Enforcement

The Cayman Islands Monetary Authority's (CIMA) effective and proportionate use of its powers to enforce the requirements of the regulatory laws and other relevant legislation plays an important role in pursuit of its regulatory objectives. CIMA endeavours to exercise its enforcement powers in a manner that is transparent, proportionate and consistent with the relevant laws, policies and procedures. CIMA will also seek to ensure fair treatment of those who are subject to the exercise of its enforcement powers.

Enforcement options available to CIMA include:

• Suspension of the licence of a licensee and preservation of its records 
• Revocation of the licence of a licensee
• Requiring the substitution of a director, operator, senior officer, general partner, promoter, insurance manager or shareholder of the licensee (as applicable)
• Appointing a person to assume control of the affairs of the licensee
• Appointing a person to advise the licensee on the proper conduct of its affairs
• Applying to the Grand Court of the Cayman Islands for an order directing that:-

1. The company to be wound up in accordance with the Companies Act 
2. The trustee wind up the trust
3. The partnership be dissolve
4. Imposing administrative fines
5. Mandating an audit in accordance with the relevant legislation

Enforcement Manual

The purpose of the Enforcement Manual is to describe the policies and procedures set out in the Regulatory Handbook for the exercise of the enforcement actions available to CIMA in the event of non-compliance by licensees and registrants with the regulatory laws or regulations. Other supporting details are set out in the  Procedure for Issuing Administrative Fines and Lost Contact Procedure. 

Fraudulent Websites

CIMA has also become aware of entities that have falsely given their contact addresses as being in the Cayman Islands. These entities are included on the  list of fraudulent websites and are not licensed or registered to carry on activities regulated by CIMA. Our inquiries also reveal that they are not registered with the Cayman Islands Companies Registry.  

CIMA encourages persons receiving any form of approach from these purported entities not to respond to them in any way.