Privy Council ruling backs CIMA’s power to require information

The Cayman Islands Monetary Authority can require a Cayman-registered company to produce information, even if that company is not licensed by CIMA.

That’s what CIMA leaders take away from a recent Privy Council ruling. 

The Council refused Select Vantage Incorporated permission to appeal a decision of the Cayman Islands court. The matter centers around an Australian regulator seeking information on the company after launching an investigation into possible market manipulation. 

While registered in Cayman, the company was not licensed by CIMA. The ruling mandates that the company must still meet CIMA’s request for information requested by an overseas regulator.