Outsourcing for Regulated Entities: CIMA Guidance

The Cayman Islands Monetary Authority (“CIMA”) has recently released a Statement of Guidance (“SOG”) on Outsourcing for all regulated entities (excluding regulated mutual funds, excluded persons under the Securities Investment Business Law (Revised) (“SIBL”) and private trust companies). The SOG will apply inter alia to, banks, administrators, insurance companies and SIBL entities regulated in the Cayman Islands. It is not intended to be prescriptive, but sets out CIMA’s minimum expectations regarding outsourcing. Read more