Parliament has approved legislation giving the Cayman Islands Monetary Authority (CIMA) greater flexibility over the composition and quorum of its management committee.
The Monetary Authority (Amendment) Bill, 2026, was debated in the second meeting of the 2026-2027 parliamentary session on 2 October before being passed on 5 October.
During the debate, premier and financial services minister André Ebanks said the legislation would update CIMA’s governing framework to reflect its current administrative structure.
He added: “The amendments provide greater clarity and flexibility in relation to the composition and quorum and procedures of the management committee.”
The amendments align CIMA’s governance arrangements with the Public Authorities Act and formalise executive titles introduced after the authority’s restructuring in November 2024.
Under the amendments, the title of managing director is replaced with chief executive officer, while deputy managing director becomes deputy chief executive officer.
Ebanks described the legislation as “quite administrative” and said it would bring the law into line with the titles adopted under CIMA’s restructuring.
The amendments also allow CIMA’s board to make operational changes to the composition of its management committee without returning to parliament for legislative amendments.
Another change amends section 13 of the principal act to require the board to appoint a ‘fit-and-proper’ person as chief executive after consultation with the minister responsible for financial services.
Opposition leader Roy McTaggart supported the bill and described it as a “very short” measure that was “basically a cleanup exercise”.
McTaggart said the amendments would give the CIMA board greater authority over the composition and quorum of its management committee while updating the titles of senior executives.
He also supported the introduction of a “fit-and-proper” requirement for the chief executive.
The MP backed replacing the managing director title with chief executive officer.
“The term ‘managing director’ is archaic in my mind and rarely used in today’s modern world,” he said. “Therefore, it’s only fitting that we retire the term.”
During the debate, McTaggart raised questions about whether appointment arrangements for chief executives were consistent across Cayman’s regulatory bodies.
Ebanks said the government is considering further amendments to CIMA’s governance framework, including clarifying the status of its chief officer.
“One of the ones that’s been on my mind is that the chief officer is there, that acts, sits on the board, but it isn’t clear in the legislation that he’s ex officio,” Ebanks said.
He described the issue as a “historical hangover” and said the government intends to clarify the arrangements.
Ebanks said further amendments could be included in legislation linked to Cayman’s upcoming Financial Action Task Force evaluation.
