more effectively.”
Cayman Finance said the roundtables enabled existing investors in Cayman to provide feedback on their experiences with the jurisdiction directly with industry and government representatives and receive updates on recent and anticipated changes in Cayman’s legal and regulatory regime.
In addition to the deputy premier, participating representatives of the Cayman government included Julie Campbell, deputy representative for financial services to Europe; Rohan Bromfield, head of CIMA’s Fiduciary Services Division; Pranav Variava, head of CIMA’s Investments Supervision Division; and Gaone Dube, deputy head of CIMA’s Investments Supervision Division; Steve McIntosh, CEO of Cayman Finance; Lainey Egan, associate director at Cayman Finance for funds, wealth management and capital markets; and Brittany MacVicar, associate director for trusts, reinsurance and insurance.
Cayman Finance said it anticipates that it will use the successful new format in future industry promotion events in key markets around the world.
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