Tag: Cayman Finance
New company law will boost business, says Scott
(CNS Business): The CEO of Cayman Finance, Jude Scott, said the Cayman Islands financial services industry has welcomed the new limited liability company (LLC) regime, which came into effect just three weeks ago with the implementation of the law and the publication of underlying related regulations. “This new LLC law will give our industry a […]
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 […]
Local finance body warns of Brexit volatility
(CNS Business): Jude Scott, CEO of Cayman Finance, the industry body which represents the local financial services sector, has warned of short-term volatility in the wake of Britain’s surprising exit from the European Union, but he said he believes the local industry will weather the forthcoming economic storms. He said the financial sector would continue […]
CIG and Cayman Finance sign another deal
(CNS Business): The offshore industry body, Cayman Finance, has signed a new memorandum of understanding with the Cayman Islands Government to further cement their improved working relationship. When the first MOU between Cayman Finance and the financial services ministry was signed in 2013, both parties said benefits for the sector would be derived from implementing […]
Industry relieved by Cayman’s limited Panama links
(CNS Business): Although the Cayman Islands appears a number of times in the Panama Papers, which have now been made public, given the amount of data leaked, the jurisdiction has a relatively limited and benign part in the story. As government officials and financial service sector representatives do their level best this week to promote […]
Cayman to extend BO info exchange and repeal secrecy law
(CNS Business): After just two days in London, the Cayman Islands Government has announced plans to enter into deals, similar to the one it has with the UK, over the exchange of beneficial ownership information with other jurisdictions and to amend the notorious secrecy law. On the eve of the UK’s anti-corruption summit, Premier Alden […]
Industry body embraces new BO regime
(CNS Business): Cayman Finance, the association representing the local financial services sector, has offered its support to government’s deal with the UK over an enhanced regime for sharing information about the real owners of offshore financial entities. Cayman Finance CEO Jude Scott said they had worked in collaboration with government to bring expertise to the […]
Cayman part of the solution, not the problem
(CNS): The Cayman Islands financial services industry continues to play a leadership role on international regulatory issues and for setting global standards to fight financial crime, according to Cayman Finance CEO Jude Scott. “Financial crime is a serious global problem that requires a unified legal, social and law enforcement response,” he said. “One of the […]
Industry body helping CIG dodge public register
(CNS Business): With the threat still looming that the UK could force the Cayman Islands and other overseas territories to introduce a publicly accessible beneficial ownership register, Cayman Finance has said it is working with government on the technology to help satisfy the access demands without making the register public. Jude Scott, the CEO of […]
Cayman Finance calls for more public cash to protect industry
(CNS Business): The promotion and protection of Cayman’s financial services industry is badly underfunded, according to the head of Cayman Finance. Speaking last week at the inaugural Members Briefing of the industry’s private sector umbrella organisation, Jude Scott, its CEO, said the local FS industry was in urgent need of proper funding by government to ensure it was able […]
Cayman trust law must evolve to stem flight to Bermuda
(CNS Business): Cayman trust practitioners have again highlighted their concerns over a “flight to Bermuda” in a key area of trust restructuring work, where they say statutory Cayman trust law has failed to evolve.
Cayman prepares for AIFMD passport
(CNS Business): Cayman Islands financial and government leaders said they remain committed to working with the European Securities and Markets Authority as the island, along with other major jurisdiction, face uncertainty over whether they will be granted the EU’s Alternative Investment Fund Managers Directive (AIFMD) passport, allowing the sale of funds in European countries. ESMA […]
Islamic finance on the rise in Cayman
(CNS Business): Islamic finance is growing beyond traditional borders to encompass new markets worldwide and continues to make steady inroads in the European and US markets. The Cayman Islands has also become a hub for this type of fund.
Dan Scott steps down from Cayman Finance board
(CNS Business): After five years of service on the Cayman Finance Board of Directors, Dan Scott, regional managing partner for Ernst & Young, is stepping down, citing growing commitments at EY, where he is responsible for the firm’s operations in the Bahamas, Bermuda, British Virgin Islands and in the Cayman Islands.
Cayman to introduce new opt-in AIFMD Regime
(CNS Business:) The Cayman Islands Government is setting up new regimes that will allow managers to opt-in to reporting consistent with the European AIFMD requirements. On Friday two draft bills were published which make certain amendments to the Mutual Funds Law (MFL) and Securities Investment Business Law (SIBL).
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