Tag: CIMA
Investment digest published for 2013
(CNS Business): the Cayman Islands Monetary Authority has published its latest digest but the compendium of financial information is now more than a year old. While the regulator publishes much more up to date data on its site, the annual digest, which pulls together investment information, is usually one year behind. The data comes from […]
Bank ‘crippled’ by $68 million run
(CNS Business): Caledonian Bank has now filed for bankruptcy in New York following a crippling run on the bank last week triggered by the news that the US Securities and Exchange Commission had sued the bank over a $75 million penny stock scam. In his ruling regarding the appointment of controllers by CIMA, the chief justice […]
Court rejects Caledonian bank liquidation
(CNS Business): Attempts by Caledonian Bank to place it and Caledonian Securities in voluntary liquidation under its own appointed liquidators have been rejected by the Cayman Islands Grand Court, which has upheld the appointment of the local regulator’s controllers. During a hearing on Thursday morning the chief justice described the appointment of the joint voluntary […]
Caledonian in hands of controllers
(CNS Business): The Cayman Islands Monetary Authority has appointed two number crunchers from Ernst & Young to take charge of the affairs of Caledonian Bank and Caledonian Securities after placing the firms in controllership. The news follows revelations that the bank and its securities arm is being sued by the US Securities and Exchange Commission over allegations […]
Caledonian accused of $75M penny stock scam
(CNS Business): Caledonian Bank is facing legal action from the US Securities and Exchange Commission over allegations it and three other companies based in Panama and Belize were involved in a $75 million penny stock scam. It a statement released Monday the Cayman-based bank said it was cooperating with SEC and “working to prove that […]
CIMA phasing in e-gov in 2015
(CNS Business): The Cayman Islands Monetary Authority (CIMA) has announced that entities regulated by the authority will soon have access to a new online, automated method for submissions of mandatory financial returns, change requests and new licence applications. While this will be phased in slowly, it is expected that once an application or filing is […]
CIMA boss notes challenges to regulators
(CNS Business): At a recent regional conference in Panama the managing director of the Cayman Islands Monetary Authority pointed to the mounting challenges faced by regulators in the constantly changing environment of international finance . In her presentation at the Seventh Meeting of the Regional Consultative Group for the Americas of the Financial Stability Board (FSB), […]
CIMA to co-host insurance seminar with Fitch Ratings
(CNS Business): The Cayman Islands Monetary Authority (CIMA) will co-host a seminar with Fitch Ratings in the Cayman Islands next month. Fitch currently rates the securities of 92 different entities domiciled in the Cayman Islands, and considers it an important market. Sponsors of the event include Cayman Islands Insurance Association, Greenlight Re, RBC Wealth Management, Cayman […]
Former CIMA division head joins private sector
(CNS Business): A former senior manager at the Cayman Islands Monetary Authority has joined boutique corporate governance services firm, Highwater, as a director. Yolanda Banks-McCoy was until recently the Head of CIMA’s Investments and Securities Division, where she was responsible for the effective regulation and supervision of hedge funds, fund administrators and securities investment companies […]
Premier praises CIMA director’s diplomacy
(CNS Business): In the Cayman Islands Legislative Assembly this week, Premier Alden McLaughlin recognised the diplomacy of the Managing Director of the Cayman Islands Monetary Authority (CIMA) following the islands’ inclusion on the UK Financial Conduct Authority’s ‘High Risk Countries’ list in July. Calling this action by the FCA “unwarranted†and “arbitraryâ€, he commended both […]
CIMA announces regulatory policy revisions in effect
(CNS Business): Revisions to two Cayman Islands financial services regulatory policies, one relating to the licensing and approving of money services business and the other to the licensing of banks, are now in effect. The revisions were approved by the Board of Directors of the Cayman Islands Monetary Authority (CIMA) and came into effect Monday […]
New deputy head of CIMA’s Insurance Supervision
(CNS Business): Ruwan Jayasekera was promoted to the Cayman Islands Monetary Authority’s deputy head of insurance on 1 September, having rejoined CIMA in January 2013 as a chief analyst. Reporting to the head of the insurance division, he now manages the day-to-day operations of the division, both on an on-site and off-site basis by providing […]
New deputy managing director at CIMA
(CNS Business): Anna McLean, a former banking supervisor with 23 years of financial services experience, has been appointed to the position of Deputy Managing Director – Supervision at the Cayman Islands Monetary Authority (CIMA), the authority has announced. McLean joined the Banking Supervision Department of the Cayman Islands Government as an analyst in 1990, and […]
Update to banking regulations enhances Cayman’s appeal
The Cayman Islands have for decades been one of the world’s leading banking and financial centres, currently ranking as the fifth largest banking centre worldwide, with over 200 banks, including 40 of the world’s 50 largest banks, and over US$1.5 trillion in assets, writes Marco Martins, Managing Partner, Harneys. As is the case in most […]
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