OF THE LIST
Cayman’s strength has
always been the healthy
dialogue between the
authorities and industry,
something the Cayman
Islands Funds Administrators
Association is keen to
ensure endures the tests of
time, says Timothy Rossiter,
20 CAYMAN FUNDS | 2019
the body’s chair.
Regulation remains at the top of the agenda for the
Cayman Islands Funds Administrators Association
(CIFAA), the body that represents fund administrators on
Cayman, according to Timothy Rossiter, the body’s chair.
He says that as the number of regulations and their scope continue
to increase, it is essential that CIFAA ensures the concerns of its
members are heard.
“How to help our clients handle the increasing amount and scope
of regulation, both locally and globally, remains top of our agenda,”
The CIFAA represents its members in two ways: by facilitating a
channel of communication between its members and the authorities—
notably the Cayman government and the Cayman Islands Monetary
Authority (CIMA)—and by providing a forum for the exchange of
ideas between fund administrators while also promoting their work
“We continue to work closely with the Cayman Islands
government and CIMA to help ensure regulation is proportionate
and appropriate. We think that a significant amount of success of
the jurisdiction has been the collaboration between industry and
government, as we all want Cayman to retain its status as the preeminent
funds jurisdiction, and pragmatic regulation is a key part of
that,” he adds.
“CIFAA works alongside other representative bodies to achieve
these aims, including the Cayman Islands Chamber of Commerce,
AIMA Cayman and Cayman Finance, to make working in fund
administration industry as easy as possible and encourage our
members to expand their employee footprint in Cayman.”
Some of the main issues on the agenda include the implementation of
new economic substance requirements and revisions to anti-money
laundering (AML) regulations. A new report by the Caribbean Financial
Action Task Force (CFATF) has suggested that further changes may
be required and the industry is waiting to see how the government
responds to this.
“The industry is feeling its way through the implementation of these
regulatory changes and the implications of the CFATF report. In fact,
the CFATF report was not nearly as bad as some feared but dialogue
is now needed to establish if any further regulatory changes will be
made,” Rossiter explains.
In addition to these, further iterations are being made to the
Securities Investment Business Law, which could have a knock-on
effect to some of the other activities of fund administrators.
“For us, it is about monitoring the legislative programme and
giving appropriate advice based on feedback from our members,”