Archive for June, 2009
Netball team competes in JA
(CNS): The National Under-16 Netball Squad recently returned from Jamaica where they competed in the prestigious ‘Caribbean Netball Association Jean Pierre Tournament’. In addition to the training and hard work that earned then an invitation to compete at the event, the team and members of the Netball Association had to make a concerted effort to raise the money to pay for their trip. Impressed by the team’s great effort to raise the necessary funding, Maples and Calder assisted with making up the shortfall, a release from the local law firm said.
Twelve players travelled to the event accompanied by three coaching staff. Although they did not return home with the winner’s trophy, the team did capture two honours. Liana Benjamin was named ‘Most Accurate Shooter’ of the tournament, and Rosemarie Wilson was named to the ‘Top 16’ list of players from a total of 84 competitors. The team and their coaches were very pleased with their overall performance and said that the players learnt a great deal and had a very memorable experience.
Maples and Calder partner Dale Crowley, speaking on the firm’s behalf, was "very pleased with the team’s efforts at the tournament, and was happy to have assisted them."
Photo: Maples and Calder partner, Dale Crowley and Secretary of the Executive Committee of CI Netball Association, Norma Ferryman.
Tax haven progress report
(Guardian): OECD chief Angel Gurria expects to report progress by states singled out as needing to improve their tax cooperation standards before a meeting on the issue today, (Tuesday 23 June). A statement to be released after the meeting will state whether countries on the "grey list" drawn up by theOrganisation for Economic Co-operation and Development (OECD) have made progress since last year on signing bilateral tax treaties and combating bank secrecy. (ie country’s on the grey list).
Atlantic’s first storm could be Pacific’s first hurricane
(CNS): According to weather predictors Andres the first tropical storm of the Atlantic season which formed off the Sothern coast of Mexico on Sunday evening is now expected to grow into the Pacific season’s first hurricane today. Mexico issued a hurricane warning for the strip of coast from just south of Manzanillo to near Puerto Vallarta. To the south, the storm dumped heavy rains on Acapulco, knocking down trees, flooding houses and forcing a few people to evacuate their homes yesterday (Monday 23 June)
Forecasters said Andres was likely to brush the coast at hurricane strength around the port city of Manzanillo with forecast models showing its centre moving up the coast near towns such as Barra de Navidad. Surfers are also being warned to take note as Andres could work its way to the resort town of Cabo San Lucas the tip of Mexico’s Baja California later in the week.
The U.S. National Hurricane Centre said Andres could bring coastal storm surge as much as 3 feet (nearly 1 meter) above normal while dumping as much as 12 inches of rain in a few spots.
Andres has already made history according to the Hurricane Centre which said it has been 40 years since it took so long for a named storm to develop in the eastern Pacific.
Architect revives concerns
(CNS): Local architects are not able to compete on a level playing field in their own country, according to a member of the profession who has said that the Planning Department is not stopping developers and builders from using overseas architects who don’t have licences or work permits and don’t know the local law. Eddie Thompson said that locals in the industry are getting a raw deal, as anyone from anywhere is allowed to draw plans and designs for buildings to be erected in Cayman, despite not knowing the local physical, legal or social geography of the islands.
“We have a situation with the electronic age where a developer can simply e-mail an architect who is on-line and order plans,” said Thompson. “That architect may come for a quick visit but he is free to do the work and supply the designs which planning will accept, despite that they have been drawn up by someone with no knowledge of our regulations or geography.”
Thompson who has been in the business for several years here and who also recently ran for a seat in the Legislative Assembly in the 20 May elections, noted that in all other professions those coming from outside have to meet certain standards to practice here and that throughout the US architects are not even allowed to practice from state to state without meeting certain criteria.
“An architect working out of California can’t just pick up and go practice in Florida because of the obvious geographical and environmental differences they would have to make an application to change their practice region and demonstrate their capabilities,” he explained.
