Grand Cayman (Friday, 27 April 2018) – The implementation of the Cayman Islands Monetary Authority’s (“CIMA” and “the Authority”) Regulatory Enhanced Electronic Forms Submission (REEFS) system has brought about noted improvements in the delivery and management of information. The programme was initially launched in January 2015 to facilitate the online submission of information by industry users.
Since then, multiple applications have been developed, some of which were completed in-house, to enhance document management for both industry and CIMA. Through the online system, users are able to file and track new license applications electronically, submit requests for changes such as ownership and control, registered office, including licensee terminations. Another convenient feature includes the online Fund Annual Return (“FAR”) application module which allows industry to file their FARs electronically, avoiding the costs associated with submitting physical documents. Other enhanced performance areas include improved response times upon submission of a FAR and increased efficiency whereby users are able to complete a submission in one step, or through the use of an appropriate segregated duties workflow. Users can also track relevant fees and complete payments via Escrow, CIMA’s new online fee payment module.
Although utilisation of the Escrow function has been minimal thus far, where industry have chosen to use this method, this feature has enabled users to better monitor upcoming fees, complete multiple payments, while avoiding any processing delays. With this new feature just coming online in late 2017, we anticipate that, as industry becomes familiar with this function, we will see increased utilisation.
REEFS has also enabled staff to collect statistical data in a more timely manner. This, in turn, allows the Authority to analyse and track prudential information more efficient and effectively.
CIMA’s Managing Director, Mrs. Cindy Scotland said, “Since the inception of REEFS, I am extremely pleased to note that the system continues to provide significant operational enhancements for both CIMA and the industry users as anticipated. Such functionalities have not only helped to alleviate frequent update requests and other administration duties, with these improvements, the Authority can better position its staff in more strategic areas.”
She added, “Over time, it is expected that once an application or filing is available online, it will become the only approved method for submission of that form and paper based applications will no longer be accepted, thus making our work more environmentally friendly.”
Although REEFS is an ongoing development, Mrs. Scotland also commends the staff of the Authority, especially the Information Systems Division for their hard work and dedication in ensuring the success of the implementation of REEFS thus far, while providing added efficiency for CIMA and its industry users.
In the future, users will also have the ability to file governance change requests electronically, requiring notification only, including Annual Return Filings for licensees who are currently not available in order to offer a full complement of the system’s functionalities.