Industry Advisory of Fee Changes (2017-10-17)

Summary

This is a short industry notice issued by CIMA (via the Cayman Islands Government/Ministry of Finance) in October 2017 alerting industry that a number of legislative amendments and regulations affecting fees were about to be gazetted, with copies already circulated to trade associations for distribution to members. Because publication of the amendments in the Gazette had been delayed, the notice sets out interim guidance on what firms should pay in the meantime.

• Minimum payment: Firms must pay, at a minimum, the 2012 fee amounts by the applicable statutory deadline.
• Balance due: Any difference between the 2012 and 2013 fee amounts is due by 15 February.
• Penalties: CIMA will begin assessing penalties on outstanding annual fees starting 16 February.
• Scope: The notice appears to relate to an annual fee cycle from several years prior to its stated publication date, and does not specify which particular licence categories or regulatory laws are affected beyond referring generally to 'firms' and 'industry'.

This is a brief, informational/transitional advisory rather than a standalone piece of legislation; it directs readers to contact the Ministry of Finance's Marketing and Communications Unit for further information.

Key obligations

• Firms should pay, at minimum, the 2012 fee amounts by the applicable statutory deadline.
• Firms must pay the difference between the 2012 and 2013 fee amounts by 15 February.
• Firms with outstanding annual fees after 16 February will be subject to CIMA penalty assessments.

Applies to

firms (CIMA-regulated entities paying annual fees)

Deadlines

• 15 February: Deadline for firms to pay the difference between the 2012 and 2013 fee amounts.
• 16 February: CIMA begins assessing penalties on outstanding annual fees.