Topic: Cayman Islands Monetary Authority
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...
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.
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.
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.
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.
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.
Caledonian Bank building sold for $3.8 million
Bringing relief to creditors after a two-year saga, Avata Property Services on Tuesday announced the $3.8 million sale of Caledonian House, former headquarters of the bankrupt Caledonian Bank Ltd.
Report: Banking sector slide continued in 2016
The number of Class B banks registered in the Cayman Islands fell from 172 in 2015 to 148 last year, the largest decline since 2004, according to the Economics and Statistics Office’s 2016 annual economic report.
Tied to scandal, reinsurer placed under controllership
Accountants from Deloitte have been appointed by the Cayman Islands Monetary Authority to control the affairs of Beechwood Re, a Cayman-based 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.
New system to monitor Cayman prison guards’ attendance
What’s described as a “pilot” project aimed at better tracking prison officers’ attendance at Her Majesty’s Prisons Service may eventually be extended to the entire government, Ministry of Human Resources officials confirmed.
Business in brief: Cayman Shipping Registry No. 1 on ‘White List’
The Cayman Islands Shipping Registry, a division of the Maritime Authority of the Cayman Islands, has been listed as No. 1 on the “White List” in the 2016 annual report of the Paris MoU on Port State Control, a reflection of its ship safety and pollution prevention record.
New senior staff appointed at Monetary Authority
Two new deputy heads have been appointed at the Cayman Islands Monetary Authority.
Seminar helps companies prepare for CIMA inspections
Local management consulting and training company FTS will hold a seminar to help local insurance firms gear up for regulatory inspections by the Cayman Islands Monetary Authority. The seminar will feature CIMA’s Deputy Head of Insurance Raz Busari and FTS director Paul Byles. It will be held at Willow House, Cricket Square, from 8:30 a.m. to noon on July 11.
CIMA hosts Charity 5K walk/run on Sunday
The Cayman Islands Monetary Authority, which is celebrating 20 years of service as a financial regulator in the Cayman Islands, is hosting its first charity walk/run on Sunday, May 21. All proceeds from the event will benefit the literacy and numeracy programs in Cayman Islands government primary schools, a press release states.
Business in brief: Logic partners with IMPACT17
Logic partners with IMPACT17; Monetary Authority launches online fee payment module; Conyers welcomes new corporate associate; Maples group sponsors CRS 101 event; Logic branch closes for renovations; and Seminar provides training for CIMA inspections;.
Health Law amendments intend to close insurance loopholes
Proposed amendments to the Health Insurance Law aim to ensure dental coverage is honored for insurance card holders and to prevent healthcare insurers from denying individual coverage. Speaking before the Legislative Assembly on Feb. 24, Premier Alden McLaughlin said the amendments seek to take immediate action to strengthen comprehensive revisions from 2013.
CIMA celebrates 20 years of service
The Cayman Islands Monetary Authority is celebrating its 20th anniversary. The financial services regulator began as an amalgamation of the Financial Services Supervision Department of the Cayman Islands government and the Cayman Islands Currency Board.
Fast-track approvals granted for catastrophe bonds
The Cayman Islands Monetary Authority is streamlining applications for Catastrophe Bond Vehicles, known as “Cat bonds,” of Class C insurers. Non-complex Cat bond applications can be approved at a divisional level by the Authority’s Insurance Supervision Division.
CIMA confirms head of Banking Supervision
The Cayman Islands Monetary Authority has confirmed Gloria Glidden as head of Banking Supervision as of Jan. 1, following her role as acting head of the division.
Cayman officials discuss bank de-risking in the US, Bahamas
Officials from the Ministry of Financial Services and the Cayman Islands Monetary Authority held a second round of talks in Washington, D.C., in December about the danger of U.S. banks severing their business ties with banks in the Caribbean.
Monetary Authority gets enforcement powers
The Monetary Authority (Amendment) Law, 2016 gives the Cayman Islands Monetary Authority power to impose administrative fines. The law passed on Oct. 24 and was gazetted on Nov. 23 but is not yet in force. No commencement date has been set.
Billions could drain from Cayman entities as Trump is elected
Billions of dollars held by U.S. multinationals in Cayman entities could be repatriated to the United States, if president-elect Donald Trump’s tax plans come to fruition. During the election campaign, most of Mr. Trump’s policy plans were a black box.
