CIMA KY

Grand Cayman, Cayman Islands (15 June 2023) Following an intense recruitment competition for a new Head of its Insurance Supervision Division, the Cayman Islands Monetary Authority (“CIMA”) is pleased to confirm the appointment of Ms. Kara Ebanks.

The Cayman Islands Monetary Authority (the “Authority”) hereby notifies financial service providers (“FSPs”) that an update has been made to the current sanctions regime in force in the Cayman Islands. A list of sanctions orders can be found on the Financial Reporting Authority’s website.

In observance of the Easter public holidays, the Cayman Islands Monetary Authority will close today, Thursday, 6 April 2023 at 3:00 pm and will remain closed on Good Friday, 7 April 2023 and Easter Monday, 10 April 2023. We will resume normal business hours on Tuesday, 11 April 2023.

The Cayman Islands Monetary Authority (“CIMA”) acknowledges the recent Court ruling following Maples Group’s judicial review of CIMA’s interpretation and application of provisions within the Anti-Money Laundering Regulations.

The Cayman Islands Monetary Authority (“CIMA”) is pleased to announce the recent appointments of Mr. Paul McAllister, Mrs. Stephanie Azan, Mr. Pranav Variava and Mr. Christopher Bouck.

Following the failure of Silicon Valley Bank (“SVB”) and the appointment of the Federal Deposit Insurance Corporation (the "FDIC") as the Receiver, the Cayman Islands Monetary Authority (the "Authority”) continued to engage with the FDIC and other stakeholders regarding the receivership process and impact on SVB’s Cayman Islands branch.

The Cayman Islands Monetary Authority (“CIMA”) is thrilled to announce that its most recent 5K Charity Walk/Run successfully raised $12,410.97, with all proceeds to benefit the literacy and numeracy programmes at Theoline McCoy Primary School (formerly Bodden Town Primary School), East End Prima...

The Cayman Islands Monetary Authority (“CIMA”) wishes to advise financial service providers that with immediate effect, it will not be collecting annual registration fees on behalf of Segregated Portfolios for private fund Segregated Portfolio Companies.

Following the US regulators intervention into the Silicon Valley Bank ("SVB") Financial Group on Friday, 10 March 2023, the Cayman Islands Monetary Authority (the "Authority”) has been actively assessing the situation and has been in contact with representatives of the Cayman Islands branch of SVB. The Authority is also engaging with the relevant US regulators to discuss the way forward.

Following the recent collapse of Silicon Valley Bank ("SVB") and the intervention by the Federal Deposit Insurance Corporation ("FDIC") to avoid a financial crisis, the Cayman Islands Monetary Authority (the "Authority”) has been actively assessing the situation and has been in contact with representatives of the SVB Cayman Islands branch. The Authority is also engaging with the relevant US regulators to discuss a way forward.

The Cayman Islands Monetary Authority (“CIMA” or “the Authority”) is pleased to announce the launch of its first-ever annual Financial Stability Report, which provides an assessment of our local financial system, including salient trends and vulnerabilities over the reporting period.

The Cayman Islands Monetary Authority (the “Authority”) is advising all registered virtual assets service providers (VASPs) that, as outlined in Schedule 2 of the Virtual Asset (Service Providers) Regulations 2020, their 2023 annual renewal fees will be the same amount as the fee paid at the time of registration.