Senior members of the Cayman Islands Monetary Authority met with the Executive Committee of the Cayman Islands Company Managers Association at a luncheon at Grand Old House recently.
Similar meetings are held every year during which the association and the authority have the opportunity to discuss matters concerning the regulation and operation of the company management sector of the Islands financial services industry.Among other matters affecting the industry, one particularly important development discussed with CIMA was the association's decision to admit licensed trust companies to membership, states a press release.Previously, membership in the association was restricted to Company Management License holders. The decision to allow trust companies to join was in recognition of the fact that large numbers of Cayman Islands registered companies are administered by trust companies.The recognized association in the Cayman Islands for trust matters is the Society of Trust and Estate Practitioners.However that association concentrates mainly on trust matters and is open to individual personal membership rather than corporate membership. CICMA focuses on the promotion of company management activity in the Cayman Islands as well as regulation and membership is only open to licensed entities so that matters discussed tend to concentrate on subjects affecting the licensees themselves.
The representatives of CIMA said they welcomed such a development since it would facilitate the oversight of and communication with the company management sector if all license holders, whether company managers or trust companies, had the opportunity to interact with one another and CIMA through a single organization.