New Investments Head Appointed

The Cayman Islands Monetary Authority (“CIMA” or “the Authority”) is pleased to announce the recent appointment of Mr. Pranav Variava as Head of the Investments Supervision Division, effective 1 December 2023.

Mr. Variava, who served as Deputy Head since 9 January 2023, has made significant contributions and demonstrated extensive investment services expertise since joining CIMA. He has been instrumental in numerous high-level matters, such as shaping the Risk Assessment Framework for Investment Funds and overseeing the Non-compliant Directors' project. In addition, Mr. Variava has been integral in enhancing the Division's operational processes and actively contributed to the risk assessment and validation process for licensees across the Authority.

In his new role, Mr. Variava will oversee both on-site and off-site supervision of investment funds and fund administrators domiciled in the Cayman Islands. He will offer guidance and strategic direction to the division, enhancing operational processes to positively influence both the division and CIMA. His responsibilities will include ongoing monitoring of licensees and registrants, as well as addressing enforcement matters. Mr. Variava’s financial services experience spans over 14 years in areas of policymaking, financial services regulation, and enforcement across diverse capital market products. His diverse background includes expertise in regulatory due-diligence, policy and research, risk-based supervision, financial modelling, corporate finance, valuation, compliance, surveillance, forensic investigations, and combatting financial crime.

The holder of a Master’s degree in Management Studies (Finance), and a Master’s degree in Wealth Management, Mr. Variava is accredited as both a Chartered Financial Analyst and a Financial Risk Manager. “We are thrilled to appoint Mr. Variava as the Head of our Investments Supervision Division. His exceptional leadership, deep industry insights, and unwavering commitment during his tenure at CIMA have made him a valuable asset to our team. Mr. Variava’s extensive regulatory experience and expertise will further strengthen our efforts in upholding regulatory excellence and fostering a thriving investment landscape in the Cayman Islands. His appointment reaffirms CIMA’s commitment to cultivating expertise and leadership within its ranks, and I look forward to seeing Mr. Variava’s growth in his new role.” said Deputy Managing Director – Supervision, Mrs. Anna McLean.