Cayman Islands: Assessment of the Supervision and Regulation of the Financial Sector—Volume I—Review of Financial Sector Regulation and Supervision

International Monetary Fund

No 2005/091, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper highlights key findings of the assessment of financial sector regulation and supervision in the Cayman Islands. The assessment reveals that in the last two years, an extensive program of legislative, rule, and guideline development in the Cayman Islands has introduced an increasingly effective system of regulation, both formalizing earlier practices and introducing enhanced procedures. The implementation of financial regulation and supervision complies broadly with standards in all the areas assessed. However, issues related to resources and potential breaches of operational autonomy affect the regulator and, hence, supervision in all sectors.

Keywords: ISCR; CR; CIMA note; banking sector; risk assessment; business plan; CIMA license; guidance note; mutual fund; financial system; CIMA director; regulatory authority; Anti-money laundering and combating the financing of terrorism (AML/CFT); Mutual funds; Stock markets; Insurance; Caribbean; Central America; South America; Middle East (search for similar items in EconPapers)
Pages: 58
Date: 2005-03-11
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