Thompson said, however, that Kenneth Ebanks the Director of Planning is accepting plans drawn up by designers who may never have even been here which often results in major problems and the whole project being started over, because the plans may get past the first stage of planning but won’t pass building control.
“It is very disappointing that the director says he is not able to prevent this when he could,” said Thompson, adding that it was very disappointing that Cayman’s own Planning Department won’t protect local professionals and consumers from the problems arising when people are using overseas architects that are simply not qualified to work here.
Thompson said that on occasion firms based in Cayman looking at designing new officers, for example, have imported and employed temporary architects to work here when they have a trade and business license for an entirely different industry. He lamented the fact that Cayman was simply not protecting its own people who are forced to meet the local business criteria but if they are going to have to continue competing with architects that are not having to meet local overheads the professional will not be ale to flourish and develop young talent.
Moreover, consumers will continue to be lulled down the cheap plans route only to have to pay again when everything goes wrong, he said. Thompson said that when former leader of government business was elected in 2005 he had promised to address this and other issues that have concerned the profession for many years, but nothing happened.
“Kurt Tibbetts promised when he came in office last to address this but nothing has happened,” he said. “Consultants came and produced the Zucker Report, most of which planning has still not implemented. The rest of Builders Law is almost dead in the water and our profession still has no register of professional architects or formal standards.”
Thompson said he and others in the profession believe that it is time to address the situation to create a level playing field for the profession and improve standards.
“At the moment it is like taxation without representation,” said Thompson. “We all meet the local business criteria and pay our license. We are expected to train the next generation of architects and we are knowledgeable about the regulations and needs of the local landscape. Yet our own government is not protecting us from overseas competitors that have no licences and an unfair advantage.”
Thompson said he was happy to see overseas professionals working here, especially for the larger developments, but he said it would be beneficial to all parties if they were expected to partner with local firms if they are to practice here. He said that often occurs with major projects but he lamented the circumstances where foreign made plans that do not adhere to local regulations are slipping through the net and seriously undermining the local profession.
Teachers get golden apples
(CNS): Marjorie Ebanks (pictured left) who recently received the Cayman Badge of honour for her service to local education also received the Chamber of Commerce Golden Apple Lifetime Achievement Award on Saturday for her 37 years spent in education in the Cayman Islands. Ebanks was joined by seven other recipients who were honoured for their contribution to education during the annual award ceremony.
Catherine Eugene of Cayman Academy won Primary School Teacher in a Private School; Margaret Juman of Creek & Spot Bay Junior School for Primary School Teacher in a Public School; Bernice Scott of Grace Christian Academy for Middle School Teacher in a Private School; Janet Harris of New Horizons High School for Middle School Teacher in a Public School; Anthony Kaburu of St. Ignatius Catholic High School for High School Teacher in a Private School; David Toney of the Alternative Education Centre for High School Teacher in a Public School and Leonora Mendoza-Hydes of Grace Christian Academy for Principal in a Public or Private School all won a Golden Apple at the third annual ceremony designed to honour members of Cayman’s teaching profession.
During his opening remarks, Chamber CEO Wil Pineau described teachers as the everyday heroes who make the crucial difference to children’s lives.
The new Minister of Education, Training, and Employment, Rolston Anglin said he was delighted with the support for the teaching profession which he said demonstrated how much the community truly values education and the role it plays in the development children. “The Golden Apple Awards affords our students, parents and others from the teaching fraternity, the opportunity to publicly express their admiration, for the educators who have touched their lives and enriched the lives of others.”
The ceremony took place at the Ritz-Carlton, Grand Cayman and the hosts for the event were past Golden Apple Recipients, June South Robinson and Elroy Bryan.
Jet-ski thieves arrested
(CNS): Police have arrested five people including a juvenile in connection with a spate of jet-ski thefts. Officers and the Department of Environment have recovered a total of 8machines recently some of which were discovered hidden in mangroves in West Bay. “We are pleased to have located 8 of the Jet Skis which have recently been stolen,” said Inspector Brad Ebanks from the Marine Unit. “We have also made a number of arrests and hope this will send a clear message to those involved in the thefts that they will be caught.”
