Jude Scott has been the chief executive officer of Cayman Finance since December 2014 and is a former partner of Ernst & Young and former global CEO of Maples and Calder. He retired as an audit partner in 2008 after spending over 23 years with Ernst & Young where he specialised in the audits of investment funds, banks and insurance companies. Below, Scott introduces the Cayman Report 2017.
The Cayman Islands has long been regarded as a premier global financial hub through client-centric market leadership in prominent financial sectors, and long-standing relationships with sophisticated international clients.
Our financial services industry plays an important role in the global financial market by efficiently connecting law abiding users and providers of investment capital and financing around the world – benefitting developed and developing countries.
In the face of constant pressure on the global regulatory landscape, Cayman has continued to enhance its reputation as a leading international financial centre. Our success has been cemented by our ability to strike the right balance between effective oversight and minimising unnecessary impediments to legitimate business.
Recognising its importance in the global financial economy, the Cayman Islands constantly looks to evolve, anticipate and meet the changing needs of its global clients. The Cayman Islands enables parties from around the world that may have differing laws, regulations, tax structures and customs to benefit from doing business with each other, using Cayman as an efficient and effective global hub.
Integral to the international financial economy, Cayman provides significant benefits to countries around the world and to the smooth operation of global capital markets. In particular, Cayman benefits onshore jurisdictions by facilitating more competitive international trade and enabling effective inward investment to help grow their economies.
There are many factors that determine Cayman’s world class reputation. Among these our strengths include:
• The quality and experience of our professional service providers
• Our appropriate legislative and regulatory framework
• Leading the way in tax transparency and cross border cooperation
• Our innovative approach to developing products and services that benefit the global market
As the world’s second largest captive insurance company domicile and the leading jurisdiction for healthcare captives, Cayman is also a leader in the insurance-linked securities space, meshing expertise in securitisation, insurance and capital markets to create the most innovative structures, addressing the most complex risk scenarios.
The Cayman Islands is also developing into a premier choice for domiciling nontraditional reinsurance companies. Our insurance service providers are known for their responsive and collaborative approach to developing and supporting new client driven products, including captives, ILS and hedge fund and PE backed re/insurance companies.
Overall, Cayman’s financial services industry is strong and firmly positioned for growth. With Cayman Finance working closely with the government, CIMA and other key stakeholders, the jurisdiction will continue to thrive commercially while maintaining its leadership role in global regulatory standards.