CIMA Signs MOU with FSA Successor Agencies (2017-10-17)

Summary

This is a short informational notice from CIMA announcing that it has signed new Memoranda of Understanding (MoU) with the UK's Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the successor agencies to the UK Financial Services Authority (FSA) following the UK's Financial Services Act 2012 taking effect.

• PRA: Prudential supervision of deposit takers, insurers and significant investment firms.
• FCA: Conduct regulation and prudential regulation of firms not covered by the PRA.
• Bank of England: Systemically important market infrastructure and its central bank/resolution functions.

The prior MoU between CIMA and the FSA automatically ceased, and the new MoU arrangements between CIMA and the PRA/FCA took effect automatically on 1 April 2013. This is purely an inter-regulator cooperation arrangement concerning information sharing and supervisory cooperation between CIMA and its UK counterparts; it does not itself impose direct compliance requirements on Cayman Islands licensees or regulated entities.

Deadlines

• 1 April, 2013: Prior MoU between CIMA and the FSA automatically ceases, and the new MoU between CIMA, the PRA and the FCA automatically takes effect.