Bush says ‘no’ to more regulation
(CNS): Premier McKeeva Bush slammed the tide of regulation coming from overseas, both from Europe and the United States, which was threatening the financial services community, stating that regulation such as America’s Dodd- Frank Act that makes sweeping changes to the industry was not needed and would only push up costs for industry practitioners. The funds industry had kept Cayman afloat during difficult economic times and his government was proud of the work fund practitioners did, he said.
Providing the welcoming remarks at the Cayman Alternative Investment Summit held this week at The Ritz-Carlton, Bush said that governments in major international markets were pointing towards increasing regulation that would have “significant implications” across jurisdictions.
These implications would be on how investment funds should be structured and domiciled, what tools investment managers would use to achieve capital preservation and growth and how corporate and individual assets would be reported.
“Undoubtedly the time to find improved approaches to impact investors, court new ones and address impending change is now,” he said.
Following a demonstration of the vast amount of paperwork that now made up the Dodd-Frank Act, which stands at 8,843 pages and only 30 per cent complete, Bush said the demonstration highlighted that he shouldn’t listen to those people who told him Cayman needed more regulation.
“Look at Europe and look at our administering power itself, he said. “Prime Minister David Cameron has just cut out 1,000 pages of planning regulation and here they want me to put in more and more. They tell me I must cope; I must do what internationals do in these things. I think it’s time to be practical and do practical things.”
Bush went on to say that he had entities such as KPMG to assist him with business planning and he did not need international bodies in this regard.
“I like to work with KPMG, they can give me good business models; they can check my value for money. I don’t need to go to the United Nations. I don’t need Dodd-Frank. I hope you agree with me,” he said. “Too much is too much.”
With regard to how the Cayman Islands fared since the global economic crisis Bush said that Cayman fared well because of the good governance in place and the likes of good investment managers.
“That’s how we survived,” he confirmed. “We had just enough regulation. Too much is too much – it slows you down, cramps your style and causes governments like mine to have to increase your fees.”
Bush said that thankfully the funds industry had weathered the storm with 10,950 funds approved by the Cayman Islands Monetary Authority as at the end of the third quarter of this year.
“My government is appreciative of the work that is done by the business community for these islands – it has kept these islands afloat. It has given us the standard of living we have and my government is proud of the work you do,” he stated.
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