The Cayman Islands have announced new lockdown measures to combat the COVID-19 pandemic and this required its competent authorities to take necessary action to remain operational. We outline some of the key measures below.
The Cayman Islands Monetary Authority (CIMA) issued a notice on 14 March 2020 announcing implementation of its business continuity plan which includes comprehensive provisions for key staff to work remotely through a secure platform.
All businesses dealing with CIMA will be required to make submissions electronically and to utilise available audio and video conferencing to conduct international meetings in which CIMA is required to participate.
CIMA’s notice can be found here.
Ministry of Financial Services
Cayman’s Ministry of Financial Services issued an industry advisory on 17 March 2020 stating that in accordance with wider Cayman Islands Government policy, the Ministry is utilising remote working capabilities and a shift-based approach to working hours for staff.
The creation of necessary financial services legislation, through the Department of Financial Services Policy and Legislation; the functionality of tax-related portals, through the Department of International Tax Cooperation; and the registration of company details and vital statistics, through the General Registry, will continue with minimal disruption. The Industry Advisory can be found here.
Registrar of Companies / CORIS
The Registrar of Companies issued an announcement on 17 March 2020 that it is expected to continue operations with minimal disruption during the pandemic. It has already notified its CORIS (Cayman Online Registry Information System) and CAP (Corporate Administration Platform) business portal users of slight tweaks in accessing the systems. Essentially, access will only be affected if there is a change in the user’s internet connection. Users who are using VPN connections to their offices will have full access to CAP and CORIS. In addition, CORIS will be accessible within the Islands via a DSL connection. The Registrar operates within Government’s General Registry department and the other functions carried on by the department will shift to internet-based processes at this time. The Industry Advisory can be found here.
Department for International Tax Cooperation
The Department for International Tax Cooperation (DITC) has contacted all external service providers to confirm coronavirus contingency plans and obtain assurances of continuity of service. The DITC does not currently propose to make any changes to previously announced deadlines. However, the DITC is monitoring the international landscape carefully and will consider any appropriate adjustments in the event that applicable international deadlines are modified. The Industry Advisory can be found here.