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International Monetary Fund

Supervisors ISD Investment and Securities Division of CIMA IOSCO International Organization of Securities Commissions KYC Know Your Customer LEG IMF Legal Department OFC Offshore Financial Center MAL Monetary Authority Law (2008 Revision) MCM IMF Monetary and Capital Markets Department MFL Mutual Funds Law (2007 revision) MLR Proceeds of Criminal Conduct Money Laundering Regulations, 2003 NAV Net Asset Value SIBL Securities Investment Business

International Monetary Fund

48 67 79 105 119 129 Total 4286 4808 5932 7106 8134 9413 9870 Mutual Fund Administrators Full 85 82 83 87 91 95 102 Restricted 132 103 83 61 57 52 49 Exempted 13 10 7 7 5 5 4 Total 230 195 173 155 153 152 155 Securities Investment Business Law Entities Licensees 23 24 24 26 Excluded Persons 1,024 1

International Monetary Fund
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.
International Monetary Fund
This paper highlights key findings of the assessment of financial sector regulation and supervision in the Cayman Islands. The assessment reveals that in the last two years, an extensive program of legislative, rule, and guideline development in the Cayman Islands has introduced an increasingly effective system of regulation, both formalizing earlier practices and introducing enhanced procedures. The implementation of financial regulation and supervision complies broadly with standards in all the areas assessed. However, issues related to resources and potential breaches of operational autonomy affect the regulator and, hence, supervision in all sectors.
International Monetary Fund

, or other more substantive functions require a companies management license. Trust companies are, however, licensed under the Banks and Trust Companies Law (2003 Revision), while insurance and fund managers are licensed under the insurance and securities investment business laws. Table 7. Cayman Islands: Company and Trust Service Providers 1999 2000 2001 2002 2003 Number of company service providers (by type of license) 44 51 66 82 77 Company Service Providers 0 0 0 1 5

International Monetary Fund

Criminal Conduct Money Laundering Regulations, 2003 MLRO money laundering reporting officer NAV net asset values PCA U.K. Proceeds of Crime Act PCCL The Proceeds of Criminal Conduct Law (2001 revision) RCIP Royal Cayman Islands Police SAR suspicious activity report SIBL Securities Investment Business Law (2003 Revision) SROs Self regulatory organizations TF Convention International Convention for the Suppression of the Financing of Terrorism TL

International Monetary Fund

. The recent Securities Investment Business Act, for example, expands the scope for services, but there is little preparation to implement these opportunities. The banking system has been insulated from global financial shocks to date and has remained stable. The system is focused on domestic activity and was not directly exposed to volatile asset markets. Only one bank is locally owned and the remainder of the system is comprised of branches and subsidiaries of foreign banks. Distress experienced by the parent banking institutions is a potential source of

International Monetary Fund
This paper reviews key findings of the detailed assessment of the Observance of Standards and Codes in the Financial Sector of the Cayman Islands. Banks in the Cayman Islands operate within a well-defined prudential regulatory framework, generally in accordance with Basel standards, that is, largely modeled after the framework currently in use in the United Kingdom. The two-tiered required minimum risk capital standards are significantly above those required by the Basel Capital Accord and are applied in practice based primarily on the perceived differences in risk related to bank ownership.
International Monetary Fund

—the Mutual Funds Law (2003 Revision) and the Securities Investment Business Law (2003 Revision). The Mutual Funds Law provides for the licensing/registering of mutual funds as well as the licensing and supervision of mutual fund administrators. The Securities Investment Business Law provides for the licensing and supervision of investment business firms (e.g., asset managers, investment advisors, brokers, etc). The financial sector is serviced by a sophisticated and well-developed legal and accounting sector. 35. The Stock Exchange has a listing function only i.e., it

International Monetary Fund

) MLR Proceeds of Criminal Conduct Money Laundering Regulations (2003 Revision) MLRO money laundering reporting officer NAV net asset values PCA Proceeds of Crime Act PCCL The Proceeds of Criminal Conduct Law (2001 Revision) RCIP Royal Cayman Islands Police SAR suspicious activity report SIBL Securities Investment Business Law (2003 Revision) SROs self regulatory organizations TL Terrorism Law 2003 TUNMOTO The Terrorism (United Nations Measures