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Cayman Islands Introduces Online Regulatory Filing

by Mike Godfrey, Lowtax.net, Washington
01 January, 2015

Entities regulated by the Cayman Islands Monetary Authority (CIMA) will soon be able to submit accounts, file changes, and apply for licenses online.

CIMA's new IT system, REEFS (Regulatory Enhanced Electronic Forms Submission), will go live from the beginning of 2015, but electronic payment processing will not be introduced until the middle of 2015.

The move to online filing will be gradual, but eventually all paper-based application processes will be replaced with online filing. The first phase of this new process will begin on January 5, 2015, for entities who must submit information to CIMA's Insurance Supervision and Fiduciary Services divisions.

Persons filing financial returns, change requests, and new license applications with the Banking Supervision and the Investments and Securities divisions will then be added during the second phase of the project.

CIMA Managing Director, Cindy Scotland, said, "This is part of the Authority's effort to enhance the licensing and registration process for our licensees and registrants, as well as to increase internal efficiency. Online filing will improve our data collection considerably."

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