Campbells quick off the ‘e-mark’ with new fund
(CNS): Local independent law firm, Campbells, became the first company to use the live version of the Cayman Islands Monetary Authority’s new e-business portal CIMAConnect last week to register a new mutual fund. CIMA launched the new service on 4 October, seeking it said to further streamline business transactions between the authority and regulated entities. Campbells partner Robert Searle (left) said the filing with CIMAConnect had been quick and easy as he completed it from his desk, saving time and easing administrative tasks.
His colleague and new Campbells partner, Ian Dillon said the firm works very hard to stay in the vanguard of developments in the financial-services industry. “We believe that the fact that we were the first to use CIMAConnect demonstrates that ongoing leadership. The launch of CIMAConnect enables us to focus more productively on each particular client and his needs,” said new Campbells partner, Ian Dillon.
Searle who was the first lawyer on island to use it pointed out that Campbells had long experience in the fund industry. "Campbells has long been a leading legal adviser to investment funds and other entities in the Cayman Islands. We have recently celebrated our 40th anniversary and just on 8 October sponsored our eighth annual investment funds conference on the latest legal, political and economic developments in a fast-paced, dynamic industry,” Searle said.
CIMAConnect will initially target new fund authorisations. Authorised service providers sign on to the system, submitting online registration or licensing requests, then track them through the review process to approval. The portal’s secure automated data-management system eliminates most traditional manual processing, dramatically reducing the turn-around time for decisions.
Following the roll-out of the fund-registration and licensing services, CIMA will expand the online system to encompass a range of requests such as changes to an entity’s name or beneficial ownership, amendments to its business plan, appointment of new directors/senior officers and the issue of letters to certify entities in good regulatory standing.
Expansion of services will be accompanied by new access for insurance, banking, trust and various corporate-service entities.
“We believe that CIMAConnect is the way forward for the future of financial services and CIMA itself,” said Cindy Scotland, CIMA Managing Director. “We welcome Campbells and others and look forward to a growing volume of online transactions.”
She said CIMA had rolled out its electronic reporting service in 2007; CIMAConnect was a natural extension of that service.
“It is important to keep pace with the demands of regulating Cayman’s financial services, to innovate and to grow, and capitalising on technological development enables everyone to be more efficient and more responsive,” Scotland said. “CIMAConnect is convenient, secure and reliable; it eliminates delays and ensures information is easily recovered in the face of a natural disaster. CIMAConnect is a landmark development for the authority and for the Cayman Islands.”
Category: Business
