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Cayman Finance Hosts NY Breakfast Briefing

The Cayman Islands Ministry of Financial Services hosted its annual breakfast briefing in New York City on 24 January, 2023 following a three year hiatus to due to the COVID-19 pandemic.

The event was hosted by Cayman Finance with support from the Ministry of Financial Services and Commerce, the Cayman Islands Monetary Authority, the Cayman International Reinsurance Companies Association and members of the financial services industry.

His Excellency the Governor, Martyn Roper O.B.E., communicated his support and that of the United Kingdom for the well-regulated, legally compliant, highly efficient, and professional financial services industry in Cayman. He noted that Cayman’s status as a British Overseas Territory enhanced the confidence of the international financial services community in the jurisdiction.

The Honourable Minister of Financial Services and Commerce, Andre Ebanks, stated that the Cayman Islands has now met 63 of the 64 requirements from the European Union to be removed from their grey list and that the last point was being actively addressed.  He noted that the Cayman Islands financial services community was working diligently to address perception issues regarding the solid regulatory environment in the jurisdiction and that there would continue to be on-going collaboration between the financial services communities in the Cayman Islands and the United States. “The New York / Cayman Islands relationship supports the vitality of the financial services industries in the US and in our Islands. Moreover, it supports well-regulated and commercially viable financial services globally” said Ebanks.

Cindy Scotland, Managing Director of the Cayman Islands Monetary Authority (CIMA), provided regulatory updates and stated that CIMA is actively keeping pace and responding to dynamic market conditions and regulatory requirements from abroad.

Chris Duggan, the newly appointed Cayman Islands Government representative in Washington DC, invited members of the international financial services community and investors interested in learning more about Cayman’s value proposition to count on his support in learning how to establish a presence in the Cayman Islands.

As interest from the efforts of promoting Cayman abroad continues to grow, Vale Compliance is at the forefront of the ever-changing regulatory environment in the Cayman Islands.  Vale assists companies from abroad seeking to establish a fund or a presence in the Islands with economic substance filings, AML officers, AML audits and on-site inspections and CIMA remediations. Visit www.valecompliance.com to learn more.

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