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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.
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set up exclusively for financial services.
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]
The Cayman Islands is a leading financial services centre.. Cayman Islands company law is primarily codified in the Companies Law (2018 Revision) and the Limited Liability Companies Law, 2016, [1] and to a lesser extent in the Securities and Investment Business Law (2015 Revision).
The Cayman Islands dollar has been pegged to the United States dollar at 1 Cayman Islands dollar = 1.2 U.S. dollars since 1 April 1974, when the Currency Law of 1974 was enacted. [2] In 1983, the 1974 law was repealed and replaced by the Currency Law Revised, which itself was replaced in 1997 by section 22 of the Monetary Authority Law. [ 4 ]
The law of the Cayman Islands is a combination of common law and statute, and is based heavily upon English law. Law in the Cayman Islands tends to be a combination of the very old and the very new. As a leading offshore financial centre , the Cayman Islands has extremely modern statutes dealing with company law , insolvency , banking law ...
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