Introductory course which starts with a history of how financial services developed in the Cayman Islands and some of the external factors influencing its growth over the past 5 decades. The course introduces students to international banking – This course covers a brief history of international banking and the primary reasons global banking institutions as well as clients use the Cayman Islands for banking services. It distinguishes between the functions of retail banks and those catering primarily to global clients and institutions.

Learning Outcomes:

• To be able to give examples of services provided by a bank
• To explain the reasons why the offshore banking industry developed and what types of banks and banking services exist
• To understand the regulatory environment both internationally and within the Cayman Islands
• The understands the AML Regulatory Framework as it applies to banks in Cayman

This course covers a brief history of trusts and the primary reasons clients use an offshore trust. It also provides an overview of the corporate services sector and their services as well as various types of trusts, and the role and responsibilities of a trustee and a company manager.

Learning Outcomes:

• To describe a trust and its characteristics
• To be able to list the parties to a trust and understands their responsibilities
• To demonstrate a general knowledge of the different types of trusts available in the Cayman Islands
• To demonstrate an understanding of the types of corporate services licences and the primary services offered.
• To provide a general knowledge of the requisite Cayman trust and company management legislation

This course introduces the key concepts and issues concerning captive insurance companies. It covers the types of captives and their uses, their rationale and provides an overview of the global captive market and the primary captive insurance jurisdictions.

Learning Outcomes:

• To describe a captive and list its main uses
• To explain the reasons for using a captive rather than commercial insurance
• To understand how to distinguish between a captive insurer and a traditional insurer at a simple level
• To demonstrate an awareness of the global captive market place and the factors of competitive advantage that jurisdictions seek to secure

This course covers the primary driving forces behind the captive insurance business and the various structures utilised and discusses the roles of the main players and counterparties in the business. It gives an understanding of the mechanics of a typical captive insurance program and presents a case study outlining all the main services on offer. The course also provides an overview of the reinsurance industry.

Learning Outcomes:

• To understand the benefits and process of establishing a captive or reinsurance company
• To describe the factors affecting the choice of jurisdiction when setting up a captive insurer or reinsurance company
• To explain the mechanics of a captive program with some awareness of the financial and other issues arising
• To recite the main players and counterparties and their role in the captive market
• To understand the ongoing obligations of a captives and reinsurance companies

This course provides students with an introduction to the key concepts of the fund industry. It covers the various types of funds and investment strategies of funds as well as a summary of the roles played by key services providers in the industry.

Learning Outcomes:

• To describe a fund (both hedge and mutual)
• To explain why large numbers of funds are registered in the Cayman Islands
• To outline the service providers of a fund
• To understand the basics of investment strategies
• To understand jurisdictional and international outlooks toward the fund industry as a whole

This course covers the development of financial services regulation and its institutional framework. It includes risk management, pros and cons of regulation within the offshore environment, and the main differences with onshore environment. It also gives students a good understanding of regulation that goes across all financial services sectors such as money laundering and corporate governance issues. Students are also introduced to the international issues through a discussion and survey of the FATF, IMF, and OECD initiatives which have been focused on IFCs, including their purpose and the results of their respective initiatives. Students are also introduced to the broader Cayman Islands regulatory framework, the Cayman Islands Monetary Authority (CIMA) and other entities.

Learning Outcomes:

• To understand the overall structure of the Cayman Islands regulatory framework
• To understand the key institutions involved in the regulatory framework
• To explain the primary legislation and regulations that apply to each sector within the financial services industry
• To be aware of the primary international initiatives and global standard setting bodies and be able to explain their roles
• To explain the key functions and responsibilities of the Cayman Islands Monetary Authority.

The course is a survey of one of the more significant topics in the world of international finance. It introduces the tax implications of clients’ use of international financial services and provides a summary of policy discussions regarding the IFCs and taxation. The course covers the economics of taxation and discusses tax initiatives such as the OECD harmful tax initiative, the purpose of Economic Substance legislation and the more recent Global Tax Initiative. Students are also provided with a summary of key taxation treaties between countries, the concept of tax treaties, how they work and highlights the cross-border information sharing regime if the Cayman Islands.

Learning Outcomes:

• To understand the economics of fiscal policy and the two approaches to taxation
• To outline the historical development of low-tax jurisdictions
• To demonstrate how to distinguish between tax evasion and tax avoidance
• To explain the concept of a double-taxation treaty and its relevance in the offshore context
• To outline and distinguish between the main purpose and principles of the various global taxation initiatives
• To explain the key features of the Cayman Islands’ International Cooperation Framework