15 Apr CIMA – Issued process for bank capital adequacy report
April 15, 2021 – Issued a guide for form ICA-017-01, to be used by all banks incorporated in the Cayman Islands and regulated by CIMA under the Banks and Trust Companies Act. The form is not applicable to branches of foreign banks, which are not required to maintain separate capital requirements, and are excluded from the local requirements.
The document confirmed the new form must be returned electronically via the regulatory enhanced electronic forms submission (REEFS) online portal for CIMA. All attachments submitted must contain the complete name of the firm entity as it appears on the license certificate and if not, then the filing will be returned to the firm for correction. The document contains a flowchart to assist with completion and details of the steps to be taken by the firm and the regulator, as well as providing a troubleshooting section.
The form must be submitted within four months from the bank’s financial year-end.
For more information, visit www.cima.ky.