EDITORIAL – Port drops car: A ‘crash course’ in immunity clauses
The Williams family’s new life in the Cayman Islands started off with a bang — and a crash, and a thud … But no “I’m sorry” from port personnel who dropped their shipping container, causing tens of thousands of dollars of damage to its contents, including their car, scooters and other property.
Funds liquidators for Bateman given wide powers
Local fund liquidators have been given wide powers to effect the recovery of millions of dollars invested with a Cayman Islands-registered brokerage previously run by a man who is a fugitive from the Cayman Islands justice system. Following a Grand Court hearing Thursday, liquidators Chris Johnson and Graham Robinson were named joint official liquidators of the firm known as Bateman & Company Ltd.
Caymanian trainee Stephanie Adolphus admitted as attorney-at-law
CIIPA invites all to annual gala; IP Office stages enforcement training for copyright law; and Caymanian law trainee admitted as attorney-at-law
Government seeks to give CIMA’s enforcement teeth with new fines
Government is proposing to give the Cayman Islands Monetary Authority new enforcement powers by introducing administrative fines that range from $5,000 for minor breaches by individuals to $1 million for very serious offenses by corporate entities.
CIMA appoints acting head of Banking Supervision Division
Gloria Glidden has been appointed acting head of the Banking Supervision Division at the Cayman Islands Monetary Authority from Oct. 1.
Business in brief: Mourant Ozannes hosts trust and private client forum
Ministry, Chamber continue series of small business workshops; Health IT firm expands to Dubai; and young Caymanians intern at CIMA
With new CIMA rules, more computer security certifications
Last week a dozen people gathered for a weeklong computer security boot camp, sitting at desks in a conference room at eShore, overlooking Heroes...
Hedge funds see inflows despite losses in first half of 2016
The hedge fund industry continued to grow globally to US$2.26 trillion in assets under management despite the losses hedge funds suffered during the first half of 2016.
Counterfeit $50, $100 bills in circulation, CIMA warns
Counterfeit $50 and $100 bills were collected in the Cayman Islands during mid-July, the Cayman Islands Monetary Authority reported Thursday.
CIMA appoints new head of Compliance Division
Audrey Roe has been appointed head of the Compliance Division of the Cayman Islands Monetary Authority.
Financial services industry sees mixed results in 2015
The financial services sector in Cayman saw mixed results in 2015, according to data from the Cayman Islands Monetary Authority and government’s annual economic report for the last year.
New reinsurer Alesia Re domiciles in Cayman
New reinsurance company, Alesia Re, SPC received regulatory approval from the Cayman Islands Monetary Authority to act as a Class D reinsurer.
Legislative Assembly approves $862.4 million budget
Members of the Legislative Assembly Friday approved an $862.4 million budget for government over the next 18 months.
Watson, Aspinall blacklisted by finance regulator
Canover Norbert Watson and Robert Neil Aspinall have each been identified by the Cayman Islands Monetary Authority as “not a fit and proper person” to hold certain positions in the Cayman Islands financial services industry.
Business in Brief: CIMA, Abu Dhabi Global Market sign agreement
PwC appoints new Caribbean CEO; Health City recognized for commercial development; Walkers admits Caymanian attorney; Greenlight Re supports school garden program
CIMA to review firms’ cybersecurity plans
The Cayman Islands Monetary Authority plans to begin reviewing the cybersecurity plans for banks, financial services companies and its other licensees, according to a notice issued recently by the regulator.
New CIMA board member appointed
Cayman’s financial regulatory agency has appointed retired insurance company executive Garth MacDonald to its board of directors.
Gov’t considers new steps to attract reinsurance industry
Members of the Legislative Assembly have voted in favor of a private members’ motion to consider giving incentives to reinsurance and hedge fund management businesses and their senior executives.
Hedge fund liquidations exceed new launches
Hedge fund liquidations exceeded the number of new fund launches last year for the first time since 2009.
Cayman companies plead guilty to tax evasion conspiracy
Cayman National Corp.’s affiliated trust and securities management businesses conspired with American taxpayers to hide US$137 million in assets managed by those companies from the U.S. Internal Revenue Service, according to a guilty plea to tax evasion conspiracy allegations recorded Wednesday in Manhattan.
Offshore banking continues to decline
The number of banks in the Cayman Islands dropped by 7 percent in 2015, compared to 2014.
