As legislation from the United States, known as the Foreign Account Tax Compliance Act (FATCA), starts to impact financial services institutions in the Cayman Islands, Cayman Finance, together with the Cayman Islands Government’s Ministry for Financial Services, are holding a seminar they anticipate should answer some of the many outstanding questions the financial services industry and any other interested parties may have on the subject.

To be held on Thursday 27 June at the Westin Casuarina Resort, the half day seminar starts at 8:00 am for breakfast and registration and will be opened by Cayman Finance CEO, Gonzalo Jalles. The main event will begin at 8:30 am and will feature presentations by key professionals within Cayman’s financial services industry, as well as international speakers.

Dr Dax Basdeo, Chief Officer with the Ministry for Financial Services, will give an update on the intergovernmental negotiations that led to the Cayman Islands Government’s announcement earlier this year that it intends to sign a Model 1 IGA with the US Government.

“Current international events are moving rapidly with respect to exchange of information.  It is important for industry to understand this context and the implications for their business,” Dr Basdeo said. “We believe once people understand the terms fully, they will see the positive connotations for the Cayman financial service industry.”

Attorneys Martin Livingston from Maples and Calder and Steven L. Cantor from Cantor & Webb P.A. will then present on issues such as identifying exactly what is a US account, as well as looking at key implications for the industry from the perspective of trusts, funds, structured finance, and securitisation vehicles.

Paul Eldridge from Price Waterhouse Coopers will then give an overview of the FATCA registration process and give an insight as to how FATCA will impact the insurance industry, as well as individuals. Time at the end of both these sessions will be provided for Q&A. The seminar will close at 12.30 pm.

Mr Jalles says working in tandem with the Ministry for Financial Services means a cohesive and united approach for the industry on this issue.

“This is an excellent opportunity to understand the current regulatory situation in Cayman.  FATCA has introduced a significant amount of new procedures for our financial services industry, and Cayman Finance is delighted to work alongside the Ministry in order to update everyone concerned, so they may meet these new requirements as smoothly as possible and with the least amount of interruption to business,” he confirmed. “The day will include discussions on other similar initiatives to exchange information automatically, and we urge all interested parties to attend and acquaint themselves on the importance of it all.”

There will be small registration fee of US$50 for Cayman Finance members and US$100 for non-members.  Registration is open online at www.caymanfinance.ky.