New Rule on Regulatory Reporting Standards Issued (2017-10-17)

Summary

This is a general industry notice from the Cayman Islands Monetary Authority (CIMA) announcing that it had issued a new rule titled the 'Rule on Regulatory Reporting Standards' (the 'Rule'). Although the notice appears on CIMA's website with a 2017 publication date, the text itself describes the original 2011 announcement of the Rule, including its gazettal and effective date of 1 August 2011.

The Rule was introduced in response to a 2005 IMF assessment of Cayman's financial sector supervision, which recommended that CIMA be able to impose administrative fines for late or erroneous regulatory filings, since accurate and timely reporting is central to CIMA's supervisory functions.

• International alignment: The Rule aligns CIMA's practices with international standards, including Basel Core Principle 21, IAIS Insurance Core Principle 12, and IOSCO Principle 9.
• Scope of application: The Rule applies to regulatory reports due from 1 August 2011 onwards, including reports originally due earlier but for which a firm received an extension pushing the deadline past that date.

The notice itself is primarily informational, alerting regulated entities to the existence and effective date of the Rule, and directs readers to CIMA's Index of Measures page for the full text of the Rule.

Key obligations

• Regulated entities must submit accurate and timely regulatory reports to CIMA, as the Rule empowers CIMA to impose administrative fines for late or erroneous filings.
• Firms with an extended filing deadline that falls on or after 1 August 2011 remain subject to the Rule even if the original report was due before that date.

Applies to

regulated entities (CIMA licensees required to file regulatory reports)

Deadlines

• 1 August 2011: Effective date of the Rule on Regulatory Reporting Standards; the Rule applies to reports due from this date onwards.