Grand Cayman, Cayman Islands (1 March 2022) This year marks the 25th anniversary of the Cayman Islands Monetary Authority (“CIMA”). On 1 January 1997, CIMA was established under the Monetary Authority Act to enhance Cayman’s ability to maintain a well-regulated financial services regime and currency reserve management system.
Since then, CIMA has taken on additional responsibilities and functions. Through ongoing legislative changes, CIMA has been given more clearly defined duties, powers, and obligations, thus enhancing our ability to meet international standards of supervision.
While CIMA has continuously provided exceptional service to the Cayman Islands financial community, in recent years it has also broadened its scope to focus on corporate governance, cyber security, together with climate and environmental risks. As part of these efforts, CIMA was recently confirmed as a member of the Network for Greening the Financial System ("NGFS"), which is a network of central banks and financial supervisors who are committed to sharing best practices, contributing to the development of climate and environment related risk management in the financial sector and mobilising mainstream finance to support the transition toward a sustainable economy.
"As the chief regulator of Cayman's financial services industry, CIMA continually strives to implement sustainable and best practices in all its operations," shares CIMA Managing Director, Cindy Scotland. "Climate change is one of the most critical long-term risks of the global financial sector, and international cooperation is key in addressing these challenges. Therefore, I am extremely pleased that we will be able to benefit and contribute to the work of the NGFS."
In celebration of its 25th anniversary, CIMA has planned a series of activities to take place over the coming months. Some of these include a specially designed anniversary logo, a commemorative anniversary coin to come, an in-house fundraising competition with a goal of raising a total of $25,000 to be donated to a chosen charity, participation in various community service projects among other special initiatives and events.
Reflecting upon the past and looking to the future, Mrs. Scotland said, “CIMA is proud to serve as chief regulator of one of the world’s top financial services centres for the past 25 years, and remains committed to protecting and enhancing the integrity of the financial services industry of the Cayman Islands for many years to come.”