Cayman Finance leads global promotion of industry

Published by The Cayman Islands Journal – April 2014

In order to ensure Cayman’s reputation as a high-quality financial services jurisdiction is promoted to as broad an audience as possible, Cayman Finance has undertaken a rigorous program of promotional events across the globe.   The association has also recently launched its own jurisdictional publication and makes regular contributions to other industry journals in a bid to promote understanding of the importance of this jurisdiction within the global economy, writes Cayman Finance CEO Gonzalo Jalles.

These promotional initiatives form part of an effective, multilevel public relations campaign geared toward high-level education to a wider audience.

Fresh approach

New momentum was injected into promoting the Cayman Islands as a top-performing financial services jurisdiction with the signing last year of a Memorandum of Understanding between Cayman Finance and the Cayman Islands government.  Specifically, this MOU serves to solidify the dialogue between private and public sectors as one unified voice in a way that has become common practice among Cayman’s competitors.

As a result, the membership of Cayman Finance has grown, ensuring even more organizations are properly represented at the discussion table on important legislative initiatives set to affect the industry, of which there is a continuous stream.

Broad reach

Within this strengthened spirit of cooperation, Cayman Finance has been working closely with the Ministry of Financial Services, planning event attendance and roadshows that span the globe.

Such events have included a breakfast seminar held in New York City this past January where around 150 attendees heard Financial Services Minister Wayne Panton discuss Cayman’s latest regulatory improvements, including those in relation to directorships and exempted limited partnerships, as well as talk on the subject of Cayman’s healthy economic outlook.

This was closely followed by a Cayman Finance seminar on international tax initiatives held in Grand Cayman in late January, at which attendees heard the very latest developments as they related to BEPS, FATCA and other new initiatives.

On the domestic front, Cayman Finance was a major sponsor at this year’s Chamber of Commerce Careers, Education and Training Expo, at which 30 booth holders had the opportunity to interact with Cayman’s youth and encourage them to train for a career within their specific field.

In the coming months, Cayman Finance has a busy schedule, participating in the annual GAIMOps (Cayman) conference, as well as the CityWeek Financial Services Forum in London. They will also participate in the Offshore Alert Conference in Miami in May and GAIM International in June.

Roadshows play a vital part in the public relations program that Cayman Finance has undertaken this year, giving association representatives the opportunity to extol the virtues of operating and investing in the Cayman Islands directly with prospective investors. Cayman Finance will undertake a busy roadshow programme this year, taking association representatives to New York, London, Europe, and possibly Asia.

Speaking for Cayman

More specifically, Cayman Finance CEO Gonzalo Jalles will be representing the organisation, speaking at a number of events during the year. This year he has already presented at both seminars held in January, as well as participated in the closing debate at the American Bar Association’s Pros and Cons of Offshore Centers, also in January.

In March he spoke at the OFA (Operations for Alternatives) conference in Miami, and at the end of the same  month, he spoke at the Caribbean Export Development Conference in the Bahamas. As well as offering solid attendance by Cayman Finance members to the Miami Offshore Alert Conference, Jalles will also be a speaker.

In order to provide investors with a comprehensive overview of the broad range of services available within Cayman’s financial services industry, Cayman Finance undertook a sizeable project to create its first annual 104-page jurisdictional publication that will be distributed through its membership, as well as at various events and conferences.

A digital version will soon to be available on www.caymanfinance.ky. In addition to this dedicated publication, Cayman Finance contributes regular editorial pieces to publications, for example: FSC Report and Cayman Funds magazine.

Cayman Finance has developed a sophisticated and active set of digital assets – including robust social media and a newly developed website – and a desire has been expressed to extend upon this and also consider a jurisdictional social media plan.

Cayman remains at the top

Further to this rigorous public relations campaign, the Cayman Islands continues to feature highly within a number of recent initiatives, including gaining the top spot within the region as the highest ranking offshore center in the Global Financial Centres Index. At the same time, the rating agency Moody’s has awarded Cayman a prestigious Aa3 sovereign rating.

These latest accolades serve to bolster Cayman’s excellent name as the financial services industry of choice within the offshore world. Cayman Finance is proud to do its part in advising the world of this.

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