Welcome to the Cayman Islands Report 2022. We kick off with an in-depth interview with the Cayman Islands Monetary Authority (CIMA) where we discuss recent regulatory developments and initiatives in the jurisdiction and examine the regulator's biggest achievements since its establishment 25 years ago.
Elsewhere in Regulation & Policy, Anthony Travers OBE considers the jurisdiction's current relationship with international standard-setting bodies such as the EU, OECD and FATF. We also hear from Julian Morris from Unicus Research, who contends that Cayman in practice has very high standards, a robust rule of law, and an absence of evidence of actual money laundering at any significant scale.
In addition, Travis Webster from Cayman Finance argues that the resilience of the Cayman Islands during the COVID pandemic is directly related to the resilience of its financial services industry.
Our sector focus provides an overview of the latest trends and developments in Cayman's key industries. Robert Lindley and Wesley O’Brien from Conyers discuss the features and uses of Cayman foundation companies; while Bernadette Carey and Chris Duncan from Carey Olsen consider why Cayman is a preferred jurisdiction for the establishment of family offices.
In addition, Paul Byles from FTS Cayman looks at how the recent passing of the Virtual Asset (Service Providers) Law is boosting Cayman's presence in the digital space; while Ghislain Ghyoot from AON Cayman examines the jurisdiction's growth as an insurance/reinsurance domicile.
Finally, Megan Paget-Brown, CEO of the Cayman International Arbitration Centre, explores the current trends and industries for ad hoc arbitration and discusses how the Arbitration Law in Cayman compares to jurisdictions such as the BVI.
Comprehensive analysis from key industry bodies and prominent practitioners on current trends and developments demonstrates the array of services, products and tools that Cayman has to offer in the wealth management arena.
IFC Media interviews the Cayman Islands Monetary Authority (CIMA).
IFC: What have been the biggest achievements of the Cayman Islands Monetary Authority since its establishment 25 years ago?
CIMA: Since its inception in 1997, the Cayman Islands Monetary Authority (CIMA) has successfully transitioned from a very small regulator to a fully integrated regulator, responsible for the supervision and regulation of over 28,000 licensed and registered entities spread across various financial services sectors operating in and from the jurisdiction.
In these 25 years, CIMA has taken on additional responsibilities and functions. Through ongoing legislative changes, CIMA has been given more clearly defined duties, powers, and obligations, thus enhancing our ability to meet international standards of supervision.
More than two years since the beginning of the COVID pandemic, the global economy is still reeling f…
The upheaval faced by the global community over the past two years has prompted changes in almost all areas of our lives.
Perhaps one of the most fundamental consequences for international family offices has been the need to re-prioritise and refocus – for many, the immediate needs of families and the ultimate goals of the family office itself are very different than they were prior to the COVID-19 pandemic.
Having been asked to manage restrictions on mobility, changes in investment portfolios, and risk appetite and to consider more closely matters of mortality and succession, many family offices have found themselves in uncharted territory.