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Law > Business and Financial

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Cayman Islands x
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Cover IMF Staff Country Reports
Trinidad and Tobago: Technical Assistance Report–Technical Assistance on Fintech Regulation and Legislation
International Monetary Fund. Monetary and Capital Markets Department
The paper presents Trinidad and Tobago’s technical assistance (TA) on fintech regulation and legislation. The impact of fintech in Trinidad and Tobago is currently concentrated in the payments sector. This report covers the three areas where TA was provided by the mission team. The current e-money framework and licensing process can be further enhanced. The report recommends that authorities should carry out a feasibility study with an aim of improving the JIH, but a RS should not be a priority. The authorities should also conduct an impact assessment for legal and regulatory reforms to assist them in the development of a strategy for crypto assets. An impact assessment should evaluate the costs and benefits of legal and regulatory action in the context of the relative importance of crypto assets activities in the country, and the existence of competing legislative and regulatory priorities. Other alternatives, such as a detailed legal regime, or using exemptions to accommodate the needs of new activities, present more disadvantages, such as the lengthy and cumbersome legislative process or the lack of a legal basis for the use of general exemptions.
Keywords:
IMF's MCM; Department mission; authorities of Trinidad and Tobago; private sector entity; request of the Central Bank of Trinidad and Tobago; crypto assets regulation; Virtual currencies; Fintech; Digital currencies; Securities; Securities regulation; Caribbean; Global
Cover Policy Papers
Framework Administered Account for Selected Fund Activities - Caribbean Regional Technical Assistance Center (CARTAC) Subaccount
International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the “SFA Instrument”). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of a subaccount within the SFA. This paper requests Executive Board approval to establish the Caribbean Regional Technical Assistance Center (CARTAC) subaccount (the “Subaccount”) under the terms of the SFA Instrument.
Keywords:
PP; Subaccount; contributor; terms and conditions of the Subaccount; ex ante concurrence; resources of the Subaccount; contributor's consent; concurrence of contributor; beneficiaries of CARTAC; Capital markets; Wages; Caribbean
Cover IMF Staff Country Reports
Cayman Islands: Off-shore Financial Center Assessment Update-Assessment of Financial Sector Supervision and Regulation
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.
Keywords:
ISCR; CR; CIMA staff conduct business; Cayman Islands banking sector; risk assessment; CIMA bank; securities investment business; supervisory approach; Cayman Islands Monetary Authority-Investment; resources of the Cayman Islands Monetary Authority; C.I. dollar; Cayman Islands GDP; CIMA staff number; CIMA's reputation; CIMA's approach; CIMA's ability; Insurance companies; Mutual funds; Anti-money laundering and combating the financing of terrorism (AML/CFT); Insurance; Caribbean; Europe; South America; North America; Global
Cover IMF Staff Country Reports
Cayman Islands: Assessment of the Supervision and Regulation of the Financial Sector—Volume I—Review of Financial Sector Regulation and Supervision
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.
Keywords:
ISCR; CR; CIMA note; banking sector; risk assessment; business plan; CIMA license; guidance note; mutual fund; financial system; CIMA director; regulatory authority; Anti-money laundering and combating the financing of terrorism (AML/CFT); Mutual funds; Stock markets; Insurance; Caribbean; Central America; South America; Middle East