What is the Cayman Islands Monetary Authority (CIMA)? Cayman Islands Monetary Authority (CIMA) Review, Features

The Cayman Islands Monetary Authority (CIMA) commenced operations on January 1, 1997 and was established by the Cayman Islands Government to regulate and supervise the financial services industry in the Cayman Islands.

About the Cayman Islands Monetary Authority (CIMA)

Cayman Islands Monetary Authority (CIMA) Cayman Islands financial regulator. Since its establishment in 1999, the British Cayman Islands Monetary Authority (CIMA) has been in operation for nearly 20 years and is the main financial services regulator in the British Cayman Islands. CIMA is responsible for the registration, licensing and supervision of banks, financial services companies, cooperative construction communities, trust institutions, insurance company management, corporate services, investment funds and securities services industries.

Regulated Industries

CIMA regulates the following businesses and persons operating in and from the Cayman Islands, in accordance with the requirements of the regulatory acts governing each sector:

• Banking and related services: banks and development banks, money services businesses (including money transfer services, cheque cashing services, currency exchanges and the issuance, sale or redemption of money orders or travellers’ cheques), building societies and cooperatives such as credit unions;
• Trust services: trust companies, trust service providers; corporate service providers/company managers;
• Insurance services: insurance companies, insurance managers, agents, subagents, brokers and principal representatives;
• Investment Funds and Fund Managers: Note: Some funds are not regulated. These are regulated in the Mutual Funds Act;
• Securities investment business, including broker-dealers, market makers, securities arrangers, securities advisers and securities managers;
• Persons who serve as directors, officers and managers of licensed entities;
• Auditors of regulated entities.

Requirements for obtaining CIMA authorisation

• If you wish to carry on any business or operate in any of the above capacities, you must obtain appropriate authorisation from CIMA before you commence operations.
• The requirements and procedures for each industry to obtain a license or registration to operate, as well as ongoing requirements after authorization, are explained on the industry-specific web pages.

Mission of the Cayman Islands Monetary Authority (CIMA)

To protect and enhance the integrity of the Cayman Islands financial services industry.

Vision

A thriving, innovative and well-regulated Cayman Islands financial services system and currency that meets applicable international standards and delivers value to its stakeholders.