CIMA signs deal with Turks’ regulator to share info

(CNS): The Cayman Islands Monetary Authority (CIMA) has formalized its cooperation regime with fellow dependant territory and neighbour, the Turks and Caicos Islands. The authority signed a memorandum of understanding for the exchange of information and investigative assistance between CIMA and the Turks and Caicos Financial Services Commission (TCI FSC) on 25 February. TCI FSC Managing Director Kevin Higgins, who signed on behalf of the Turks and Caicos Islands, said he welcomed the development. “The FSC looks forward to working more closely with one of the premier regulatory agencies in the Caribbean,” he added. CIMA’s MD Cindy Scotland said the MOU would reinforce Cayman’s international cooperation regime. This is the 19th deal of its kind that CIMA has signed.

"We are pleased to formalise methodologies of cooperation that has existed between CIMA and the Turks and Caicos Islands. We see this MOU as reinforcing our strong international cooperation regime and further demonstrating our commitment in this area," Scotland added as she outlined the types of assistance that can be requested and given by CIMA and the TCI FSC.

The MOU allows the provision, confirmation or verification of information and documents from other parties, discussing issues of mutual interest, arranging and/or conducting inspections of financial services providers, and permitting representatives of the requesting authority to participate in enquiries by or on behalf of the requested authority.

The MOU also outlines the procedure each regulator will use for making requests and how requests will be assessed to determine if the required assistance can be given.

The TCI FSC was established in 2001 as an independent statutory body responsible for the supervision of the islands’ financial services sector and is also responsible for the oversight of company formation and registration. Like CIMA, the commission is a member of the Caribbean Financial Action Task Force, International Association of Insurance Supervisors (IAIS), and Offshore Group of Insurance Supervisors (OGIS).

CIMA has MOUs and other information-exchange agreements with financial regulators in Argentina, Bermuda, Brazil, Canada, the Isle of Man, Jamaica, Jersey, Malta, Panama, the UK and several within the US., as well as with the International Organization of Securities Commissions (IOSCO). There is also a multi-lateral MOU with eight Caribbean regulators.

The agreements can be viewed in the External Cooperation and Assessments / International Co-operation section of CIMA’s website: International Agreements.