Consultation
The Cayman Islands Monetary Authority (CIMA) has long recognised that the success of its initiatives is dependent on the extent to which licensees collaborate with CIMA in their implementation.
Consultation Measures
Private sector consultation is required in relation to the issuance or amendment of:
- Rules or statements of principle or guidance concerning the conduct of licensees and their officers and employees
- Statements of guidance concerning the requirements of the money laundering regulations
- Rules or statements of principle or guidance to reduce the risk of financial services business being used for money laundering or other criminal purposes
Form of Consultation
Proposed measures for consultation are sent to the private sector associations along with:
- an explanation of the purpose behind the measure
- the reasoning for the measure
- an explanation of how other countries and territories have adopted the measures
- an estimate of the associated costs and benefits
The standard period for consultation is 30 days.
Matters Open for Consultation
Regulatory Policy - Approval of an Auditor for a Regulated Entity
Consultation Cover Letter for PSAs - RPy Auditor Approval*View
PSCP - Regulatory Policy Auditor Approval*View
App.1 - Regulatory Policy Auditor Approval*View
Rule and Regulatory Procedure - Cancellation of Licenses or Registrations of VASPs
PSCP - Rule and RPr for Cancellation of Licenses or Registrations of VASPs*View
Appendix I - Rule - Cancellation of Licenses or Registrations of VASPs*View
Appendix II - Regulatory Procedure - Cancellation of Licenses or Registrations of VASPs*View
See our prior consultation to view measures previously issued.
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