New Deputies for CIMA’s Banking, Fiduciary and Insurance Divisions
The Cayman Islands Monetary Authority (CIMA) recently appointed three of its chief analysts to the rank of deputy head of their respective divisions.
Mr. Kenton Tibbetts has been promoted to the post of Deputy Head of Banking; Mrs. Leticia Frederick has been promoted to Deputy Head of Fiduciary Services, while Mr. Pedro Reis has been appointed as the Deputy Head of Insurance.
Together, the three bring 40-plus years of financial industry and regulatory experience to the deputy head level. They also carry specific expertise, including in Basel II capital adequacy framework implementation, captive insurance and trust supervision, and involvement in the work of international regulatory organisations.
CIMA’s Managing Director, Mrs. Cindy Scotland, welcomed the appointments: “Our employees are the essential ingredient that allows CIMA to fulfill its monetary, regulatory, cooperative and advisory functions, helping the Cayman Islands to remain one of the world’s top financial services centres. Leticia, Kenton and Pedro have really enhanced the Authority by the knowledge, skill and dedication that they bring to bear. I am pleased to see staff members of such high calibre being able to move through the ranks into senior management.”
As deputy heads, Mrs. Frederick and Messrs Tibbetts and Reis will contribute to policy development and to the creation of recommendations on legislation, rules and guidelines for industry. They will provide guidance, assistance and supervision of staff in the processing of applications for licences and other authorisations, in ongoing on- and off-site supervision of licensees and registrants, and in the general oversight of their sectors.
Mr. Tibbetts
Mr. Tibbetts joined CIMA’s Banking Division in 2006 as an analyst and was subsequently appointed senior analyst, then chief analyst.
Alongside Head of Banking, Mrs. Reina Ebanks, he has been integrally involved in the oversight and implementation of the Basel II framework that is the set of global capital adequacy standards currently being phased-in for certain Cayman-licensed banks, as well as in the assessment of the newer Basel III framework. He represents the Cayman Islands on the Caribbean Group of Bank Supervisors’ (CGBS) Basel II/III Technical Working Group and is a member of the CIMA-Cayman Islands Bankers Association (CIBA) Basel II Working Group.
Mr. Tibbetts has over 16 years in the financial industry, including 11 in the private sector. He holds a Bachelor and Master of Science in Managerial Controls and Accounting, various certificates in international finance and information & technology, and the Advanced Certificate in Macroeconomics, Offshore Financial Centres and
Mrs. Frederick
Mrs. Frederick joined the Authority as a senior analyst in the Fiduciary Services Division in 2001 and was promoted to chief analyst level in 2005, before being appointed as Deputy to the Head of Fiduciary, Mr. Rohan Bromfield. Recently, she served as deputy chair of the joint CIMA-industry working group developing an appropriate reporting form to capture information on company managers, corporate service providers and trust companies to enhance CIMA’s ongoing supervision of the sector.
Mrs. Frederick is a member of the Society of Trust and Estate Practitioners (STEP) and holds a STEP Diploma in International Trusts Management. She is a Certified Anti-Money Laundering Specialist and member of the Association of Certified Anti-Money Laundering Specialists (ACAMS). She also holds the Advanced Certificate in Macroeconomics, Offshore Financial Centres and the Global Economy from the University College of the Cayman Islands facilitated by Rotman School of Management, University of Toronto. Prior to joining CIMA, Mrs. Frederick worked for four years as a trust officer in the private sector. She graduated from Andrews University with a Bachelor of Science in Sociology.
Mr. Reis
Mr. Reis joined the Insurance Division at CIMA in 2008 as a senior analyst and was later appointed as a chief analyst, before becoming the successful applicant for the deputy head vacancy. As senior and chief analyst he primarily supervised the captive sector. He also represents CIMA at various conferences and serves as an alternate Education Chairman for the Offshore Group of Insurance Supervisors (OGIS), alongside Cayman’s Head of Insurance, Mr. Gordon Rowell.
A former auditor and consultant with over 12 years’ experience in both the financial services industry and the insurance regulatory fields in Cayman and overseas, Mr. Reis holds a Bachelor of Business Administration degree, a master’s in finance and a post-graduation degree in corporate finance. He is also a qualified chartered accountant and is a member of the Cayman Islands Society of Professional Accountants (CISPA).
