Ministry Provides Financial Services Industry with Outlook for 2020

The Ministry of Financial Services updated over 400 industry practitioners in the Cayman Islands on the latest developments within financial services on Friday, 10 January at the Ritz-Carlton, Grand Cayman.

The event is held quarterly and is an opportunity for industry to stay abreast of the various legislative changes and projects on which the Ministry is working.

Opening remarks were given by the Premier, the Hon Alden McLaughlin; the Minister of Financial Services, the Hon Tara Rivers; and Chief Officer for the Ministry of Financial Services, Dr Dax Basdeo. The morning also included presentations and panel discussions with Ministry representatives including Michelle Bahadur (Director, Department for Financial Services Policy and Legislation), Duncan Nicol (Director, Department for International Tax Cooperation) and Heather Smith (Head of Securities and Investments, Cayman Islands Monetary Authority).

Among the topics covered were the new Private Funds Bill, the Economic Substance Bill and changes to the beneficial ownership regime.

Minister Rivers was grateful for the participation of industry practitioners, both at the event and for their continued engagement on relevant working groups and legislative consultations.

‘It is through our constructive and cooperative working relationship, which has significantly strengthened over the past two and a half years, and your commitment to doing what is in the best interests of the jurisdiction as a whole (which in turn, will have a direct positive impact on your respective companies and firms), that we can meet the challenges facing Cayman’s financial services industry; and succeed in ensuring that the Cayman Islands remains as one of the best and highly sought after places to do business in the world’, Minister Rivers said in her remarks.