CIMA seeks stakeholder input
The Cayman Islands Monetary Authority is seeking stakeholder input on mutual funds regulatory framework in a manner that will help retain the Cayman Islands’ position as the leading jurisdiction for mutual funds formation.
According to the CIMA managing director Cindy Scotland, the process that started last month is open until the end of February.
“All interested stakeholders are invited to present their views to CIMA in writing by 18 March 2013. The survey is open until the end of February. CIMA seeks to provide all industry stakeholders with an opportunity to participate in the survey,” read the press statement from the Authority.
The Cayman Islands Monetary Authority (CIMA) clarified that the names of Cayman Islands-regulated funds were currently searchable and available on CIMA’s website, and have been for a number of years now. CIMA stated that the database referred to in local and international media is part of the corporate governance proposals recently announced and, if adopted, would be an extension of the current system.
On 14 January, the Authority began formal consultation with local industry stakeholders on corporate governance proposals that aim to enhance and clarify corporate governance standards. CIMA stressed that this was the commencement of a consultation process only and not agreed regulatory reforms. The extended database is a proposal in the consultation paper.
The governance proposals seek to recognise the international character of Cayman’s financial services market and provide continued protection of the Cayman Island’s financial services sector, its consumers and investors. Simultaneous with the consultation, CIMA’s Board resolved to commission a survey canvassing the funds industry for their views on certain corporate governance considerations relating to the funds sector. Feedback gathered from the consultation and the survey will form a key contribution to CIMA’s deliberations and enhancement of the industry’s corporate governance regulatory framework.
“CIMA has undertaken much research into the enhancement of corporate governance standards. We want to ensure that the advancement of the corporate governance standards for the Cayman Islands financial services sector is measured and appropriate for our industry, therefore formal consultation with local industry associations is vital,” Mrs Scotland said. “The consultation and survey both present an important opportunity for industry stakeholders to provide input into the process and contribute to shaping the future of the mutual funds regulatory framework in a manner that retains the Cayman Islands’ position as the leading jurisdiction for mutual funds formation.”
The consultation is open for feedback for 45 business days. Companies that wish to participate in the survey should visit the CIMA website at www.cimoney.com.ky to complete the form. Interested parties can contact Tony De Quintal at CIMA on + 1 (345) 244 1576 or firstname.lastname@example.org for more information.