CIFSA appeals for members

(CNS): With an already diverse list of members the Cayman Islands Financial Services Association (CIFSA) recently welcomed a re-insurance firm and a fund services to the ranks. Each new member helps the organization with its aim to push the message that the financial services sector is crucially important to Cayman’s economy. Explaining that as the membership grows CIFSA can do even more to actively promote the full scope and spectrum of the industry, Eduardo D’Angelo Silva, chairman of CIFSA invited others to consider becoming members.

 “The growth in CIFSA’s membership has allowed us to expand our communications programs and present a strong, central, and respected voice for our industry on key issues affecting our future,” he said.  We would like to extend an invitation to all who are interested in becoming CIFSA members to please visit the CIFSA website and gain a full understanding of the work that is being performed by the association in support of our industry.”

Cary Marr, President of Meridian Fund Services (Cayman) Limited said the firm was pleased to become part of CIFSA.   “We have seen the significant contributions to improve the international and local perceptions of the financial services industry and we look forward to supporting their continued success.”

Faramarz Romer, the Reporting and Compliance Officer of Greenlight Reinsurance, Ltd. “said the company was pleased to support CIFSA in its efforts in educating the public about the social and economic impact that the financial services sector has on the Cayman Islands.

“Whilst the growth in CIFSA’s membership and international profile in recent years is impressive, we applaud CIFSA’s commitment in protecting and promoting the financial services sector of the Cayman Islands,” he added.

CIFSA said that 2008 has been a very active year with their involvement in the Financial Services Domestic Awareness Campaign, the goal of which is to educate the community, visitors to the Cayman Islands and students, about the financial services sector and the many benefits and opportunities that it creates in Cayman.

The organisation has also thrown its weight behind a specialist regulatory seminar to be held at the Ritz Carlton in October, along with the Active Group, an international financial services firm with a new subsidiary in the Cayman Islands. The seminar will feature Tim Ridley, former Chairman of the Cayman Islands Monetary Authority, Ross Delston, former US Federal Regulator and Co-Chair of the American Bar Association’s International Anti-Money Laundering Committee and Paul Byles former Head of Policy of the Cayman Islands Monetary Authority.

 “CIFSA is pleased to be a sponsor of this event because it is unique in its focus on improving the relationships between regulators and industry professionals and that is why we decided to support it. Any function that aims to improve the industry’s understanding of how best to handle regulatory issues is good for the overall health of the financial services industry,” said Silva.