Why is the firm incorporated in the Cayman Islands?
The Cayman Islands are a major international financial center. The biggest sectors are banking, hedge fund formation, structured finance and securitization, captive insurance, and general corporate activities. Regulation and supervision of the financial services industry is the responsibility of the Cayman Islands Monetary Authority (CIMA). The Cayman Islands are the fifth-largest banking center in the world with $1.5 trillion in banking liabilities. They are home to 279 banks, 19 of which are licensed to conduct banking activities with domestic (Cayman based) and international clients, the remaining 260 are licensed to operate on an international basis with only limited domestic activity. One reason for the Cayman Islands’ success as an offshore financial centre has been the concentration of top-quality service providers. These include leading global financial institutions, over 80 administrators, leading accountancy practices, and offshore law practices.
Related Questions
- As part of FINRA rulebook consolidation, Incorporated NYSE Rule 392 was deleted from the FINRA rulebook. Does this mean that my firm no longer has any obligations under NYSE rules?
- How is mutual respect and an understanding of multiple cultures incorporated into the practices at the firm?
- What is Tech Prep and how is it incorporated into the CALC design?
