RSSFinance

Glidden confirmed as CIMA’s banking boss

Glidden confirmed as CIMA’s banking boss

| 19/01/2017 | 0 Comments

(CNS Business): The acting head of the Banking Supervision Division at the Cayman Islands Monetary Authority has been confirmed in the post. On 1 January Gloria Glidden was given the official title for a job she has be doing since last year. Officials said she would continue to provide supervisi [...]

Continue Reading

Trump’s Treasury pick failed to disclose Cayman funds

Trump’s Treasury pick failed to disclose Cayman funds

| 19/01/2017 | 0 Comments

(CNS Business): US President-elect Donald Trump’s pick to be treasury secretary, the controversial former Goldman Sachs banker, Steven Mnuchin, failed to disclose nearly $100 million of his assets to the Senate Finance Committee, the US press is reporting. Mnuchin, known to most Americans as t [...]

Continue Reading

High hopes that lawyers bill will pass

High hopes that lawyers bill will pass

| 12/01/2017 | 1 Comment

(CNS Business): At the opening of the Grand Court Wednesday, Attorney General Samuel Bulgin and the leaders of the two legal professional bodies were all in agreement that the latest draft of the Legal Practitioners Bill was a compromise that most of the profession could support. The attorneys a [...]

Continue Reading

CIMA releases 2015 Investments Statistical Digest

CIMA releases 2015 Investments Statistical Digest

| 09/01/2017 | 0 Comments

(CNS Business): The Cayman Islands Monetary Authority (CIMA) has released the 9th edition of the Investments Statistical Digest, which outlines the information that is required to be filed by all regulated funds via the Funds Annual Return (FAR), through CIMA’s electronic reporting systems, up [...]

Continue Reading

Cayman holds bank de-risking discussions in DC

Cayman holds bank de-risking discussions in DC

| 09/01/2017 | 1 Comment

(CNS Business): Ministry of Financial Services and Cayman Islands Monetary Authority (CIMA) officials recently held a second round of meetings in Washington DC with key US Congressional staff, regulators and stakeholders about bank de-risking from the Caribbean perspective. The Cayman officials t [...]

Continue Reading

$630 million BOP deficit offset by services surplus

$630 million BOP deficit offset by services surplus

| 20/12/2016 | 1 Comment

(CNS Business): Cayman’s $629.6 million current account deficit in its balance of payments for 2015 was partially offset by the surplus from trade in services amounting to $757.6 million, according to the Economics and Statistics Office. The Balance of Payments (BOP) and International Investme [...]

Continue Reading

Laws drafted to pave way for beneficial ownership access

Laws drafted to pave way for beneficial ownership access

| 19/12/2016 | 4 Comments

(CNS Business): Three new pieces of legislation are expected to be gazetted this week, paving the way for the Cayman Islands to create a platform whereby relevant authorities in other countries can access information on beneficial owners of companies and other financial entities registered here. [...]

Continue Reading

Hedge fund managers under pressure to adapt

Hedge fund managers under pressure to adapt

| 19/12/2016 | 0 Comments

(CNS Business): A survey by consultants Ernst & Young of global hedge fund managers warns that only those who adapt to the needs of investors will see real growth in future. The 10th annual survey found that hedge fund growth has slowed for a variety of reasons, from lacklustre performance to [...]

Continue Reading

Local bank raises interest rates on loans

Local bank raises interest rates on loans

| 14/12/2016 | 2 Comments

(CNS Business): Butterfield Bank (Cayman) has announced plans to adjust its loan rates in response to the US Federal Funds 25 basis point increase. The KYD and USD prime rates for residential mortgages, consumer loans and commercial loans will increase from 3.50% to 3.75%, the bank announced soon [...]

Continue Reading

Cayman Finance says Oxfam is wrong

Cayman Finance says Oxfam is wrong

| 14/12/2016 | 0 Comments

(CNS Business): The local body representing the offshore sector has described a recent Oxfam report on tax havens as “the same purposefully misleading rhetoric pretending to be research that Oxfam has published and republished for years”. Cayman Finance said the analysis was biased and “in [...]

Continue Reading

Pension law paves way for larger RSA withdrawal

Pension law paves way for larger RSA withdrawal

| 08/12/2016 | 3 Comments

(CNS Business): As the government begins the gradual implementation of its complex amendments to the pension law, officials said this week that the legislation paves the way for some members of pensions to transfer more money annually into Retirement Savings Arrangements accounts. From January th [...]

Continue Reading

Panton: Objecting lawyers wrong on bill

Panton: Objecting lawyers wrong on bill

| 06/12/2016 | 47 Comments

(CNS Business): The public criticisms made by four local attorneys regarding the Legal Practitioners Bill have been roundly refuted by the financial services minister. Wayne Panton has indicated that the four sole lawyers are wrong on all of the critical points they made about the proposed legisl [...]

Continue Reading

Input sought on beneficial ownership plan

Input sought on beneficial ownership plan

| 01/12/2016 | 7 Comments

(CNS Business): Government is hoping to steer through amendments to the Companies Law in January to allow the development of a centralised platform for beneficial ownership information and is seeking comment on the proposals. The financial services ministry has stated that it will not consider th [...]

Continue Reading

Panton talks de-risking with US lawmakers

Panton talks de-risking with US lawmakers

| 22/11/2016 | 0 Comments

(CNS Business): Financial Service Minister Wayne Panton is continuing to talk with US lawmakers about how the move by American banks to drop money service business clients is impacting the Caribbean region and is seeking a way to address the problem. The banks’ efforts to comply with more stri [...]

Continue Reading

Cayman Finance boss talks transparency with BBC

Cayman Finance boss talks transparency with BBC

| 22/11/2016 | 1 Comment

(CNS Business): Appearing on ‘Business Live’ on the BBC’s World News channel earlier this month, Jude Scott stressed that Cayman is not a tax haven but a tax neutral jurisdiction. The CEO of Cayman Finance pressed home the continued claim that Cayman is a transparent jurisdiction w [...]

Continue Reading