

Cayman Islands: 

Ministry Gives Update On Monetary Companies At Financial Discussion board


To print this article, all you want is to be registered or login on Mondaq.com.
The Ministry of Money Providers participated in the 2020
Chamber of Commerce Financial Forum and up-to-date customers of the
Cayman Islands company local community on the latest developments within just
Cayman’s financial companies sector on Friday, 14 August.
Economic Companies Minister Tara Rivers tackled attendees of
the digital conference on the theme of “Prospects for
Growth”.
She also participated on a panel, joined by Michelle Bahadur,
the Director for the Department of Money Solutions Plan and
Legislation in the Ministry, on potential economic solutions
concerns for Cayman. Associates from the Strategic
Financial Advisory Council, the Blockchain Affiliation of the Cayman
Islands and Cayman Finance also were being on the panel.
In her remarks, Minister Rivers spoke on the development remaining produced
to start the operational features of the jurisdiction’s
virtual property assistance vendors (VASPs) regime.
‘The Ministry, with input from the Cayman Islands Monetary
Authority (CIMA), is at present operating on laws to
operationalise the VASPs regime. CIMA is also operating on an motion
strategy to handle the implementation of the VASP-connected rules and its
a variety of rules. The implementation system will concentrate on
resourcing and making a hazard-suitable supervisory framework.
An marketplace session on these enhancements will commence
soon,’ Minister Rivers mentioned.
Minister Rivers went on to announce Government’s intention
to create a new regime governing corporate restructuring.
‘The Ministry is building excellent strides in finalising
commercial enhancements to the Organizations Law. These enhancements,
which will introduce a new Restructuring Officer routine, have been
met with powerful aid and arrangement from business, the judiciary
and CIMA, performing in their respective roles. We expect to provide
forward the amendments by the finish of this yr,’ she mentioned.
Apart from digital assets and company restructuring, Minister
Rivers spoke on sustainable finance from a Cayman context progress
made to tackle the EU listing of non-cooperative jurisdictions for
tax needs and the Monetary Action Activity Power re-ranking of
Cayman’s anti-cash laundering, countering the financing of
terrorism and counter proliferation funding routine.
She also spoke about the effectiveness of neighborhood and
worldwide engagement with key stakeholders, which, for illustration,
has influenced the reporting on the Cayman Islands in the US State
Department’s Intercontinental Narcotics Regulate Strategy
Stories.
This year’s Economic Forum featured presentations by the
Deputy Leading and the Minister for District Administration,
Tourism and Transportation, the Hon. Moses Kirkconnell the Minister for
Finance and Economic Growth, Roy McTaggart and the Minister
for Commerce, Setting up and Infrastructure, Joey Hew. Caribbean
economist Marla Dukharan was the keynote speaker.
The content material of this short article is supposed to offer a general
guide to the subject make a difference. Professional advice should be sought
about your distinct instances.
Common Content articles ON: Finance and Banking from Cayman Islands