Regulatory Aid for Banking Industry (2020-04-01)

Summary

This is a short notice issued by the Cayman Islands Monetary Authority (CIMA) on 1 April 2020, during the early stages of the COVID-19 pandemic, offering regulatory assistance to banking licensees and registrants facing operational disruptions.

CIMA invites banks, particularly those providing essential retail services to the local community, to contact named senior CIMA officials -- the Head of Banking Supervision, the Managing Director, and the Deputy Managing Director - Supervision -- if they need help with regulatory ratios, filing requirements, or other regulatory matters, which will be considered case by case.

• Extensions for filing regulatory returns
• Waived fees for such extensions
• Acceptance of alternatives to notarised documents

This is an informational and voluntary support notice rather than a binding rule change: it does not impose new compliance duties on banks, but signals CIMA's willingness to grant forbearance and accommodate difficulties on request.

Applies to

banking licensees, registrants