On Oct. 11, 2024, CAY CIMA issued summary of private sector consultation and its feedback statements in connection with SOG on recruitment and selection standards.
On Feb. 22, CAY CIMA requested comment proposed recruitment rule.
CAY CIMA submitted Private Sector Consultation Rule and Guidance - Recruitment and Selection Standards for Trust and Corporate Service Providers, Company Managers.
Provided redline of proposal and private sector consultation on proposed guidance.
Document dated Feb. 22, 2024, received from CAY CIMA Apr. 2, summarized Apr. 5.
Background
In 2018 CAY CIMA conducted self-assessment of the trust and corporate services sector against International Finance Centre Supervisors (GIFCS) Standards.
Standard on the Regulation of Trust and Corporate Service Providers (SRTCs).
CAY CIMA found weakness which it proposes to address with this proposal.
Proposed measure aims to achieve enforceability for recruitment and selection standards, as best as possible, in line with recommendations from the GIFCS MER.
Intent is to create a special operations group for the treatment of recruitment and selection standards, primarily basis on existing measures and GIFCS standards.
Proposed Rule
Set recruitment policy and procedures and procedures on policy review standards.
Must include a methodology for accessing the fitness and propriety of candidates.
Confirm fairness and transparency in recruitment processes, in line with legislation.
Must ensure there is adequate staffing to meet the requirements of business plan.
Defined post-recruitment requirements to ensure key persons remain fit for role.
Provided requirements for effective systems and procedures to supervise key persons.
Specified that the governing body must undertake appropriately executed self-assessments of the performance of the governing body and individual members.
Established requirements for ongoing training and consulting professional development
Consultation
Comments could be submitted through Mar. 25, 2024.
Oct. 4, 2024 CAY GVT Official Publication
On Oct. 4, 2024, CAY GVT published proposal in the extraordinary gazette, and will come into effect within 6 months of date published in the gazette, i.e. Apr. 4, 2025.
Document dated Oct. 4, 2024, received from CAY GVT Oct. 9, summarized on Oct. 13.
Oct. 11, 2024 CAY GVT Gazette Publication
On Oct. 11, 2024, CAY GVT reported rule, statement of guidance (SOG) Recruitment and Selection Standards for Trust, Corporate Service Providers, Company Managers.
Oct. 11, 2024 CAY CIMA Feedback Statements
On Oct. 11, 2024, CAY CIMA issued summary of private sector consultation and its feedback statements in connection with SOG on recruitment and selection standards.
