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Over the last 35 years the Cayman Islands have matured into
one of the world's largest
international financial centers.
This has been achieved through
providing the services,
infrastructure and operational
flexibility which the international
investor demands, within the
framework of clear and carefully
enforced legal and ethical
guidelines. The Cayman Islands
provides a full range of services
including banking, trusts, mutual
funds, company management,
insurance, captives, and securities
business, structured financing,
vessel registration, and listing on
the stock exchange. In addition,
Cayman offers the services of
lawyers, chartered accountants and
professional corporate managers and
other highly skilled professional
service providers. The regulatory
environment in which the Islands'
financial services industry operates
encompasses several elements. These
include modern and evolving
legislation, rigorous law
enforcement, and international
cooperation involving bi- and
multi-lateral agreements allowing
for the provision of international
legal assistance. The Cayman Islands
Monetary Authority ("the Authority")
was established as a body corporate
under The Monetary Authority Law
("the Law"), which was brought into
force on 1st January, 1997. The
former responsibilities, duties and
activities of the Financial Services
Supervision Department and the
Cayman Islands Currency Board now
fall to the Authority which was
created from the merger of these two
bodies. The Authority, however, was
not established just to continue
what was already in place under a
different guise but rather to
enhance Cayman's ability to maintain
a well regulated financial services
regime and monetary stability. The
Authority's four principal functions
are listed on the home page. The
primary obligations of the Monetary
Authority in carrying out its
functions are to be efficient and
act in the best economic interests
of the Cayman Islands; to promote
and maintain a sound financial
system and reduce the use of
financial services business for
criminal purposes; to promote and
enhance market confidence, consumer
protection and the reputation of the
Cayman Islands as a financial
centre; to recognize the
international character of financial
services/markets and the need to be
competitive for consumers and
suppliers while complying with
appropriate and relevant
international standards and to be
transparent and fair. Within the
Authority there are ten divisions,
namely Operations, Currency
Operations, Banking Supervision,
Insurance Supervision,
Investments & Securities, Policy &
Development, Fiduciary Services,
Compliance, Legal and the Managing
Director's Office.
The Authority's existence ensures
the continuing strength and
stability of the domestic currency,
and the development and
implementation of a regulatory
regime which both complies with
international expectations, and
recognizes the specific features of
the Cayman financial services
industry. In March 2003 the
Authority became operationally
independent under the Monetary
Authority Law (2003 Revision).
Independence significantly enhanced
the ability of the Authority to meet
international standards of
supervision, accountability and
transparency, and has more clearly
defined its functions, duties,
powers and obligations. The Board of
Directors of the Authority is
comprised of leading local and
overseas individuals. They are
responsible for operational
decision-making, including licensing
and registration of regulated
financial businesses operating in or
from the Cayman Islands, powers
previously vested in the Cabinet.
This change has enhanced efficiency
with respect to licensing and
supervisory matters.
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