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Structure and Functionality of Cayman Islands Monetary Authority Committees

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The Cayman Islands Monetary Authority (CIMA) has a well-defined structure and committee system to ensure effective management and regulation. This section outlines the roles, responsibilities, and functions of the Board, Executive Committee, Management Committee (MC), and sub-committees.

The Board

The Board is responsible for making key decisions related to licensing and supervision. It operates under a Code of Conduct and Conflict of Interest Code to ensure ethical decision-making. In some cases, the Board has delegated responsibilities to the MC and Regulatory Divisions.

Key Responsibilities:

  • Making certain decisions related to licensing and supervision
  • Subject to a Code of Conduct and Conflict of Interest Code
  • Delegating responsibilities to the MC and Regulatory Divisions

Executive Committee

The Executive Committee is comprised of locally based Authority Directors, including the Chairman and Deputy Chairman. A quorum requires three local Directors. This committee plays a crucial role in making decisions related to enforcement actions, except in certain cases.

Key Responsibilities:

  • Comprised of locally based Authority Directors, including the Chairman and Deputy Chairman
  • A quorum requires three local Directors
  • Responsible for making decisions related to enforcement actions, except in certain cases

Management Committee (MC)

The MC is responsible for performing operational decision-making and considering issues that impact the Authority. It is comprised of the Managing Director as Chairperson, Deputy Managing Director, Legal Counsel, and Heads of Regulatory Divisions.

Key Responsibilities:

  • Comprised of the Managing Director as Chairperson, Deputy Managing Director, Legal Counsel, and Heads of Regulatory Divisions
  • A quorum requires at least two Heads of Regulatory Divisions plus the Chairperson
  • Responsible for performing operational decision-making and considering issues that impact the Authority

Sub-committees

The Board may appoint sub-committees to assist in exercising its management functions. These committees are responsible for reviewing various aspects, including:

Key Responsibilities:

  • Reviewing financial position
  • Reporting process
  • Internal control
  • Audit process
  • Mission
  • Goals
  • Strategic plan
  • New regulatory policies
  • Relationships with other organizations
  • Legal and legislative matters