Explore Options for Extending Support to the Financial Services Industry

Project Updates as at 31 May 2017

Status: Closed

  • This project aimed to further extend Government support to the Financial Services Industry.
  • The project has achieved the target outcome desired by Cabinet and has been closed. A Project Closure report has not yet been completed.
  • The project focused on the implementation of a series of improvements in three key areas to support the Financial Service industry, and has resulted in:
  • The development and signing of A new MOU in May 2016, between Cayman Finance and the Cayman Islands Government with Cayman Finance,
  • New legislation, The Limited Liabilities Companies Law, enacted June 2016, has allowed the creation of one new vehicle to maintain and improve the commercial viability of the Cayman Islands financial sector.

New Legislation, in the form of 11 new Bills, which were approved in October 2016, has delivered some key changes in the regulatory frameworks needed prior to the assessment by the Financial Action Task Force.


Project Updates as at 30 November, 2016

Status: Closing

Extending support to the financial services industry (Project Reference: ABO12) has moved through implementation  to deliver:

  1. A new Memorandum of Understanding between Government and Cayman Finance.
  2. A new “Limited Liability Companies Law, 2016”.
  3. A range of bills for the modernisation of legislation required in advance of the upcoming assessment of the Cayman Islands by the Financial Action Task Force.

Project Updates as at 25 May, 2016

Related EY Recommendations:

None

PROJECTS ASSIGNED TO: MINISTRY OF FINANCIAL SERVICES, COMMERCE AND DEVELOPMENT (FSC&E)

Minister: Hon. Wayne Paton

Project Sponsor: Mr. Dax Basdeo, Chief Officer

Overview (taken from Cabinet’s Project Future Programme Brief): The Government is clear on its objectives to create and sustain an environment in which the Financial Services Industry can remain internationally competitive, with a fair, robust and efficient regulatory framework.  This project will consider the business case for further extending Government support to the Financial Services Industry by weighing any increase in investment against the benefits that could be realized.

Status: Not yet progressed.   

Ministry/Portfolio Update:

  • The start of this project/Outline Business Case was preceded by the 16/17 budget planning, which includes funding for the Financial Services industry. This funding is underpinned by a strategic document which establishes the following objectives for this funding: Promotion and Development of the Cayman Islands Financial Services Industry.
  • This Outline Business Case was initially scheduled for 31 March, 2016. (A request will be prepared, to seek Cabinet’s direction on the way forward. )