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Topic: Cayman Islands Monetary Authority

CIMA: Insurance industry statistics point to successful year

Cayman Islands Monetary Authority has licensed 20 new insurers or reinsurers in the first six months of 2021.

SEC again charges former Cayman broker with securities fraud

The US Securities and Exchange Commission has charged former Cayman Islands broker Oliver-Barret Lindsay, together with two other individuals, with insider trading.

Regulator not aware of new Woodford fund in Cayman

CIMA confirmed that there is no current or pending registration with the authority in reference to Neil Woodford.

Virtual asset services enforcement takes effect

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.  

CIMA warns unregistered directors

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.

Number of CIMA-registered open-ended funds grows by 7.7%

The number of open-ended funds registered with the Cayman Islands Monetary Authority increased by 7.68% in the first nine months of 2020.

Report: 254 private funds have registered with CIMA

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.

Government proposes framework to regulate crypto services

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.

Annual statistics: Mixed results for financial services

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, ministers head to US for financial services conferences

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.

Controllers find ‘serious’ regulatory breaches at OneTRADEx

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.

CIMA takes control of broker OnetradeX

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 broker, associate plead guilty to conspiracy

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.

Saunders continues push for healthcare reform

Cayman’s health insurance system remains in urgent need of reform, despite the revelation that private sector profits are much lower than previously thought.

Health insurance profits overstated

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.

CIMA hosts financial services mixer for students

The Cayman Islands Monetary Authority will host a mixer next month for students interested in the financial services industry.

CIMA cancels broker’s director licence following fraud charges

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.

Securities law amended to end regime of ‘excluded persons’

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.

JTC obtains trust licence, appoints managing director

Independent fund and corporate service provider JTC has been granted a trust licence by the Cayman Islands Monetary Authority.

CIMA issues 16 new insurance company licences, total number drops

The Cayman Islands Monetary Authority has issued 16 new insurance and reinsurance company licences in 2019 to date.

Public consultation launched on securities law amendments

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 sent home record amount of cash in 2018

Foreign workers are sending more money back to their home countries than they have in at least the last 10 years.

Coin proves to be quick-silver hit

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.

CIMA appoints new head of Securities Supervision Division

The Cayman Islands Monetary Authority has appointed Gerald Halischuk as head of the financial regulator’s Securities Supervision Division.

CIMA scholar returns to work in Cayman

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.
An aerial view of the business area of downtown George Town, Grand Cayman

Number of registered funds up in Cayman, insurance market solid

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.

Cayman’s foreclosure laws under review

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.

CIMA run raises $18,000

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.

Grand Court orders winding-up of reinsurer

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.

CIMA to supervise banking groups on a consolidated basis

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.

Government to introduce digital assets framework

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.

CIMA demands anti-money laundering audits from excluded persons

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.
An aerial view of the business area of downtown George Town, Grand Cayman

Offshore banks slide while domestic banks fare well in 2017

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.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Anti-money laundering officer and related deadlines pushed back

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.

CIMA to host IOSCO conference for securities regulators

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.

Cayman Islands police warn of fraudulent investment company

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.

No time line for cryptocurrency regulations

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.

CIMA appoints reinsurance specialist

The Cayman Islands Monetary Authority appointed Peter Fox as reinsurance specialist in its Insurance Supervision Division on June 8.

CIMA signs agreement with US association of insurance commissioners

The Cayman Islands Monetary Authority signed a memorandum of understanding with the National Association of Insurance Commissioners on Aug. 4.

Privy Council rejects challenge against CIMA

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.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Liquidators seek $582K from ex-employee of ‘fugitive’ director

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 Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Insurance industry sees slight uptick

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.

Wayne Panton to lead 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.

Public service larger, less Caymanian

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.

Three senior promotions at CIMA

The Cayman Islands Monetary Authority announced the promotions of Kenton Tibbetts, Jackie Powell Marsden and Yoshneck Mutomba.

Boards, public workers to be protected from ‘negligence’

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.

FTS to host seminar on roles of money laundering reporting officers

“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.

Minister: Blockchain regulations coming down the pipeline

Last June, the Cayman-registered blockchain firm Block.one opened its initial coin offering – the crypto version of an IPO.

EDITORIAL – Health insurance: A product divorced from market reality

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.

Private health costs, insurer earnings soar

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.

CIMA’s online portal brings improvements

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.

CIMA to host school fundraiser run next month

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.

CIMA cautions investors over virtual currencies

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.

Cayman captive industry gathers at US risk conference

Representatives from Cayman’s captive industry are attending RIMS 2018, a leading risk conference, in San Antonio, Texas, next week.

Lawmakers indemnify CIMA, liquor boards

“Bad faith” decisions made on behalf of Cayman Islands government-appointed boards will not receive legal protection, Premier Alden McLaughlin declared Friday.
An aerial view of the business area of downtown George Town, Grand Cayman

Number of Cayman funds, insurers, banks dipped in 2017

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.

Law Society criticizes lack of consultation on anti-money laundering regulations

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...
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

33 new captive insurers formed in 2017

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.
An aerial view of the business area of downtown George Town, Grand Cayman

Cayman’s banking sector continued slide in 2016

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.

Number of hedge funds dipped in 2016

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.

Judge affirms bank’s rights in foreclosure case

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.

Appeals court rejects challenge against CIMA

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 reacts to inclusion on tax graylist

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.

Business in brief – Cayman Finance CEO participates in OffshoreAlert panel

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.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

SGG Group launches presence in Cayman

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.
An aerial view of the business area of downtown George Town, Grand Cayman

EDITORIAL – Staying on top of the global financial industry

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.

CIMA cites seven-year decline in banking sector

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.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

Company disputes CIMA records request

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.

Local business in brief: Knighthead Annuity hires business development specialist

Knighthead Annuity & Life Assurance Company has hired Richard Andrews as business development specialist.

Local business in brief: Security Centre unveils new drone

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.

CIMA names Rayford Britton deputy policy head

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.

Business in brief: Njoka donates to Lighthouse School

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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