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Ministry Presents Annual Reports for Statutory Authorities in the LA

The Ministry of Financial Services presented annual reports for the Auditors Oversight Authority (AOA), Cayman Islands Stock Exchange Ltd (CSX) and the Cayman Islands Monetary Authority (CIMA) to the Legislative Assembly, which started on Wednesday, 24 July.

The reports and financial statements for the three statutory authorities were tabled on Wednesday, as part of the sixth meeting of the LA’s 2018-2019 session, in accordance with the Public Management & Finance Law (2018 Revision), with the fiscal year for each authority ending on 31 December 2018.

The Auditor General issued unqualified opinions after completing audits of their financial statements. The unqualified opinions essentially mean that the Auditor General has determined the financial positions of each authority have been fairly presented.

‘The reports detail the important contributions these authorities make to the regulation of our financial services industry’, Financial Services Minister Tara Rivers said. ‘Their efforts add positively to the reputation of the Cayman Islands as a leading international financial centre that caters to sound business’.

The AOA report details the authority’s latest enforcement efforts, its representation at the annual plenary meeting held by the global governing body for audit regulators, its collaborative work with European Union counterparts, its ongoing engagement with local stakeholders and the search for a Caymanian managing director, as the current director is set to retire next month.

The CSX report shows the exchange declared and paid a dividend of CI$820,000 to the Cayman Islands Government for the financial year.

The CIMA report speaks to the authority’s financial performance, its regulatory work to improve the banking sector and to enhance Cayman’s anti-money laundering and counter-financing of terrorism regime, its statistical overview of various financial services industry sectors, its engagement with international bodies, its efforts to hire additional staff, and its supervisory work for affected entities.

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