Director Budiman Effendi Warned for Fitness and Propriety Concerns (2025-02-28)

Summary

This is a Warning Notice issued by the Cayman Islands Monetary Authority (CIMA) to Mr. Budiman Effendi, a director registered under the Directors Registration and Licensing Act, 2014 (as amended). CIMA states it was unable to locate Mr. Effendi despite reasonable efforts and is therefore publishing this notice to give him and interested parties formal notice of proposed regulatory action.

• Proposed finding: CIMA proposes to find Mr. Effendi not fit and proper to perform a controlled function of a regulated entity or to hold the position of a registered director.
• Proposed action: CIMA proposes to cancel his director registration under section 25(2)(a) of the Act.
• Grounds (section 25(1)(a),(b),(d) and (e)): Concerns that he is carrying on business in a manner detrimental to the public interest or to the interests of covered entities, has contravened the Act or its regulations, and is not conducting himself as a fit and proper registered director.

The notice also warns that Mr. Effendi's lack of communication with the Authority may itself be considered in future fitness and propriety assessments relating to him or related registrants, licensees, or directors. This is an individual enforcement notice rather than a rule of general application, so it does not impose obligations on the wider regulated population.

Key obligations

• Mr. Budiman Effendi may make written representations to CIMA (addressed to the Chief Executive Officer) within fourteen (14) days of receiving the Warning Notice if he wishes to contest the proposed action.
• If Mr. Effendi requires an extension of time to make representations, he must submit the extension request within seven (7) days of receiving the Warning Notice.

Applies to

registered directors

Deadlines

• 14 days of receiving this Warning Notice: Deadline for Mr. Budiman Effendi to make written representations to CIMA contesting the proposed finding of unfitness and cancellation of his director registration.
• 7 days of receiving the Warning Notice: Deadline for Mr. Budiman Effendi to submit a request for an extension of the representation period, if needed.