Tuesday 22nd August, 2006 Posted: 16:11 CIT (21:11 GMT)
Leading industry publication The Banker has given a ringing endorsement to the Cayman Islands as an international financial centre and outlined the upbeat prospects for the jurisdiction across a range of sectors.
A special report on the Cayman Islands in the July issue of the magazine set out Cayman’s strengths in hedge funds, which it described as the undisputed jurisdiction of choice as well as being a leading location for captive insurance and structured finance special purpose vehicles, states a press release.
Its banking, trust and corporate services sectors were also recognised, as were the developments and growth at the Cayman Islands Stock Exchange.
The report also portrayed how Cayman has strengthened regulations to deter criminal activity and improved overall supervision, as well as winning praise for the lengths it has gone to meet, and even go beyond international standards.
“As such a respected publication, The Banker’s special report on the Cayman Islands is particularly welcome,” said Mr. David Roberts, a director of the Cayman Islands Financial Services Association. “It details our leadership in a number of different sectors and demonstrates just how well regarded the overall financial services industry is in Cayman.”
The critical mass that Cayman has developed, both in terms of business and in professional services means that it will be able to prosper in spite of competition both from other offshore locations and the onshore world, the report said.
A common theme, running through the articles on banking, hedge funds and captive insurance in Cayman was the flexibility of the legal and regulatory framework and the open and regular dialogue between the government and the private sector.
And this is also a theme particularly welcomed by CIFSA.
“The flexibility and dialogue have both helped shape the legislation which brought the business to Cayman and with close links to the US and a stable environment to operate, Cayman has flourished and will continue to do so,” said Mr. Simon Whicker, a KPMG partner and CIFSA member.
The special feature in The Banker was organized by the public relations unit of the governments Portfolio of finance and economics, with assistance from CIFSA. The supplement also included individual support of various Cayman–based private sector firms.
Who they are
The Cayman Islands Financial Services Association was formed in November 2003. It comprises individual companies and key associations including: the Cayman Islands Society of Professional Accountants, the Cayman Islands Compliance Association, the Society of Trust and Estate Practitioners, the Cayman Islands Fund Administrators Association, the Company Managers Association, the Bankers Association and the Insurance Managers Association, Deloitte, Scotia Bank & Trust, PricewaterhouseCoopers, Cayman National Bank, HSBC, KPMG, Walkers Attorneys–at–Law, CIBC, Royal Bank of Canada and Ogier. The Association’s mission is to communicate the integrity and quality of Cayman Islands financial services.