Record Keeping Update – Cayman Islands Regulated Entities

THURSDAY 22 JUNE 2023

The Cayman Islands Monetary Authority (CIMA) has issued a new Statement of Guidance on Nature, Accessibility, and Retention of Records (Guidance) which aims to ensure that regulated entities maintain records in a manner that promotes accessibility, retention, and appropriate security.

Who does the new rule and guidance apply to?

The guidance applies to all entities regulated by CIMA, including mutual funds and private funds.

What are the requirements?

The following summary highlights key points that regulated entities should be aware of:

• Statement of objectives: The guidance sets CIMA's minimum expectations for record-keeping arrangements and applies to all regulated entities. The arrangements for record-keeping may vary, but records and systems must be adequate to satisfy CIMA's requirements.