A meeting of the Cabinet was convened on Thursday, 14th November, 2024 in the Cabinet Conference
Room, Government Administration Building.

All Ministers and Members of Cabinet were present.

At this meeting Cabinet:

Confirmed approval granted by circulation on 8th November 2024 pursuant to section 29(1)(b) of
the Public Management and Finance Act (2020 Revision) for the publication of the Unaudited
Quarterly Financial Report for the nine-month period ended 30th September 2024;

Approved an application to register Articles of Clerkship in accordance with regulation 16(b) of the
Legal Practitioners (Students) Regulations (2018 Revision);

Approved pursuant to sections 11(5) and 11(6) of the Public Management and Finance Act (2020
Revision) to decrease the 2024 FED 1 – Policy Advice and Ministerial Services appropriation by
$88,324, to increase the 2024 OE 54 – Caribbean Catastrophe Risk Insurance Facility – Annual
Premium appropriation by $31,045 and to increase the 2024 OE 9 – Caribbean Economic
Community (CARICOM) Fees appropriation by $57,279;

Approved a one-time grant to Truth for Youth School, pursuant to sections 11(5) and 11(6) of the
Public Management and Finance Act (2020 Revision) for the increase of TP 51 – Other
Educational and Training Assistance by CI$100,000;

Approved pursuant to sections 11(5) and 11(6) of the Public Management and Finance Act (2020
Revision) to decrease EI 46 – University College of the Cayman Islands by CI$480,000 and to
increase CCO 1 – Teaching of Tertiary Level, Professional and Vocational Programmes by
CI$480,000;

Approved the presentation of the following Bills to the House of Parliament: Companies
(Amendment and Validation) Bill, 2024; Exempted Limited Partnership (Amendment and
Validation) Bill, 2024; Limited Liability Companies (Amendment and Validation) Bill, 2024;
Limited Liability Partnership (Amendment and Validation) Bill, 2024; Partnership (Amendment
and Validation) Bill, 2024; Monetary Authority (Amendment and Validation) Bill, 2024; Insurance
(Amendment and Validation) Bill, 2024; Companies Management (Amendment) Bill, 2024;
Securities Investment Business (Amendment and Validation) Bill, 2024; Mutual Funds
(Amendment and Validation) Bill, 2024; Private Funds (Amendment and Validation) Bill, 2024;
and Banks and Trust Companies (Amendment) Bill, 2024;

Approved the presentation of the Virtual Asset (Service Providers) (Amendment) Bill, 2024 to the
House of Parliament;

Approved the publication in the Gazette of the Beneficial Ownership Transparency (Access
Restriction) Regulations, 2024;

Approved the issuance of drafting instructions to prepare regulations to give effect to incentives
offered to micro and small businesses as per section 40(2)(c) of the Trade and Business Licensing
Act (2021 Revision);

Approved the issuance of drafting instructions to amend the Securities Investment Business Act
(2020 Revision);

In relation to the Board of Directors of the Special Economic Zones Authority:

o Accepted the resignation of Elkie Rose as Member of the Board and expressed
appreciation for service;
o Approved the re-appointment of Arikka Farley as a Member of the Board; and
o Approved the appointment of Frank Balderamos and Dean Lynee as Members of the
Board;

Approved the re-appointment of the following persons to the Board of Directors of the Cayman
Islands Government Asia Office: Winston Connolly – Chair; Donnell Dixon – Deputy Chair;
Ebony Myles-Berry – Director; Dr. Dax Basdeo – Director; and Robin Yoo – Director;

Reviewed and noted that the Ministry of Financial Services and Commerce’s Annual Report and
Audited Financial Statements for the year ended 31st December 2023 and authorised its
presentation to Parliament, pursuant to section 44(6) of the Public Management and Finance Act
(2020 Revision);

Approved pursuant to sections 11(5) and 11(6) of the Public Management and Finance Act (2020
Revision) to increase TP 119 – Community Development Initiative by CI$150,000;

Noted the Cayman Islands’ First Quarter Economic Report 2024;

Noted the Cayman Islands’ Quarterly Trade Statistics Bulletin: April to June 2024;

Noted the Cayman Islands’ Quality of Life Survey Report: Spring 2024; and

Noted the Cayman Islands’ Compendium of Statistics 2023.

Published by the Cabinet Office on Wednesday, 4th December, 2024.

Guidance Notes:

Post meeting summaries will be published by the Cabinet Office following confirmation of the. Minutes.

Only a summary of the decisions will be published.

Cabinet discussions will not be disclosed.

Summaries of decisions of a sensitive nature, matters of national security, those where publication
breaches regional or international conventions and those relating to personal privacy will not be
disclosed.

Post meeting summaries will be available on gov.ky and the Cayman Islands Government’s digital
channels.