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Cayman Islands Monetary Authority

The Cayman Islands Monetary Authority (CIMA) is the primary financial services regulator of the Cayman Islands and supervises its currency board.[2]

The CIMA manages the Cayman Islands currency, regulates and supervises financial services, provides assistance to overseas regulatory authorities and advises the Cayman Islands government on financial-services regulatory matters.

It is a corporation created pursuant to the Cayman Islands Monetary Authority Law (2013 Revision).[3]

History

The Monetary Authority replaced the Cayman Islands Currency Board, which was established by the Currency Law of 1971 and started operations on 1972-5-1.[4] The Currency Board allowed the Cayman Islands to have their own currency, with the Cayman Islands dollar replacing the Jamaican dollar that had been previously in use.[5] The Currency Board was reorganized as CIMA in 1996.[6]

Regulatory framework

  • Banks and lenders
  • Offshore banks
  • Funds and segregated portfolio companies
  • Payment processing services
  • Credit unions

See also

External links

References

  1. CIMA website - Structure and Governance retrieved 2010-03-26^
  2. Cindy Scotland. The Cayman Islands Financial Services Regulatory Framework Mondaq, 7 July 2014^
  3. Cayman Islands Monetary Authority Law (Revised), section 5(1): "There is established an Authority to be called the Cayman Islands Monetary Authority which shall be a body corporate and shall have perpetual succession and a common seal and may sue and be sued in its corporate name."^
  4. Currency Cayman Islands Monetary Authority, retrieved 2025-5-26^
  5. 25th Anniversary of the Cayman Islands Currency Board (Silver) Cayman Islands Monetary Authority, retrieved 2025-5-26^
  6. Edward Li. The Cayman Islands Currency Board and the Cayman Islands Monetary Authority Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise, 2016^