News & Articles

Brexit and the Cayman Islands – preparing for impact

April 10, 2017
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EU President Donald Tusk holds the letter invoking Article 50 of the Lisbon Treaty from the U.K. CREDIT: Bloomberg photo by Jasper Juinen.

The current consensus on the possible impact of Brexit on the Cayman Islands and indeed the Caribbean is simply that it all depends on the final Brexit deal negotiated between the U.K. and the EU. But there are a number of reasonable implications and we need to prepare for them.

A so called “hard Brexit” is by all accounts the more likely scenario if we are to believe the most recent reports, suggesting that when the ink dries on the U.K.’s deal to exit deal the EU, there will be immediate consequences for everyone. “Hard” also implies that the negotiations will be tough, and that means not only tough in terms of legal, trade and regulatory considerations, but also in terms of political ramifications.

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Seminar provides training for CIMA Inspections

April 7, 2017
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A unique seminar aimed at helping local financial services firms deal with regulatory inspections from CIMA will be held at the Kimpton Resort on April 20th.

The seminar features an expert panel featuring industry professionals and senior members of CIMA’s onsite inspection team and is aimed at helping CEOs and compliance staff better understand how to prepare for and deal with issues surrounding CIMA inspections.

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Maples group sponsors CRS 101 event

April 4, 2017
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Pictured: Christopher Capewell

The Maples group, comprised of local firms Maples and Calder and MaplesFS, will be sponsoring a significant educational event for one of the country’s most recent compliance initiatives.

The ‘CRS 101’ seminar is organised by local consulting firm FTS and will be held at the Ritz Carlton Grand Cayman on Tuesday April 11th.

FTS Director, Mr. Paul Byles, said “It’s great to have the expertise of Maples on board for this event. The participation of experts from Maples and Calder as well as MaplesFS on the agenda, coupled with the session being delivered by Mr Duncan Nicols, Director of the DITC, brings all the CRS preparation topics together very well.” 

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FTS Regulatory Newsflash: CRS jurisdictions gazetted

March 31, 2017
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In a gazette dated 31st March 2017, the Department for International Tax Cooperation published lists relating to the Participating and Reportable Jurisdictions for the purposes of the Tax Information Authority (International Tax Compliance) Common Reporting Standard Regulations.

Don’t forget to register for CRS 101 where you will receive more updates and information on the Common Reporting Standard.

See a copy of the gazette and list of countries here.

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Survey reveals most prepared for FATCA

March 27, 2017
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A recent survey carried out on 105 respondents from the financial services industry suggested that most are well prepared for the FATCA regime in the Cayman Islands.

The survey was carried out by local consulting firm FTS during the period March 9th to 19th and provided some interesting insights into how those working in the industry viewed FATCA and the Common Reporting Standard (CRS) initiatives.

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Cayman Banks by the numbers

March 27, 2017
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The main sources of Cayman Banks

Of the 159 banks that existed at the end of 2016, Europe and South America represents the two largest regions from which Cayman Banks originate. Each region is responsible for roughly 22% of all Cayman Islands banks, with the USA coming in as the third largest source being 13% of all banks. The least influential source of Cayman banks is the Middle East, which represents 3% of all Cayman banks.

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‘CRS 101’ seminar aims to help firms prepare

March 22, 2017
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Paul Byles

Paul Byles, Director of FTS

As local financial services firms look to finalise their preparations for the OECD’s Common Reporting Standards (CRS), a seminar aims to help them to be ready for the country’s latest financial services initiative.

Local consulting firm FTS is organizing a seminar on April 11th entitled ‘CRS 101’ which will feature speakers on topics such as the essentials of CRS, differences between CRS and FATCA and a hands on case study on how to prepare for the key elements of the new information exchange regime.

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Bridging the Gap: 3 traits of a good Compliance Officer

March 22, 2017
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It may not be the most glamorous, but serving as a Compliance officer in your firm has its benefits. Its certainly one of the most important jobs in your firm, regardless of daily observations (‘you guys are not even revenue generating’) that may suggest otherwise.

But what does it take to bridge that gap between being just another staff member and being an effective Compliance Officer? Here are a few ideas:

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CRS 101

March 22, 2017
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In this half day seminar topics include: the essentials of the Common Reporting Standard from the Director of the DITC, dealing with the differences between CRS and FATCA in your procedures and a hands on case study on how to prepare for the key elements of CRS.

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