Police said that seven of the machines will be returned to their rightful owners while one still requires the owner to be identified. Five of the personal water crafts were discovered in the Myles Road area of George Town after a member of the public reported suspicious activity in the area. The others along with 2 stolen boat engines, were located by the Marine Unit and DoE during their enquiries. Meanwhile four other reports of thefts of Jet Skis are currently under investigation.
Four men aged between 17 and 21 were arrested on suspicion of theft on Friday (June 19) in connection with three of the thefts. Another juvenile was arrested on Saturday (June 20) on suspicion of theft and handling stolen goods in connection with the theft of one wave runner.
“Jet Skis and their parts are sought after items and owners should take all precautions possible to protect them from theft,” said Inspector Ebanks. “Secure your machine with a heavy duty chain and padlock that cannot be easily cut through and take all removable items with you into the house or shed. It would be beneficial if owners could disable their water crafts as best they can and if possible remove the machine from the water. These offenders have gone to great lengths to steal these machines. Lock your trailer so it can’t be towed away easily. You can also add alarms to Jet Skis which, if advertised clearly, can deter a thief.”
Police also encourage owners to record all serial numbers and take photographs of their machines so they can be easily identified if recovered by the police.
Anyone with information about marine offences, including the theft of Jet Ski’s should contact the Marine Unit on 949-7710 or Crime Stoppers on 800-8477 (TIPS). All persons calling Crime Stoppers remain anonymous, and are eligible for a reward of up to $1000, should their information lead to an arrest or recovery of property/drugs.
Cops seize gun and ammo
(CNS): Police said this morning that they have arrested four men on suspicion of being in possession of an unlicensed firearm on Saturday evening (June 20) after officers stopped and searched a car in George Town on Saturday night and found a hand gun and a loaded magazine. The new commissioner said that this kind of operation is extremely dangerous for officers but he was pleased by the way it was handled.
Royal Cayman Islands Police Service (RCIPS) said that George Town police officers were alerted to a suspicious vehicle at around 9.50pm on Saturday which led to an operation led by the Uniformed Support Group. Shortly afterwards the vehicle was stopped in the vicinity of Kings Sports Centre and the four occupants and the car were searched. A silver handgun and the loaded magazine were then recovered from the car while the four men were arrested. Police said that they all remain in custody at this time.
“This is a classic example of where officers put themselves in harms way to keep the communities of the Cayman Islands safe,” said Commissioner of Police, David Baines. “Stopping vehicles which contain firearms can be extremely dangerous for the officers involved and every time we make arrests in this way the officers place themselves in danger. I am extremely pleased with the way this operation was conducted and the result, which speaks for itself.”
The RCIPS said it works hard to identify those involved in the illegal possession of firearms and welcomes any information about their whereabouts or use. Anyone who can assist the police can speak with an officer at their local station or call Crime Stoppers on 800-8477 (TIPS). All persons calling Crime Stoppers remain anonymous, and are eligible for a reward of up to $1000, should their information lead to an arrest or recovery of property/drugs.
Report spells out new regulations for Hedge Funds
(CNS): Mandatory registration and scrutiny of fund managers and the financial institutions that provide the money, as well as international information sharing on the industry are just some of the recommendations the International Organization of Securities Commissions’ (IOSCO) Technical Committee has made in a report published today (22 June). With 9000 funds registered in the Cayman Islands local experts say Cayman may need to make some changes to adapt to the new international regulations that will emerge but is already adhering to many of the recommendaitons and this is good news for the sector in general.
