Private Sector Oversight
Maples wins legal battle over CIMA’s AML rules
(CNS): In a complex legal ruling, a Grand Court judge has found largely in favour of financial services group, Maples, after it challenged the regulator, CIMA, over new rules surrounding the recording of clients’ details under regulations rolled out in 2020 as part of the enhanced local anti-money laundering regime. The ruling comes against the […]
Minister aims to improve utility provision
(CNS): Infrastructure Minister Jay Ebanks, who has taken over responsibility for OfReg, the beleaguered utilities regulator, has said he wants to ensure its remit is clearly defined and it is empowered to deliver on that remit so that it can improve the utility services delivered by operators. OfReg oversees water, fuels, energy and telecommunications, which […]
Bank violated law over vaccine related data
(CNS): In September 2021, CIBC FirstCaribbean Bank (Cayman) informed its staff that they would be required to prove they were vaccinated against COVID-19 and produce a weekly negative PCR test or go on unpaid leave. However, after two employees complained to the Office of the Ombudsman, the OMB conducted an investigation and found that the […]
Ebanks quits OfReg council, refusing to be ‘seat warmer’
(CNS): Just a few months after George Ebanks was appointed as chair of the Consumer Council, created to advise the Utility Regulation and Competition Office (OfReg) and feed in consumer concerns, the local businessman has resigned, saying he refuses to be a seat warmer and describing the council as a “cheap employee” of the regulator. […]
Consumer Council chair commits to representing people
(CNS): George Ebanks, the chair of the newly established Consumer Council, has told CNS that he is committed to consulting with the public and ensuring their concerns are conveyed to the Utility Regulation and Competition Office (OfReg), which created this new body to protect the rights of consumers. Ebanks said he would not allow the […]
Ministry breached data law with vaccine prize draw
(CNS): As the Office of the Ombudsman (OMB) marks International Data Protection Day this Saturday, it has revealed some of the details of its work this year in that area of its remit, including an own motion investigation (OMI) into a data protection complaint about the government’s “vaccine challenge” event, in which the ministry failed […]
Intertrust to pay $5M CIMA fine for AML failings
(CNS): Intertrust has agreed to pay $5 million to the Cayman Islands Monetary Authority after the courts dismissed its appeal against an administrative fine of over $4.23 million for its failure to meet anti-money laundering regulations. According to a document posted on the Grand Court website last week, the offshore legal and financial services firm […]
OfReg finds consultants for solar market review
(CNS): The Utility Regulation and Competition Office (OfReg) has awarded a CI$78,000 contract to consultants to conduct a ‘Value Of Solar Study’ to help the country move towards its renewable energy goals. OfReg is responsible for regulating the emerging solar sector and this is a small step in the long process towards that aim. In […]
OfReg finds no support for poor fuel quality allegation
(CNS): Allegations posted on social media accusing a local gas station of diluting fuel were immediately investigated by the Utility Regulation and Competition Office (OfReg), which found them to be unfounded. Although no formal complaints were made to the gas station in question, BarCam Esso, or to OfReg, in response to the anonymous complaint, which […]
OfReg ‘surprised’ by PACT policy on green energy
(CNS): Heavily redacted minutes from an OfReg extraordinary board meeting on 2 May show that the utilities regulator was caught off guard by the PACT Government’s recent policy announcement to ensure public ownership of future green energy facilities. CNS has learned that OfReg had also failed to tell the Cabinet about its own plans, after […]
Payments to CPA members increased by Cabinet
(CNS): The Central Planning Authority members will now be getting more money for attending their fortnightly meetings, according to a summary of the Cabinet meeting held on Tuesday, 12 April. There was no indication as to what the members were receiving before this increase but the ministers agreed to up the stipend so that the […]
