Cayman News
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Stay-over visitors in spending bonanza
(CNS Business): Overnight visitors to the Cayman Islands fell by 1.4% in the first half of 2016 when compared to the year before but the slight drop in numbers on 2015, which was a record-breaking year for tourism, is not having an adverse effect on the bottom line. Tourism officials said that visitors are spending […]
CIMA finally fills top insurance post
(CNS Business): After several years without a leader at the helm of the Cayman Islands Monetary Authority’s insurance division, the regulator has finally filled the post. Following an open competitive recruitment process Ruwan Jayasekera has been confirmed as the new head of the department. Given the importance of the growing sector, there had been mounting […]
Flow boss aims to settle regulator issues
(CNS Business): Following recent reports of disputes between Flow and both the Information and Communications Technology Authority (ICTA) and Department of Immigration, the firm’s president, Michele English, was in the Cayman Islands this week meeting with government officials to resolve the issues relating to human resources, technical concerns and the acquisition of the parent company, […]
Cayman snubbed by ESMA over funds passport
(CNS Business): The Cayman Islands is facing yet another challenge to its financial services sector after the long anticipated decision from the European Securities and Markets Authority Tuesday not to recommend that the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU alternative investment fund managers be extended to the jurisdiction. ESMA said it “could […]
Telecoms giant blocks Cayman regulator from offices
(CNS Business): An attempt by the Information and Communications Technology Authority (ICTA) to enter the main Cayman office of Cable and Wireless this week was met with a refusal, officials from the regulator have confirmed. Over the last few months the firm, which now trades under the brand name Flow, has been under the watchful […]
Street vendors get short reprieve ahead of fines
(CNS Business): Local tradespeople who have been selling souvenirs, coconuts or fruit, or renting beach chairs or snorkel kits without a trade and business licence on the streets of George Town, along Seven Mile Beach and at the West Bay dock have been given one more month to comply with the law before government starts […]
Increase in imports signals economic recovery
(CNS Business): Finance and Economic Development Minister Marco Archer has said that the near 12% increase in imported goods at the beginning of this year compared to the previous year was a sign of the economic recovery in the Cayman Islands. According to figures released by the Economics and Statistics Office (ESO), the country’s merchandise imports […]
Dart buys Hyatt, Beach Suites to close
(CNS Business): Dart Realty (Cayman) has acquired another major piece of property in Grand Cayman’s popular tourist area and where the current hotel operation is set to close down in six months. The island’s largest landholder has bought Beach Suites and the former Hyatt Resort, as well as the Britannia Golf Course but the firm has not revealed […]
Panton battles latest blacklist
(CNS Business): Financial Services Minister Wayne Panton is still battling to get the Cayman Islands taken off the latest blacklist, maintaining that the inclusion of Cayman on the European blacklist of financial centres was completely inappropriate and misinformed. However, he said that stigma and the position taken by some nations on tax competition made the battle […]
New T&B regime kicks off New Year
(CNS Business): With the new trade and business licensing law coming into effect on New Year’s Day, local business owners will need to be up to speed on the amended legislation in order to avoid the increased fines. The goal of the law is to increase compliance rather than punish businesses but there are important […]
Investors ordered to pay back over $8M in fund saga
(CNS Business): In the latest legal ruling in the Weavering Macro Fixed Income Fund saga, the Grand Court of the Cayman Islands has ordered that redemption payments made to an investor of the failed Weavering Macro Fixed Income Fund prior to the commencement of its liquidation are to be repaid, lawyers involved in the case have […]
Cayman captures market share of captives
(CNS Business): The Cayman Islands Monetary Authority revealed that Cayman’s market share in captives, despite greater competition among other domiciles is on the up. Speaking at the 23rd annual Cayman Captive Forum the regulator’s Deputy Managing Director of Operations, Patrick Bodden said that of the 742 international insurers regulated by CIMA as at September 2015, there […]
Caledonian makes ‘no fine’ secret deal with SEC
(CNS Business): A confidential circular sent to the creditors of the Caledonian Bank Limited (CBL), which was brought down following an investigation by the US Securities and Exchange Commission (SEC), has revealed that despite the probe bringing the Cayman-based bank to its knees, there will be no fines levied against the institution over the alleged […]
Threats revealed to Cayman’s AML regime
(CNS Business): Government faces some serious challenges over the next 18 months to update the regulatory regime that protects the country’s financial service sector ahead of a task force inspection in March 2017. Francis Arana, head of the Anti-Money Laundering Unit in the Attorney General’s Chambers, who is coordinating the Cayman Islands’ National Risk Assessment (NRA), […]
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