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

The Cayman Islands Monetary Authority ("CIMA") has issued the third edition of its Supervisory Issues and Information Circular (the "Circular"). The Circular summarises the key findings for trust and company services providers (the "Licensees") which were identified during CIMA's on-site inspections during 2016 and highlights the common recurrent areas of non-compliance of the Licensees inspected. It is noted that the trust and company services sector was found to be generally compliant with the relevant and applicable supervisory legislation, statements of guidance and regulatory standards. However, Licensees are encouraged to take note of the findings set out in the Circular and where appropriate, take remedial steps to ensure that their practices are carried out in line with those laws, statements of guidance and standards.