Kathleen Casey, Chair of the committee that authored the report, said that while the hedge fund industry did not cause the financial crisis but it presented an opportunity to assess the potential regulatory risk they pose. “Securities regulators recognise that the current crisis in financial markets is not a hedge fund driven event. Hedge funds contribute to market liquidity, price efficiency, risk distribution and global market integration. Nevertheless the crisis has given regulators the opportunity to consider the systemic role hedge funds may play and the way in which we deal with the regulatory risks they may pose to the oversight of markets and protection of investors,” she added.
The Cayman Islands plays a significant role in the Hedge Fund industry and the Cayman Islands Monetary Authority told CNS that as the current leader it does not foresee any problems arising from the IOSCO report. "We are currently doing our own review and where change is necessary, will develop a plan to bring CIMA into compliance with IOSCO standards. CIMA already has in place a number of the measures suggested in the report, which reaffirms that the Cayman Islands are a leader in transparency and regulatory best practices," said Managing Director Cindy Scotland. "IOSCO is recognized as the international standard setters for the securities market and our recent membership demonstrates our commitment to meet these standards as well as provide input to the future of the hedge fund market."
Former Chair of CIMA Tim Ridley noted that there will need to be careful consideration of the recommendations but agreed the jurisdiction is already following the spirit of most of them.
“The IOSCO Report requires careful study by CIMA and the industry as the devil is always in the details. But on first review, the Report seems to pose no significant issues for the industry in Cayman. Indeed, Cayman already substantially implements the spirit of the principles described in the Report,” Ridley explained. “There are nevertheless some technical issues that the Government, CIMA and the industry need to address to complete the implementation. I would not anticipate these being overly difficult to achieve, and some of these are already underway, but timeliness in so doing is essential".
Mark Lewis of Walkers (Cayman’s leading hedge fund law firm) said that the introduction of global regulations will be good news for the Cayman Islands and the industry as a whole as it will help to restore confidence in the business. “This is good news as it recognises that Hedge Funds are an important tool in global finance and that they have a legitimate part to play,” he said noting that most of the recommendations affect the onshore part of the business.
“Cayman already has many of the recommendations in place, fundsare already registered here and to the extent that this touches Cayman, CIMA can feel vindicated for the regulation they have already implemented.” Lewis added that this is another example of where Cayman leads the way when it comes to setting standards and improving regulation.
The report Hedge Funds Oversight contains six high level principles that aim to assist regulators to address the regulatory and systemic risks posed by hedge funds in their own jurisdictions while supporting a globally consistent approach.
They include the recommendation that hedge funds and/or hedge fund managers/advisers should be subject to mandatory registration; that hedge fund managers/advisers which are required to register should also be subject to appropriate ongoing regulatory requirements relating to standards, conflicts of interest, disclosure to investors; the banks which provide funding to hedge funds should be subject to mandatory registration/regulation and supervision; hedge fund managers and prime brokers should provide information for systemic risk purposes; regulators should encourage and take account of the development, implementation and convergence of industry good practices and share information, where appropriate to help identify systemic risks, market integrity and other risks.
“The application of these principles, in a collective, cooperative and efficient way, can provide regulators with the tools to obtain sufficient, relevant information in order to address the regulatory and systemic risks posed by hedge funds,” said Casey.
Conyers send Cayman expert to Dubai
(CNS): As a result of what the firm described as a growing demand in the Middle East for advice regarding the Cayman Islands, law firm Conyers Dill & Pearman has relocated its corporate attorney Dennis Ryan to the firm’s Dubai office from Cayman. Kerri Lefebvre, partner in Conyers’ Dubai office said Ryan had a wealth of experience in Cayman law.
Pirates called democrats
(AFP): Pirates have been long maligned and cursed as thieves and sea dogs, but according to one economist they formed vanguard capitalist democracies, with constitutions, elections and healthcare plans.With images of gun-toting Somali pirates recently aired on television screens across the world, Peter Leeson, has set himself the unenviable task of salvaging the reputations.The economics professor at George Mason University outside the US capital, says he has found evidence that some 18th century pirates wrote down rules and principles which foreshadowed the US Constitution by decades.