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Cayman Islands Formally Admitted As Member Of IOSCO,
by Phillip Morton, Investors Offshore.com
Thursday, June 11, 2009
The Cayman Islands Monetary Authority (CIMA) has become the 189th member of the International
Organization of Securities Commissions (IOSCO). CIMA was formally admitted as
an ordinary (ie full) member on June 10 during the meeting of the Presidents’
Committee at IOSCO’s 34th Annual Conference in Tel Aviv, Israel.
With the admittance, CIMA also officially becomes a party to the IOSCO Multilateral
Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange
of Information. CIMA signed the MMOU, which is the benchmark for international
cooperation among securities regulators, on 24 March 2009.
IOSCO is the principal global standard setting body for the regulation of securities
markets. Its objectives encompass cooperation and information exchange, standard
setting and surveillance, and mutual assistance.
In her remarks to the IOSCO President’s Committee in response to the
granting of membership, CIMA’s Managing Director, Cindy Scotland, told
the gathering:
“Our formal admission into IOSCO today marks the culmination of a period
of mutual engagement, dialogue and action by our two bodies. It serves as a
testament to the good faith of both sides in seeing the process through, and
is an example of what can be accomplished when international standard setters
engage jurisdictions as equal partners with a common objective. ”
She added that the move “represents a strong validation by IOSCO of our
ability and our willingness to engage other regulators to facilitate cross-border
information exchange and assistance.”
Scotland commented separately that the granting of membership was an accomplishment
not just for CIMA but for the jurisdiction as a whole as the membership screening
and jurisdictional assessment process had been rigorous.
CIMA’s Deputy Managing Director – General Counsel, Langston Sibblies,
who also attended the forum, explained that, in addition to being an acknowledgement
of the Cayman Islands regulatory system and international cooperation regime,
IOSCO membership has significant commercial benefits for this jurisdiction:
“Some countries either do not allow investment vehicles from non-IOSCO
member countries to be sold in their jurisdictions or will require greatly enhanced
due diligence which makes it more difficult to do business with those jurisdictions.
IOSCO membership will remove these impediments and open up these markets for
Cayman-domiciled securities providers. This is a development our private sector
has looked forward to for a long time. It will be welcomed by the private sector.”
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