The Cayman Islands Monetary Authority (‘CIMA’) has published its 2018 Edition of its Regulatory Handbook and its Appendices, as well as the latest editions of and amendments to guidance notes and Rules.

New Regulatory Handbook

Published in the Cayman Islands Gazette on 3 December 2018 is the new November 2018 edition of the Regulatory Handbook Volume 1 which replaces the August 2017 version.  The Regulatory Handbook – Appendices 1 replaces the February 2017 version.  CIMA’s Regulatory Handbook sets out the policies and procedures CIMA, its committees and officers must follow in performing CIMA’s regulatory and co-operative function and gives specific information on matters such as CIMA’s approach to supervision, supervisory returns and AML procedures. 

Amendments to CIMA’s AML Guidance Notes
Amendments to CIMA’s December 2017 AML Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands were published on 3 December 2018 (although dated November 2018).  We will address the changes in more detail in a later piece, but be aware that The Guidance Notes (Amendments) On the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands sees the following sections replaced or added:

-    Part II s.2C para. 8 (on AML compliance officer’s delegation and natural persons) is replaces and new paras 9-14 on Reliance/Delegation – AML/CFT Functions;
-    Part II s.4B para.s on principles to be applied in delegation paras 65 and 66 are replaced by a new para 65 and para 67 becomes a new para 66;
-    Part II s.5 has a whole new para. D on simplified measures;
-    Part II s.9B para.2 on Money Laundering Reporting Officers is replaced as is para 6 which is replaced by a new para 6 and 6A;
-    PartVI s1 para G is replaced, the para.s on General, Mutual Funds and Mutual Funds Administrators.

Rules and Guidance on Assets and Liquidity
The following Rules and Guidelines were also published on 3 December 2018

-    The Rule Management of Credit Risk and Problem Assets ;
-    The Rules and Guidelines – Liquidity Risk Management;
-    The Statement of Guidance Credit Risk Classification, Provisioning and Management

  CIMA Approved Stock Exchanges
CIMA also published its  List of Approved Stock Exchanges (i.e. those approved in accordance with CIMA’s Regulatory Policy for Approved Stock Exchanges).  
Solomon Harris
Solomon Harris has many years’ experience in the preparation of all types of Cayman investment vehicles and advising on their management and regulation. We are able to assess and advise on regulatory or legal issues which may affect those vehicles contact Solomon Harris Partner Richard Addlestone or Senior Associate Tom Wright.
Disclaimer
The information contained in this article is necessarily brief and general in nature and does not constitute legal advice. Appropriate legal or other professional advice should be sought for any specific matter.
 

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