Statutory Authorities Brief Financial Services Minister, Parliamentary Secretary

Minister for Financial Services and Commerce, the Hon. André Ebanks, and Parliamentary Secretary for Financial Services, the Hon. Katherine Ebanks-Wilks, were briefed by senior managers in the Ministry’s statutory authorities on current operations and initiatives.

Statutory authorities under the Ministry’s remit are the Cayman Islands Monetary Authority (CIMA); the Cayman Islands Stock Exchange (CSX); the Stock Exchange Authority; the Auditors Oversight Authority; the Special Economic Zone Authority; the Civil Aviation Authority (CAA); the Air Transport and Licensing Authority; and the Maritime Authority of the Cayman Islands (MACI).

Initial briefings commenced last week with CIMA, CSX, CAA, and MACI, and culminated with the Minister attending a luncheon yesterday with CIMA’s board of directors.

‘As the new Minister for these authorities, it is important that the Parliamentary Secretary and I understand the work being done and initiatives being planned as quickly as possible,’ Minister Ebanks said. ‘The meetings have been very useful and we were grateful for the opportunity to hear from these authorities directly’.

Minister Ebanks and Parliamentary Secretary Ebanks-Wilks listened to CIMA’s Managing Director Cindy Scotland summarise planned technological advances and strategic plans CIMA will undertake to enhance its crucial regulatory functions.

CSX CEO Marco Archer discussed current listings and the popularity of Cayman listings overseas and opportunities domestically.

During the CAA tour, Director-General Richard Smith was pleased to take the Minister and the Parliamentary Secretary on a tour of CAA’s modernised premises on Owen Roberts Drive. Mr Smith also spoke to the vital role CAA performs in respect of local aviation regulation and also highlighted the attractiveness of the CAA’s commercial aircraft registration globally.

MACI CEO Joel Walton addressed the jurisdiction’s adherence to international maritime protocols and the authority’s registration of various vessel types; with private pleasure crafts, commercial ships and others enjoying certain benefits derived from Cayman’s Category 1 status within the Red Ensign Group.

Accompanying Minister Ebanks and Parliamentary Secretary Ebanks-Wilks to the meetings, and on the tours of each authority, were the Ministry’s Chief Officer Dr Dax Basdeo and Ministry staff.

The Minister and Parliamentary Secretary’s schedule also includes meetings with the Department for International Tax Cooperation; General Registry; and the Department of Commerce and Investment.