Cayman Islands Monetary Authority (CIMA) Governance Structure

The Cayman Islands Monetary Authority (CIMA) is governed by a robust framework that outlines clear roles and responsibilities for decision-making, oversight, and operational management. This article provides an overview of the CIMA’s governance structure.

Governance Structure

Board of Directors

• The CIMA Board is responsible for overseeing the authority.
• The Board has ultimate responsibility for strategic direction and decision-making.

Executive Committee

• Comprises local Directors who assist the Board in making decisions.
• A quorum of three local Directors is required to make decisions.

Decision-Making Authority

The CIMA’s decision-making authority is distributed among various committees:

• Board or Executive Committee: Makes enforcement decisions with some exceptions (e.g., matters related to MLRO/DMLRO).
• Management Committee (MC): Provides input on enforcement decisions and has delegated powers for licensing, supervisory, and other tasks.
  • Decisions made by the MC are deemed to be decisions of the Board.

Management Committee

The MC is responsible for operational decision-making:

• Comprises:
  • Managing Director
  • Deputy Managing Director
  • Legal Counsel
  • Heads of Regulatory Divisions
  • Up to two additional senior officers designated by the Managing Director with Board approval.
• A quorum requires at least two Heads of Regulatory Divisions plus the Chairperson (Managing Director).

Sub-committees

The Board may establish sub-committees to assist in exercising its management functions:

• No sub-committees have been established yet, but their responsibilities would include:
  • Reviewing financial position
  • Audit processes
  • Regulatory matters