IMF demands more autonomy for CIMA

The IMF has warned the Cayman Islands Monetary Authority (CIMA) that it needs to improve its autonomy as a regulator as well as its enforcement ability, in its latest report on international standards. Although the report said the Cayman Islands complied with international standards with regard to its banking, insurance and securities industries, it highlighted the need for improvement within the CIMA. The main warning to the CIMA by the IMF was the need to increase its operational autonomy. Currently, the CIMA cannot issue or amend rules without the approval of the governor in cabinet...