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Cayman has introduced a new regime for the licensing and registration of directors of investment fund companies that are “regulated” under the Mutual Funds Law (2013 Revision) and directors of companies registered as “excluded persons” under paragraphs 1 and 4 of Schedule 4 of the Securities Investment and Business Law (2011 Revision).
• individuals and organizations involved in the performance of the ODD being subject to professional requirements on ethics, independence, minimum levels of professional indemnity insurance and Continuing Professional Development of an appropriate professional body or institute, with underlying work performed as part of the ODD subject to ...
The business and affairs of a Cayman Islands company are usually managed by its board of directors. [23] The board must consist of one or more persons, and these may be individuals or companies. Directors owe strict duties of good faith to exercise their powers for a proper purpose and in the best interests of the company. [24]
The CDD rule enhances CDD requirements for "U.S. banks, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities. [3]" The CDD rule requires that financial institutions identify and verify the identity of customers associated with open accounts. The CDD rule has four core requirements: [3]
CISPA is a member of the Cayman Islands Financial Services Association (CIFSA), formed in November 2003. [8] In 2005 the Cayman Islands Monetary Authority (CIMA) requested that a working group be formed to review the recommendations of CIMA's Policy and Research Division, which had been examining regulation of the mutual funds industry.
The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands and supervises its currency board. [2]The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters.
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The CDD is controlled by a board of supervisors (BoS), five individuals elected by the landowners of the district. The board then elects one supervisor as chairperson, names a secretary and a treasurer who need not be board members, and hires a district manager, who will be responsible for daily operations of the CDD. [1]