Regulatory Aid for Banking Industry

The Cayman Islands Monetary Authority (“CIMA”) appreciates that licensees and registrants may experience challenges as a result of disruptions to normal business operations during these unprecedented times. Therefore, CIMA wishes to invite banking licensees, particularly those providing essential retail services to the local community, to contact us should there be any specific regulatory issues or circumstances that we can assist with. This may include assistance with regulatory ratios, filing requirements or other regulatory matters, all of which will be considered on a case by case basis. Requests or enquiries should be sent via email to Head of Banking Supervision Division, Mrs. Gloria Glidden at GloriaGlidden@cima.ky, copying Managing Director, Mrs. Cindy Scotland at CindyScotland@cima.ky and Deputy Managing Director - Supervision, Mrs. Anna McLean at AnnaMcLean@cima.ky.

In the face of this pandemic, CIMA will continue to remotely engage and consult with industry representatives to provide aid and regulatory forbearance to licensees wherever possible.

Other measures undertaken by CIMA to assist the financial services industry thus far include extensions for filing regulatory returns, waived fees for such filing extensions and acceptance of alternatives for notarised documents.

For more information on CIMA’s latest developments, visit www.cima.ky