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Frequently Asked Questions
What is CIMA?
CIMA is the regulatory authority in the Cayman Islands responsible for supervising and regulating the financial services industry. Its primary objectives include safeguarding the integrity of the Cayman Islands’ financial sector, protecting investors, and ensuring compliance with international standards.
What types of brokers does CIMA regulate?
CIMA regulates various types of brokers and financial service providers operating in the Cayman Islands. This includes securities brokers, investment managers, mutual fund administrators, and other entities engaged in financial services activities.
How can a broker obtain a license from CIMA?
To operate as a broker in the Cayman Islands, an entity must apply for a license from CIMA. The specific application requirements and process may vary depending on the type of broker. Generally, the application process involves submitting detailed information about the business, its owners and directors, compliance policies and procedures, financial statements, and other relevant documentation. CIMA will review the application and assess the entity’s suitability for a license.
What are the requirements for brokers regulated by CIMA?
Brokers regulated by CIMA must meet certain requirements, which may include:
- Demonstrating financial soundness and stability
- Employing fit and proper individuals as directors and key personnel
- Implementing effective systems and controls for risk management and compliance
- Complying with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations
- Maintaining proper books and records
- Adhering to client asset protection requirements
- Reporting obligations to CIMA