As part of its business continuity plans during the coronavirus (COVID-19) pandemic, the Ministry of Financial Services held a virtual meeting with heads and delegates of financial services industry associations in the Cayman Islands on Tuesday, 31 March.
The Ministry facilitated a panel discussion with representatives from the Department for Financial Services Policy and Legislation, the Registrar of Companies, the Department for International Tax Cooperation, and Cayman's financial services regulator, the Cayman Islands Monetary Authority (CIMA), all providing departmental updates and other updates on their specific areas of expertise.
'The Government appreciates how important the financial services sector is to the Cayman Islands. We felt it was a good time to engage directly with industry associations to remind them of the work that the Ministry and related departments are doing presently, and to hear any feedback or concerns industry may have at this time. This regular dialogue, which is in keeping with the Ministry's programme of quarterly industry updates, will help to assist the Government with our short, medium, and long-term planning in the face of this pandemic', Financial Services Minister Tara Rivers said.
'Ultimately, we have the same goal in mind: which is to work together to support the local financial services industry that employs thousands of Caymanians and residents; to maintain clients' confidence; to attract new business; and to ensure that the Cayman Islands continues to be a leading global financial centre, which benefits our people locally by providing jobs and incomes, during these unprecedented times and well into the future', she said.
Presentations were made on the various Ministry-related business continuity plans, as well as those in place by other areas of the Cayman Islands Government that directly affect the financial services industry; along with updates on the local and international engagement efforts.
Over 15 associations made representations on the economic impact of COVID-19 on their members' businesses. Association representatives expressed their appreciation, and were encouraged to inform their membership of Government's efforts to date. The Ministry will continue to work with industry to formulate further opportunities for dialog between the public and private sector.
The Government has already undertaken a number of measures to help the financial services industry address administrative challenges such as extending the deadline for industry feedback on ongoing consultations, deferring annual fees and filing deadlines, and extending the Economic Substance Notification filings.
For more information on the Ministry's initiatives, visit www.mfs.ky. An overview of CIMA's measures can be found on their website.
To learn about the Cayman Islands Government's response to COVID-19, please visit www.gov.ky/coronavirus and hsa.ky/public-health/coronavirus.
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