Deputy Head of the Investments and Securities Division of the Cayman Islands Monetary Authority (CIMA), Ms. Heather Smith, has been appointed as Head of the Division, following the resignation of substantive Head, Mrs. Yolanda McCoy.

Ms. Smith has over fifteen years of experience in the financial services industry, and was appointed to the post of Deputy Head at CIMA on 1 November 2006. She earned a Bachelor of Science degree in Business Economics, as well as the Associate of the Securities Institute and Certified Anti-money Laundering Specialist qualifications.

As Deputy Head, her primary responsibility was overseeing the licensing, regulation and supervisory process for mutual funds, mutual fund administrators and entities conducting securities and investment business under the Securities Investment Business Law and the Mutual Funds Law, and to ensure that such firms also comply with their ongoing obligations under the Money Laundering Regulations and the Proceeds of Crime Law.

Her new appointment as Head becomes effective on 1 June 2014. In this capacity, Ms. Smith will have responsibility for the authorisation and supervision of regulated hedge funds, fund administrators and securities investment companies in the Cayman Islands, and for directing a programme of continuous monitoring and inspection of licensed fund administrators and securities investment companies.

Managing Director, Mrs. Cindy Scotland, expressed appreciation to Mrs. McCoy for her service to the Authority. She said, “We thank Yolanda for the years which she has given to CIMA, and wish her well in this new phase of her career. We know that Heather is well prepared to assume the responsibilities of Head. She has the requisite training, experience and industry exposure, and has represented the Authority very competently in her substantive post. We are also extremely pleased to be able to appoint another young Caymanian to this role.”