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Topic: Cayman Islands Monetary Authority
Cayman Islands Monetary Authority has licensed 20 new insurers or reinsurers in the first six months of 2021.
The US Securities and Exchange Commission has charged former Cayman Islands broker Oliver-Barret Lindsay, together with two other individuals, with insider trading.
CIMA confirmed that there is no current or pending registration with the authority in reference to Neil Woodford.
The Ministry of Financial Services advised the public that the enforcement provisions of the Virtual Asset Service Providers (VASP) Act have come into effect on Sunday, 31 Jan.
The Cayman Islands Monetary Authority has warned 1,330 directors who have not met annual registration and information requirements, that it will cancel their listed director registration.
The number of open-ended funds registered with the Cayman Islands Monetary Authority increased by 7.68% in the first nine months of 2020.
The new requirement to register closed-ended, or private, funds with the Cayman Islands Monetary Authority has to date prompted 254 funds into action so far. Government enacted the Private Funds Law in January which gave closed-ended funds until 7 Aug. 2020 to register with CIMA and comply with Cayman’s investment funds regime.
The Cayman Islands government has issued a proposed legislative framework for virtual asset service providers that seeks to align the crypto space with international anti-money laundering standards.
Business appears to be booming, with the economy growing at close to 3% per year, according to latest statistics. However, data from the Cayman Islands Monetary Authority shows not all financial services statistics for 2019 are positive.
Premier Alden McLaughlin heads to the US where he is set to address two conferences this week aimed at discussing issues impacting the local financial services industry.
Cayman discount broker OneTRADEx has been placed into provisional liquidation following a court hearing on Tuesday, 3 Sept. The primary purpose of the provisional liquidation is to facilitate the sale of certain parts of the business that the company has with Interactive Brokers.
Cayman’s financial services regulator, the Cayman Islands Monetary Authority, took charge of local broker OnetradeX by appointing Kenneth Krys and Angela Barkhouse of Krys Global as controllers of the company.
Cayman Islands-based broker Oliver-Barret Lindsay and California-based co-defendant Gannon Giguiere pleaded guilty to conspiracy, related to securities fraud, in US federal court.
Cayman’s health insurance system remains in urgent need of reform, despite the revelation that private sector profits are much lower than previously thought.
Figures suggesting Cayman health insurance providers are making annual profits in excess of $50 million may have been overstated, new data from the Cayman Islands Monetary Authority shows.
The Cayman Islands Monetary Authority will host a mixer next month for students interested in the financial services industry.
The Cayman Islands Monetary Authority has suspended the director registration of Oliver-Barret Lindsay, the owner of CMGT Capital Management and Lindsay Capital Corp. SEZC.
Lawmakers approved amendments to the Securities Investment Business Licensing Law that will introduce a regulatory and supervisory framework for ‘excluded persons’, which are until now exempt from requiring a license to conduct securities investment business and being regulated by the Cayman Islands Monetary Authority.
Independent fund and corporate service provider JTC has been granted a trust licence by the Cayman Islands Monetary Authority.
The Cayman Islands Monetary Authority has issued 16 new insurance and reinsurance company licences in 2019 to date.
Government plans to broaden Cayman’s regulatory framework for securities and investment businesses, after a review by the Cayman Islands Monetary Authority identified regulatory and reputational risks stemming from entities that under the law can operate without a licence.
Foreign workers are sending more money back to their home countries than they have in at least the last 10 years.
Following a record-fast sellout of a silver commemorative coin to mark the 60th anniversary of the local coat of arms last year, a second edition of the coin has been minted.
The Cayman Islands Monetary Authority has appointed Gerald Halischuk as head of the financial regulator’s Securities Supervision Division.
The Cayman Islands Monetary Authority is welcoming back scholarship recipient Ashleigh Powell, who recently completed her studies at the University of Texas at San Antonio.
Although the hedge fund industry faced one its most difficult years since the financial crisis, the number of funds licensed by the Cayman Islands Monetary Authority grew by 4.1 percent in 2018.
