Regulators

Cayman Islands Monetary Authority (CIMA)

In 1997, the Cayman Islands Financial Supervisory Authority CIMA was established.

Organization Profile

Type of organization: government agency
Institution introduction: CIMA is a corporate body established on January 1, 1997 in accordance with the Financial Law. Cayman takes maintaining and strengthening the reputation of the international financial center of the Cayman Islands as the starting point, making full use of the high-tech talents in the team and the latest technology to implement efficient supervision and maintain the stability of the currency, including prudential management of the currency.
Institutional Functions
(1) Currency - issuance and redemption of Cayman Islands currency and management of currency reserves;
(2) Supervision - supervising and supervising financial services, supervising agency compliance with anti-money laundering regulations, issuing regulatory manuals on policy procedures, and issuing statements and guidance on regulations and principles;
(3) Cooperation - to provide assistance to overseas regulators, including the implementation of memorandums of understanding to assist in comprehensive supervision;
(4) Consulting - Advising the government on monetary, regulatory and cooperative matters.
Regulatory Objectives
(1) Act in the best economic interests of the Cayman Islands;
(2) To promote and maintain a sound financial system in the Cayman Islands;
(3) To achieve the optimal allocation of resources;
(4) To formulate generally accepted principles of good corporate governance;
(5) work to promote and enhance market confidence, protect consumers and the reputation of the Cayman Islands as a financial centre;
(6) Reduce the possibility of money laundering or other crimes through financial services business;
(7) Recognizing the international nature of financial services/markets, while complying with relevant international standards, providing consumers and suppliers with the possibility of necessary competition;
(8) Burdens or restrictions should be commensurate with their expected benefits; recognize the desirability of promoting innovation in financial services operations; be transparent and fair.

Licence application

1. Application Requirements

2. Application duration: dealers reported that the license application time is about 4 months

Application Fee

The fees for foreign exchange licenses are different, as follows:

License Type

Type of license and scope of business:

Regulatory Rules

Regulatory Inquiries

CIMA's regulatory areas include banking, insurance, trust, corporate services, investment funds, securities, etc.:
Regulatory inquiry process:
Method 1: Use the link below to directly enter the securities investment industry license database, drop down to the list of “List of Entities”, and click to query.
Link: https://www.cima.ky/securities-statistics
Drop down to the list list "List of Entities" Screenshot Reference:

Method 2:
The first step is to log in to the website: https://www.cima.ky/search-entities-cima (requires overcoming the wall)
Step 2 After entering the company name in the search box, click the submit button "SUBMIT".

Step 3 Check that there is "Securities" under "TYPE" in the type column.

Method three
The first step is to log on to the official website of Cayman CIMA: https://www.cima.ky
The second step is to select the regulated sector "Regulated Sectors", then select the securities "Securities", and then click on the data "Statistics".

Step 3 Slide the mouse to the "List of Entities" list and click to view the file.

Step 4 Finally, you can search the company in the PDF file (you can use Ctrl+F to search).

Regulatory complaints

When you are not satisfied with your investment, you can file a complaint in 2 steps:
Step 1. First complain to the foreign exchange dealer
If you have a complaint, the best way is to contact the Forex dealer directly.
Note: Cayman CIMA requires every company to have a complaint handling system:
1. A complete record of the complaint, including the main register;
2. All complaints must be replied in writing within 14 days.
Step 2. If you are not satisfied with the transaction result of the dealer, you can file a complaint with Cayman CIMA
Three ways to file a CIMA complaint:
1. Online complaints: https://www.cima.ky/complaints-procedure (requires overcoming the wall)
2. Address for complaint letters: Eden House, Elizabethan Square, 80 Shedden Road, George Town, Grand Cayman
3. Complain by letter: P.O. Box 10052Grand Cayman KY1-1001Cayman Islands
Note: Cayman CIMA will notify within 5 working days of receipt of a complaint.
The screenshot of the online complaint is as follows:

Example of punishment

Related Links

Cayman Islands Companies Registry: http://www.caymanregistry.com/
SEC: https://www.sec.gov/litigation.shtml
Federal Deposit Insurance Corporation: https://www.sec.gov/litigation.shtml
Cayman CIMA complaint link: https://www.cima.ky/complaints-procedure

Contact information

Phone: 1 (345) 949-7089
Fax: 1 (345) 949-2532
Address: Cayman Islands Monetary Authority, PO Box 10052 80 Shedden Road, Elizabethan Square, Grand Cayman KY1-1001, CAYMAN ISLANDS
Email: [email protected]
Office hours: 8:30 - 17:00 (Cayman time, Monday to Friday, excluding holidays)

Relevant Navigation

No comments

No comments...