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The Cayman Islands Monetary Authority (“CIMA”) has recently released a Statement of Guidance (“SOG”) on Outsourcing1 for all regulated entities (excluding regulated mutual funds2, excluded persons under the Securities Investment Business Law (Revised) (“SIBL”) and private trust companies3). The SOG will apply inter alia to, banks, administrators, insurance companies and SIBL entities regulated in the Cayman Islands. It is not intended to be prescriptive, but sets out CIMA’s minimum expectations regarding outsourcing.
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Outsourcing for Regulated Entities: CIMA Guidance
1Defined as “a regulated entity’s use of a third party (either an affiliated entity within a group or an entity that is external to the corporate group) to perform functions or activities on a continuing basis that would normally be undertaken by the regulated entity, now or in the future”.
2As defined in the Mutual Funds Law (Revised).
3As defined in the Private Trust Companies Regulations (Revised).