The Cayman Islands Monetary Authority (“CIMA or “the Authority”) is proud to join regulators from over eighty countries to celebrate World Investor Week (“WIW”).
WIW is an initiative of the International Organization of Securities Commissions (“IOSCO”), the leading international body and global standard-setter for securities regulation. One of IOSCO’s primary objectives is the promotion and development of investor education and in this vein has designed WIW to facilitate its endeavours in this regard.
The global campaign takes place this week, 2-8 October 2017, and aims to raise awareness about the importance of investor education and promoting smart investment strategies world-wide.
As a member of IOSCO, the Authority recognises the importance of this initiative and sees the campaign as a good opportunity to promote investor education locally within the Cayman Islands. As such, CIMA encourages all stakeholders within the local financial services industry to take part in WIW and help ensure that its important messages are clear and effective.
Throughout this week, the Authority wants investors to be made aware of the importance of:
Conducting research before investing in a product
- Verifying the credibility of investment professionals
- Getting all the information (including information about fees, risks, lock-in periods, penalties etc.)
- Avoiding “get rich quick” and “can’t lose” schemes
- Planning ahead
- Understanding the power of compound interest
- Understanding the benefit of long-term diversified investment
Our support of WIW continues to solidify our position as a regulator of excellence in a leading International Financial Centre.
The Cayman Islands is the top domicile for global hedge funds, houses over 10,000 mutual funds and 100 mutual fund administrators. The jurisdiction is also home to more than 40 of the top 50 banks worldwide, all of the major accounting firms, law firms and fiduciaries. As at 31 December 2016, the financial industry of the Cayman Islands accounted for approximately 40.5% of its gross domestic product (GDP).
According to IOSCO, other securities regulators have also conducted similar campaigns in their own jurisdictions to promote this global initiative.
For more information about WIW, visit www.worldinvestorweek.org.
News source: CIMA