mARCH 2012 44 Legal Expert Board
www.lawyer-monthly.com
Cayman Islands The International Financial Centre1
Ian Paget-Brown Legislative Assembly in 1994, she said: w
“The Financial Sector remains the key to a successful future for these Islands. My government is determined to maintain a financial services industry of high quality and integrity, through strict adherence to prudent policies.”
Since Her Majesty’s address the Cayman Islands government has ensured that our legislation and regulations meet or exceed international standards to assure the jurisdictions growth of the as a leading international financial centre.
The Monetary Authority
In recognition that the financial services sector is a cornerstone of the economic well being of
This month, Lawyer Monthly benefits from an exclusive article from Ian Paget-Brown, founding partner of Paget Brown law firm in the Cayman Islands. Here, Ian discusses the benefits of the Cayman Islands as a financial business centre.
hen Her Majesty Queen Elizabeth II opened the Cayman Islands
the Cayman Islands, the Cayman Islands Monetary Authority (“CIMA”) was established in 1996 to enhance the supervision and regulation of the financial sector in accordance with the international standards including those set out by the Basel Committee on Banking Supervision, the International Organisation of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) under the regulatory laws.2
The IMF assessing supervision and
regulation in the Cayman Islands’ banking, insurance and securities industries, as well as its anti-money laundering regime, stated that “the supervisory system benefits from a well-developed banking infrastructure with an internationally experienced and qualified workforce as well as experienced lawyers, accountants and auditors.”3
Review4
The 2010 favourable Global Forum Peer is further evidence that the Cayman
Islands meets international standards for transparency and international cooperation5 In October 2011 the jurisdiction was assessed in the IMF-World Bank detailed reports as having strong adherence to cooperation and information exchange standards6
Companies Law
Cayman laws are under constant revision to ensure that they meet international requirements and the statutes relating to companies, mutual funds, partnerships, and trusts have been published in revised form in 2011. The Companies Law provides for two categories of companies: (1) an ordinary company, generally locally owned and (2) the foreign investor owned exempted company7 which may:
,
• obtain an undertaking from government that should taxes ever be introduced the company will remain tax-free for up to 30 years;
1 2 3 4 5 6 7
This article is for general information purposes and does not constitute legal advice.
“regulatory laws” means any one or more of the following– Banks and Trust Company Law; Building Societies Law; Companies Management Law; Cooperative Societies Law; Insurance Law; Money Services Law; Mutual Funds Law; and Securities Investment Business Law.
IMF, Assessment of the Supervision and Regulation of the Financial Sector in the Cayman Islands (March 2005)
http://www.oecd.org/document/62/0,3746,en_2649_201185_46498494_1_1_1_1,
00.html
PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – CAYMAN ISLANDS © OECD 2010 (For more information please see:
www.caymanfinance.gov.ky)
http://www.financialstabilityboard.org/publications/r_111102.pdf A company incorporated in a foreign jurisdiction may become an exempt company through reregistration
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