The Law Reform Commission has published a discussion paper on the foreclosure regime in the Cayman Islands, concluding that existing laws should be updated. In publishing the report, the commission is inviting comments from stakeholders and the general public on the issue.
The Cayman Islands Monetary Authority donated $18,150 raised in its charity walk/run earlier this year to literacy and numeracy programs in local government primary schools.
The Grand Court has granted the Cayman Islands Monetary Authority’s petition for the winding-up of Beechwood Re, a reinsurance firm being sued for fraud in the U.S., and with ties to a hedge fund whose former executives are facing civil and criminal fraud charges in the U.S.
The Legislative Assembly adopted the Banks and Trust Companies Bill 2018, which empowers the Cayman Islands Monetary Authority to supervise banking groups on a consolidated basis.
Minister of Financial Services Tara Rivers has announced that government favors a regulatory sandbox-type framework for digital assets. The minister outlined government’s approach to regulating digital assets in a statement in the Legislative Assembly on Nov. 14.
The Cayman Islands Monetary Authority has sent letters to securities and investment businesses registered as excluded persons, demanding they obtain within 30 days an auditor’s report on their anti-money laundering (AML) systems and procedures for compliance with Cayman’s AML regulations.
Cayman’s offshore banking sector continued to slide in 2017, but domestic banks posted a strong year as the territory’s economy continued to grow.
The Cayman Islands Monetary Authority has announced that regulated funds have until Dec. 31 to notify the regulator of the appointment of anti-money laundering officers, and unregulated funds have until the same date to make their AML officer appointments.
For the first time, the Cayman Islands Monetary Authority will partner with the International Organization of Securities Commissions Secretariat to host the 2018 IOSCO Growth and Emerging Markets Committee Annual Conference and Meetings in the Cayman Islands, from Sept. 19 to 20.
The police are investigating reports of a fraudulent investment company purportedly based in the Cayman Islands and has warned potential investors into any companies in Cayman to carry out proper research and due diligence.
With some US$4.2 billion raised by Cayman-registered blockchain companies, this jurisdiction has raised more funds from initial coin offerings – the crypto version of initial public offerings – than any other places in the world.
The Cayman Islands Monetary Authority appointed Peter Fox as reinsurance specialist in its Insurance Supervision Division on June 8.
The Cayman Islands Monetary Authority signed a memorandum of understanding with the National Association of Insurance Commissioners on Aug. 4.
The territory’s financial regulator announced on Tuesday that the Privy Council has refused an application to appeal from an international stock trading platform, which had been challenging CIMA’s order to produce records for an ongoing investigation in Australia – records the entity claims to not have.
Court-appointed liquidators attempting to recover millions in assets held by two now-defunct investment brokerages formerly managed by funds director Ryan Bateman have sued a former employee of one of those brokerages seeking US$582,000 plus interest payments.
Cayman has seen a slight uptick in the number of international insurers registered here through the first half of 2018, according to recently released statistics from the Cayman Islands Monetary Authority.
Former government Minister Wayne Panton was named Wednesday as chairman of the Cayman Islands Monetary Authority, replacing his former colleague at Walkers law firm, Grant Stein, in the chairman’s post.
The Cayman Islands public service had more overall employees than ever by the end of 2017, according to a human resources report released by the government last week. A total of 6,250 people worked for either the central government civil service or its associated statutory authorities and government-owned companies by Dec. 31, 2017.
The Cayman Islands Monetary Authority announced the promotions of Kenton Tibbetts, Jackie Powell Marsden and Yoshneck Mutomba.
The Cayman Islands government will seek to change the law to protect both appointed members of statutory authority boards and government workers who serve those agencies from legal liability arising from certain negligent actions.
“The seminar will provide delegates with more information about each role, the duties involved and how to manage potential related risks,” Paul Byles, director of FTS, said.
Last June, the Cayman-registered blockchain firm Block.one opened its initial coin offering – the crypto version of an IPO.
Already burdensome health insurance costs are spiraling out of control – as many readers know from personal experience. Last week’s Public Accounts Committee review of recent Cayman Islands Monetary Authority reports quantifies just how out of control it is.
