CIMA Allows Extension for Regulatory Filings (2020-03-25)

Summary

This is a general industry notice issued by the Cayman Islands Monetary Authority (CIMA) on 25 March 2020 in response to the COVID-19 pandemic. It announces that CIMA will grant a one-month extension to filing deadlines for certain regulatory returns that would otherwise fall due through 30 June 2020, referring readers to a separate published list of the specific filings covered by the extension (not included in this text).

The notice also describes related operational adjustments CIMA is making during the pandemic.

• Inspections: CIMA's inspection program will become primarily desk-based with narrowed scope.
• Meetings: Meetings will be conducted by teleconference.
• Postponements: Any postponement of planned reviews will require special dispensation.
• Notarisation: CIMA will accept affidavits or other documents notarised or certified via DocuSign or audio-video technology during this period.

While granting flexibility, CIMA stresses that timely, accurate filing remains essential and encourages licensees and registrants to file before the original deadline where possible, to notify the Authority if an extension is needed, and to use email as the primary means of contacting the Authority during this time.

Key obligations

• Licensees and registrants should notify the Authority where a filing extension is required.
• Licensees and registrants are encouraged to file regulatory returns before the original due date wherever possible.
• Licensees and registrants are reminded to use email as the primary method of contacting the Authority.
• Postponement of planned CIMA inspections/reviews requires obtaining special dispensation from the Authority.

Applies to

licensees, registrants

Deadlines

• through 30 June 2020: One-month extension applies to filing deadlines for some regulatory returns with due dates falling through 30 June 2020 (see CIMA's separate full list of filing extensions).