CIMA warns directors of regulatory enforcement

(CNS Business): The days of non-compliance by fund directors are done, according to RJ Berry, head of compliance at the Cayman Islands Monetary Authority.  Speaking at the Cayman Fund Focus, hosted by Campbells, the regulator warned that the fund sector would see an increase in enforcement. Berry admitted that CIMA’s powers had been weak but he wanted to see a new regime where the authority had  the power to disqualify directors. "You are going to see a drastic increase in the number of regulatory enforcement actions this year, simply because over the last two to three years we’ve had our nose to the grindstone and the days are done when you redeem your investor out and ignore the regulator with your termination requirements,” Berry warned delegates. Read more on CNS Business