Earnings for Cayman’s private sector health insurers nearly quadrupled in one year following changes made to the islands’ standard health insurance contract rules, members of the Legislative Assembly’s Public Accounts Committee heard Wednesday.
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 Cayman Islands Monetary Authority will host its second annual charity walk/run next month in support of literacy and numeracy programs in government primary schools.
The Cayman Islands Monetary Authority has issued an advisory on the potential risks of investments in initial coin offerings, or ICOs, and all forms of virtual currency.
Representatives from Cayman’s captive industry are attending RIMS 2018, a leading risk conference, in San Antonio, Texas, next week.
“Bad faith” decisions made on behalf of Cayman Islands government-appointed boards will not receive legal protection, Premier Alden McLaughlin declared Friday.
Recently released statistics from the Cayman Islands Monetary Authority show that the number of hedge funds, insurance companies and banks licensed in the territory all took a slight dip during 2017.
Alasdair Robertson, the president of the Law Society, has criticized a lack of consultation of the organization on the anti-money laundering regulations and the...
The Cayman Islands Monetary Authority reported in its fourth quarter results that 33 new captives were formed in 2017. The industry reported premiums of US$12.4 billion and total assets at US$61 billion.
The territory’s banking industry continued to contract in 2016 in terms of the number of banks and the amount of assets and liabilities held by those institutions, according to the Cayman Islands Monetary Authority’s 2016 Banking Digest.
The number of Cayman-registered funds continued to decline in 2016, but the value of the assets managed by such entities increased that year, according to the Cayman Islands Monetary Authority’s recently released 2016 Investments Statistical Digest.
Amid public concern over rising foreclosure rates in the Cayman Islands, a judge has cautioned home owners to understand they risk losing their property if they fall behind on mortgage repayments.
The Court of Appeal has upheld an order obtained by the Cayman Islands Monetary Authority for an international stock trading platform to produce internal records for an ongoing investigation in Australia – records the entity claims to not have.
Cayman’s inclusion on a graylist of countries that have promised to address certain deficiencies by the end of 2018 leaves the Cayman government in the difficult position of not knowing what exactly it has committed to.
Jude Scott, CEO of Cayman Finance, was scheduled to speak at the 6th Annual OffshoreAlert Europe Conference in London on Nov. 14 and participate in a panel about the recent illegal data hack and leak of personal financial information.
Global investor services firm SGG Group announced it is in the final stages of closing the acquisition of Sinclair Fund Services Ltd, a boutique fund administration company based in the Cayman Islands.
Consistent declines in Cayman’s banking sector are a reminder that we must never be complacent – especially in today’s accelerated economy. The figures, presented to the Legislative Assembly last week, should be a call to action. More specifically, to adaptation, evolution and innovation.
The Cayman Islands Monetary Authority on Wednesday reported a seven-year decline in the territory’s banking sector, that has seen a drop of about one-third of all retail and non-retail banking operations since 2010.
An international stock trading platform is disputing a Cayman Islands Monetary Authority attempt to obtain records from the company – records the company claims it does not have – for an ongoing investigation in Australia.
Knighthead Annuity & Life Assurance Company has hired Richard Andrews as business development specialist.
The Security Centre Limited visited the annual ASIS conference in Dallas, Texas, last month and stood out with a new innovation. Security Centres International, the international branch of the Cayman Islands company, introduced a product line that included a blast protection system, a mobile video surveillance tower, and a new 3-D printed carbon fiber drone called the Aegis Unmanned Aerial Vehicle.
The Cayman Islands Monetary Authority has appointed Rayford Britton as deputy head of the Policy and Development Division. Mr. Britton has a bachelor’s degree in accounting and started his career at CIMA in 2006 as a senior analyst in the Banking Supervision Division.
Paul Njoka, vice president at Kensington Management Group, has committed to donate all of the fees he received for presenting a public speaking workshop for the Cayman Islands Marketing Professionals Association to the Lighthouse School.
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