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CIFSA Hails Decade Of Success For Cayman Islands Regulator

by Amanda Banks, Tax-News.com, London

15 November 2007


The Cayman Islands Monetary Authority (CIMA), which is celebrating its tenth anniversary, has made a major contribution to the country’s financial services industry, according to the Cayman Islands Financial Services Association (CIFSA).

With a string of recognitions and accomplishments to its name, CIFSA has stated that it feels CIMA’s first decade of achievements are a testament to the strength of the financial sector in Cayman.

“The contribution of the Cayman Islands Monetary Authority over the past decade has ensured that participating investors can rely on the jurisdiction meeting the highest standards of financial regulation,” observed CIFSA director, Eduardo Silva.

He added: “Cayman’s market leading positions in both hedge funds and structured finance have developed as a result of the quality of CIMA’s regulatory framework.”

CIMA was established in 1997 to enhance Cayman's ability to maintain a well regulated financial services regime and monetary stability.

In March 2003, CIMA became operationally independent and significantly enhanced the ability of the Authority to meet international standards of supervision, accountability and transparency, and has more clearly defined its functions, duties, powers and obligations.

“The continued strength of the Cayman Islands Monetary Authority in the last decade has helped CIFSA tremendously in its mission to communicate the integrity & quality of financial services in the Cayman Islands to both the global & local market places”, Mr Silva added.

“CIFSA and CIMA have enjoyed a very good working relationship since CIFSA’s inception in 2003, and are continuing to work together to maintain the Cayman Islands’ reputation as a safe and serious place for investors to conduct their business”, added Eric Crutchley, Director of CIFSA.


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