The Cayman Islands Monetary Authority (CIMA) continues to strengthen its commitment to cooperating and sharing information with international regulatory counterparts; the latest establishment of formal ties being with the Comissão de Valores Mobiliários (The Securities and Exchange Commission of Brazil).
Conducting the signing of the Memorandum of Understanding (MoU) was CIMA Managing Director Cindy Scotland and Chairperson of CVM Maria Helena dos Santos Fernandes de Santana. The signing of the latest MoU, marks CIMA’s second with a Brazilian entity, having established one previously with Banco Central Do Brazil (Brazil’s Central Bank) in March 2006.
"CIMA is pleased to have finalised this MoU with CVM after lengthy discussions; we look forward to working with our colleagues in Brazil, engaging each other's assistance and cooperation when the need arises. These arrangements are especially critical now in light of the global financial crisis which has, in some way, affected so many countries," stated Scotland.
"Brazil is one of the largest emerging economies in the world - one of the BRIC nations - with significant prospects for growth and development and I believe this MoU has an important role to play in bolstering economic opportunities between the Cayman Islands and Brazil," Scotland stated, adding that the CVM is a major player in Brazilian markets regulation in correspondence with the Ministry of Finance.
In addition to CVM and the Brazil Central Bank, CIMA also holds MoUs and other information-exchange agreements with financial regulators in Jersey, Canada, the USA (the Securities and Exchange Commission and the Commodity Futures Trading Commission), the UK (the Financial Services Authority), the Isle of Man, Bermuda, Jamaica, and Panama. It also holds a multilateral MoU with eight Caribbean regulators.
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