International Cooperation With Overseas Regulatory Authorities CIMA

International Cooperation

The Cayman Islands Monetary Authority's (CIMA) international cooperation takes place through the exchange of information, as provided for in the Monetary Authority Act and facilitated through memoranda of understanding and similar agreements, as well as through CIMA's active participation in international forums and initiatives.

Information Sharing with Regulators

The Cayman Islands does not have financial institution secrecy laws that inhibit implementation of the Financial Action Task Force Recommendations, including access to, or obtaining of, information by financial sector regulators and law enforcement.

The Confidential Information Disclosure Act imposes certain statutory confidentiality obligations. However, this legislation contains a number of gateway provisions that specifically enable confidential information to be provided without contravention.

It also allows for the provision of information to home country financial regulators relating to the operations of foreign banks' branches and subsidiaries located in the Cayman Islands. Consequently, the Cayman Islands laws do not prohibit the provision or sharing of relevant information with foreign financial regulators for the purpose of consolidated supervision.

Request for Assistance from Overseas Regulatory Authorities

CIMA's Regulatory Handbook defines what constitutes an overseas regulatory authority (ORA) and the actions to be taken by CIMA upon receipt of a request for assistance from an ORA.

Memoranda of Understanding

The Regulatory Handbook also sets out the criteria for entering into a memorandum of understanding with an overseas regulatory authority, which sets out the terms and conditions of information exchange and investigative assistance.

Participation in International Bodies

In its efforts to fulfill its regulatory and supervisory mandate, CIMA is represented in various international bodies:

Caribbean Financial Action Task Force
Group of International Finance Centre Supervisors
Working Group on Cross Border Banking
Caribbean Group of Banking Supervisors
Association of Supervisors of Banks of the Americas
Group of International Insurance Centre Supervisors
International Association of Insurance Supervisors
Offshore Group of Collective Investment Scheme Supervisors
International Organization of Securities Commissions

This participation seeks to ensure that the Cayman Islands is kept abreast of the developments affecting offshore centres and that the jurisdiction plays an active role in international regulatory developments and standards.

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