C.I.M.A. Supervisory Issues And Information Circular-Second Edition

The Cayman Islands Monetary Authority ("CIMA") has issued the second edition of its Supervisory Issues and Information Circular (the "Circular"). The Circular is intended to raise awareness of common regulatory and thematic issues identified by CIMA and to highlight important regulatory developments for the financial sector. The issues dealt with in this edition of the Circular are:

Payment of Annual Fees

Licensees are reminded that annual fees will be payable and that CIMA will be issuing fee reminder notices in early course.

Requirement/Timelines for License Applications

It is noted that the timelines associated with license applications and cancellations, changes in ultimate beneficial ownership, etc have been reviewed and revised. It is further noted that CIMA will not commence its formal processing of any application until a complete package, inclusive of due diligence documentation, has been received.