(CNS): Cayman Finance CEO Jude Scott served up a detailed helping of the Cayman Islands financial services sector at a New York breakfast earlier this month to over 150 people. Scott told the New York financiers that Cayman was a well regulated jurisdiction that was important to the global economy. “The Cayman Islands is the premier global financial hub, efficiently connecting law abiding users and providers of investment capital and financing around the world – benefiting developed and developing countries,” he said.
According to a release from Cayman Finance, he was speaking at the fourth annual Cayman Finance New York Breakfast Briefing held at the Harvard Club of New York City.
Scott said Cayman’s financial services industry had a sustainable competitive advantage in comparison to other international financial centres because of the quality and experience of Cayman’s professional service providers, the jurisdiction’s appropriate legislative and regulatory balance, the commitment of the Cayman Islands Government and the Cayman Islands Monetary Authority to the financial services industry, and innovation in products and services to meet the needs of global clients.
“Our success is predicated on our jurisdiction and our world class service providers providing a neutral efficient platform for investment capital and financing around the world. We enable parties who are domiciled in countries who may have differing laws, regulations, tax rules and customs to benefit from doing business with each other, using Cayman as an efficient and effective global financial hub,” he added.
Financial Services Minister Wayne Panton was also there to provide an update on the Cayman government’s steps to build the insurance reinsurance initiative’s legislative and regulatory framework; recent commercial enhancements, such as the Limited Liabilities Companies Law, which has been quite successful since its July 2016 launch; and new legislation, such as the Foundations Companies Bill.
“More than ever, it’s necessary to ensure that each partner in Cayman’s financial services regime – government, our regulator and industry – understands the important role we each have in ensuring that Cayman’s products and services are both commercially strong and in line with global standards,” Panton said. “Cayman’s industry works for jurisdictions including the US because of the effective, efficient collaboration among these partners.”
Heather Smith, Head of the Investments and Securities Division at the Cayman Islands Monetary Authority, also took part in the briefing providing a regulatory update.
“As the regulator, we at CIMA stand committed to continually enhancing the reputation of the Cayman Islands as an International Financial Centre. This is done using appropriate, effective and efficient supervision of financial services; offering flexible and robust regulation, in accordance with relevant international standards; maintaining a stable currency; and providing assistance to overseas regulatory authorities,” Smith said.
Officials from Cayman Finance said the New York briefing was part of a week-long schedule of meetings by that organisation and the Ministry of Financial Services with leading New York firms, institutions,and global media correspondents, including The Wall Street Journal, Reuters and Bloomberg radio.