effective implementation of its regime . CIMAstaffconductbusiness in a thorough, disciplined and transparent way. Following on from the recommended risk assessment, it is important that the regime becomes more closely tailored to the risks created in the circumstances of the Cayman Islands, and that CIMA is prepared to take tough decisions. This is a capacity CIMA will need as it moves forward.
V. I nvestments F unds and S ecurities
16. The jurisdiction is home to the largest number of investment funds in the world . As at the end of 2008, there were 9
This paper discusses findings of the assessment of Financial Sector Supervision and Regulation on the Cayman Islands. The assessment reveals that substantial progress has been made in the implementation of the 2003 Offshore Financial Center assessment recommendations, including, importantly, regarding Cayman Islands Monetary Authority’s independence and resources. There is scope for enhancing regulatory reporting and disclosure requirements by financial entities, such as shortening the period for filing required documents and requiring all insurers to disclose their use of derivatives and similar commitments regularly.