CF_Mag_2015_web-V2

8 Cayman. Moving finance forward.
PREFACE FROM THE MINISTER OF FINANCIAL
SERVICES, COMMERCE AND ENVIRONMENT
Based on our excellent
and continually growing
expertise in areas
including accounting,
law and banking, the
Cayman Islands’ position
as a key jurisdiction
in global financial
services is recognised
by international
governments, regulators,
financial services
media and current
and potential clients,
worldwide.
Backed by strong legislation and
regulation, Cayman maintains its
place as an international financial
centre by being the world leader in
investment funds; the second largest
domicile in the world for captives
(and the number one domicile
for healthcare captives); and by
being one of the world’s leading
jurisdictions for trust and company
management services.
None of these achievements would
have been possible without a strong
partnership between Government
and the private sector, and without
an appropriate relationship with the
Cayman Islands Monetary Authority
– the country’s financial services
regulator.
Each of us upholds the discipline that
ensures prudent checks and balances
upon the business of our jurisdiction;
indeed, that discipline unites us, in
our commitment to excellence. And
for the record, we define excellence
as adhering to, and in some cases,
surpassing international regulatory
standards; and as being innovative in
identifying and addressing the needs
of Cayman’s global client base.
The end result is an attractive, wellregulated
and respected business
environment for global investors.
The numbers tell the story only
for today. In Cayman, our vision
is for our jurisdiction to continue
providing excellent client products
and services in an industry that is
constantly evolving, both in terms of
complexity and standards, and for
which global economic and political
pressures are significant factors.
Working together, Cayman Finance
and the Ministry of Financial
Services provide insight into
Cayman’s current endeavours,
as well as into the future services
that will increase our commercial
appeal and our reputation as a wellregulated
International Financial
Centre. I encourage you to read
through this publication, and I hope
that you will appreciate the various
articles about our longstanding
relationships and earned respect in
global regulatory spheres, and the
key feature contributions covering
our stock exchange, insurance
and other major industry sectors
– because together they present a
comprehensive picture of Cayman’s
strength and initiative.
I also encourage you to read the
articles because I believe you will
be impressed by their quality,
which reflects the standards of the
professionals who have contributed
to the publication. The authors,
who are experts in their particular
areas, represent some of the foremost
minds not just on Cayman’s shores,
but internationally.
In large part we owe Cayman’s
strength as a leading IFC to the
valuable contributions of the
many professionals in our financial
services industry. It is no small
feat that Cayman has attracted
one of the highest concentrations
of professionals, per capita, in the
world. I repeatedly am told by
individuals working in our financial
services industry that they are drawn
by our world-class financial services
infrastructure and innovation; for us,
this is good news, because our ability
to attract persons of such calibre
speaks unequivocally to our future
success as an IFC.
I understand this attraction on a
personal level. Long before I became
the Minister of Financial Services, I
began my decades-long law career as
an articled clerk, and in time became
the chairman of one of Cayman’s
leading law firms. Because of my
background, I am fully aware that
there are many worthy options for
the conducting of global business.
I trust this publication provides a
clear understanding of why investors
around the world, once all of the
benefits are weighed, confidently
choose Cayman.
Hon. Wayne Panton
Minister of Financial Services,
Commerce and Environment