Top Ratings for TCSP Regulation in the Cayman Islands

Grand Cayman, Cayman Islands (Monday, 7 September) The Cayman Islands Monetary Authority (“CIMA” or “the Authority”) was recently evaluated by The Group of International Finance Centre Supervisors (“GIFCS”) against the Standard on the Regulation of Trust and Company Service Providers (“the Standard”).

The Cayman Islands is the second jurisdiction to be assessed under the Standard which is established as an international benchmark for regulating trust and corporate service providers (“TCSPs”). As a member of GIFCS, CIMA willingly participates in the peer review inspection program, which is geared to evaluate compliance by member jurisdictions under the Standard.

Mrs. Cindy Scotland, Managing Director of the Cayman Islands Authority said, “The Authority works continuously to ensure delivery of appropriate supervision to the Cayman Islands’ financial services sector, which notably includes TCSPs. While there are areas which require further strengthening, I am extremely pleased to note that we received overall top ratings for our regulatory regime for TCSPs. As a member of GIFCS, instrumental in establishing and adopting the Standard, the Authority proudly supports the necessary efforts that afford the meaningful implementation of the Standard’s principles across the existing GIFCS membership and beyond.”  

She added, “I commend the efforts of the GIFCS team in completing the onsite inspection and report for the mutual evaluation of the Cayman Islands against the Standard on the Regulation of Trust and Corporate Service Providers.”

A copy of the summary report can be viewed here at the Authority’s website.