1. “Looking Forward, (No) Looking Back”
The Cayman Islands Perspective
FRANCINE BRYCE, SENIOR ASSOCIATE
HIGGS & JOHNSON COUNSEL & ATTORNEYS-AT-LAW THE NASSAU CONFERENCE | OCTOBER 2017

2. WHO ARE WE & WHAT DO WE DO?
HOW DO WE DO IT?
HAS IT WORKED?
CAYMAN AS AN IFC
CONCLUSION

3. WHO ARE WE & WHAT DO WE DO?

4. THE CAYMAN ISLANDS FINANCIAL SERVICES INDUSTRY
Excellence. Innovation. Balance.

5. The Cayman Island is “a premier global financial hub, connecting law-abiding users and providers of capital and financing around the world – benefitting both developed and developing countries”
Cayman Finance, 2017

6. TOP SPECIALISED FINANCIAL CENTRE
#1 HEDGE FUND JURISDICTION
TOP OFFSHORE CAPTIVE DOMICILE

7. SUCCESS FACTORS 1 2 3 4 5 6 7 8 9 10 11 Clients
Stable economic and political climate 3
Government commitment and partnership with private sector 4
Legislative and regulatory framework 5
Strong court system 6
World-class professionals 7
Marketing Position 8
Geographical location 9
Integrity 10
No controls or currency regulation 11
No direct taxation

8. HOW DO WE DO IT? 01
Understanding our role in International Finance 02
Understanding our responsibility in the global market place 03
Understanding how to create value

9. UNDERSTANDING OUR ROLE IN INTERNATIONAL FINANCE
Cayman plays an important and major role in the global economy.
US= the largest source of foreign direct investment.
UK = sovereign power
Cayman fund structures will often have fund managers from London or New York

10. UNDERSTANDING OUR RESPONSIBILITY IN THE GLOBAL MARKETPLACE
 Global Standards
Financial regulation
Global regulatory standards (relating to tax information exchange) and
Cross border co-operation on money laundering and terrorist financing

11. UNDERSTANDING OUR RESPONSIBILITY IN THE GLOBAL MARKETPLACE
 There are rules. That’s certain.
Pragmatic approach
Accepting appropriate global standards
Striking a balance

12. UNDERSTANDING HOW TO CREATE VALUE
Developing innovative new products and services to obtain strategic objectives and a competitive advantage e.g. The Limited Liability Company (LLC’s) and Foundations.

13. RECENT DEVELOPMENTS 1. Banking - “De-risking” threat
“…the challenge for many countries is not the legal framework but rather the implementation of the framework.” IMF MD Christine Lagarde
Initiatives
Eastern Caribbean
CARICOM
Cayman Islands

14. RECENT DEVELOPMENTS 2. Legislative Changes
Trademark Law and other IP related laws
The Companies (Amendment) Law, 2017 and Beneficial Ownership (Companies) Regulations, 2017
Non-Profit Organisations Law, 2017
Tax Information Authority (International tax Compliance) Common Reporting Standard (Amendment) Regulations, 2016
Data Protection Law 
[BEPs FATCA, CRS…]

15. CAYMAN’S POSITION
Importance of cross-border co-operation and information exchange
The introduction of sensible and balanced regulation that is pro-business and relevant
Proportionality of regulations
Protecting and preserving the fundamental rights to privacy of financial information. The focus on privacy, not secrecy
Constructive engagement on international issues based on equity, fair competition, transparency and non-discrimination

16. CONCLUSION Lessons to be learnt – The Bahamas/Cayman Islands
Future of IFCs

17. FRANCINE BRYCE SENIOR ASSOCIATE