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Ministry of Financial Services Questions and Answers  Update on Financial Services In the Face of COVID-19

Ministry of Financial Services Questions and Answers Update on Financial Services In the Face of COVID-19

16 April 2020

The following is meant to help inform the public of the Ministry’s operations during this time. It is important to note that the Ministry’s business continuity plan is in effect with staff working remotely and taking a shift-based approach to working hours. The creation of necessary financial services legislation, through the Department of Financial Services […]

The following is meant to help inform the public of the Ministry’s operations during this time.

It is important to note that the Ministry’s business continuity plan is in effect with staff working remotely and taking a shift-based approach to working hours. The creation of necessary financial services legislation, through the Department of Financial Services Policy and Legislation; and the registration of company details and vital statistics, through the General Registry, will continue with minimal disruption. The Department for International Tax Cooperation remains on track to launch its new ‘DITC Portal’ in early June 2020. The latest information can be found on the Ministry’s website, at www.mfs.ky/news/.

General Topics

Where are we with international assessments?

The Ministry continues to work towards addressing recent evaluations of various aspects of the financial services sector, from our anti-money laundering regime to our funds framework. As appropriate, the Ministry is engaging virtually with the relevant international bodies and members of the Cayman Islands financial services industry.

How can I give feedback?

The Ministry continues to liaise with local industry associations to obtain feedback from their membership on proposed legislation. Additionally, the Ministry will be holding more frequent and wider industry briefings, and the Cayman Islands Monetary Authority, Cayman’s financial services regulator, will be doing the same. For more general queries, persons can submit their details via www.mfs.ky/contact-us/ or email mfsha@gov.ky.

Where can we see what the Ministry is doing?

All of the latest happenings within the Ministry can be viewed on the Ministry website, www.mfs.ky/news/.

General Registry

How do I get help with matters relating to the Registrar of Companies?

The majority of the Registrar’s interactions is with corporate service providers, through the CORIS (Cayman Online Registry Information System) and CAP (Corporate Administration Platform) business portals. Users of those portals can request assistance via corishelpdesk@gov.ky. For IT queries regarding the beneficial ownership platform, persons can contact clayton.garwood@gov.ky. Payment inquiries can be addressed to ciregistry@gov.ky and general queries can be sent to cigenreg@gov.ky. For more information, persons can log on to www.ciregistry.gov.ky.

If a query is urgent and persons have exhausted the above channels without response within a reasonable timeframe, then they can proceed to contacting the Registrar General on 925 8826.

What about births, deaths, marriages?

Certificate requests, delivery, and payment are being done completely online. To access this service, persons can log on to www.ciregistry.gov.ky, and click the ‘Online Tools’ tab near the top of the home page.

What’s happening with intellectual property in Cayman?

Regular filings related to trademark applications and other intellectual property matters continue with minimal disruption. Queries can be sent to Candace.Westby@gov.ky or persons can visit www.ciipo.ky for general information.

Department for International Tax Cooperation

Who do I contact for help with tax-related portals like AEOI and CbCR?

There are a number of email addresses in effect, depending on your query, with a reasonable turnaround time for responses. For enquiries related to FATCA, CRS or the Cayman AEOI Portal, you can email CaymanAEOIportal@gov.ky. Questions on EOI requests or other general matters can be directed to tia@gov.ky; Economic Substance questions should be referred to CaymanESportal@gov.ky; and CbCR and Cayman CbCR Portal queries should be sent to CaymanCbCRportal@gov.ky.

Where are we with international deadlines for subjects like economic substance?

While there is some concern as to whether Cayman Islands reporting deadlines for its domestic legal frameworks will be impacted, the DITC does not currently propose to make any changes to previously announced deadlines. The only exception thus far is the deadline for Financial Institutions to submit FATCA returns has been extended to November 16 2020, as the IRS has relaxed the deadline for international exchange of this information this year. The DITC is monitoring the international landscape carefully and will consider any appropriate adjustments in the event that applicable international deadlines are modified.

Where can we get more information on our tax cooperation efforts?

To learn more, persons can log on to www.ditc.gov.ky.

For more information, please contact MFSHA@gov.ky

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