financial services institute
About the Seminar
The Financial Services Foundation I seminar is the first of a two-part series which provides a comprehensive introduction to the Cayman Islands financial services industry.
What’s on the agenda?
| Time | Description |
|---|---|
| 9:00 – 9:30 | Registration |
| 9:30 – 9:35 |
Welcome Remarks |
| 9:35 – 10:20 |
Introduction to Trusts & Corporate Services – Introduction to the key types of trusts offered in the Cayman Islands and an overview of why clients use Cayman companies, the main types of corporate vehicles and the key functions of the registered office and corporate administrators. Monique Bhullar, Partner, Walkers |
| 10:20 – 11:05 |
Banking – Brief history of financial services in the Cayman Islands and an introduction to commercial banking and private banking services. Ormond Williams, Founder, Managing Director and Principal Consultant, OAWilliams Consulting
|
| 11:05 – 11:25 | COFFEE BREAK |
| 11:25 – 12:10 |
Captives – Introduction to the global market for captives, the key drivers for and benefits of establishing a Cayman Islands captive insurance solution as compared to traditional insurance, and the mechanics of a captive insurance programme. Mike Scott, Senior Vice President, Aon Insurance Managers (Cayman) Ltd. (“Aon Cayman”) |
| 12:10 – 1:25 | LUNCH |
| 1:25 – 2:10 |
Investment Funds in the Cayman Islands – Overview of the types of Cayman Islands structures used by the world’s top fund managers, the role played by fund administrators, a layman’s introduction to side letters, open vs closed-ended funds as well as global investment market issues. Timothy Rossiter CFA, CA (Aust.), Vice-Chair of the Alternative Investment Managers Association (AIMA) Cayman Islands |
| 2:10 – 2:55 |
Regulatory Framework – Introduction to the global regulatory standards and the Cayman Islands Monetary Authority. |
| 2:55 – 3:15 | COFFEE BREAK |
| 3:15- 4:00 |
Introduction to Cayman Islands Tax Cooperation & Information Exchange Framework – Introduction to FATCA, CRS, Economic Substance and the global initiatives behind each of these requirements. Louise Somers, Head of Tax Reporting Services, Mourant Governance Services |
| 4:00- 5:00 | PANEL DISCUSSION – Industry Outlook |
Monique Bhullar
Partner, Walkers
Monique Bhullar is based in Walkers’ Cayman Islands office where she is a partner in the Private Capital & Trusts Group. Monique has been with Walkers in the Cayman Islands since 2008.
Monique advises high net worth individuals and families, trust companies, family offices and charitable organisations on all aspects of private trusts, foundation companies and other wealth and estate planning structures. She also advises on a wide range of Cayman Islands commercial trust matters, including the creation and administration of investment funds structured as unit trusts, securitisation trusts, liquidating trusts, employee benefit trusts and pension trusts.
Paul Byles
Director, FTS
Paul Byles is Director of FTS, which provides compliance, risk management and management consulting services. He is an experienced AML expert and regulatory consultant and has worked in the financial services industry for 25 years. He is a former head of regulatory and economic consulting services at Deloitte in the Cayman Islands. He is also a former Head of Policy at the Cayman Islands Monetary Authority where he drafted the original Guidance Notes on Prevention and detection of Money laundering for the Cayman Islands and many formal regulatory policies and guidelines issued by CIMA for the financial services industry.
Paul drafts risk management policies and procedures and conducts AML audits for regulated entities. He carries out AML & risk management training for over 500 financial services professionals each year. He serves as an independent director on a number of financial services and local operating firms. He holds a Masters Degree in economic development from the London School of Economics, and a Master Degree in Economics from Birkbeck College in the UK.
Louise Somers
Head of Tax Reporting Services, Mourant Governance Services
Louise is a Chartered Accountant, Chartered Tax Consultant and Head of Tax Reporting Services for Mourant Governance Services in the Cayman Islands where she provides assistance on all tax related reporting for Cayman Islands entities. This includes economic substance, CRS, FATCA and CbCR.
Prior to joining Mourant, Louise was the head of compliance with the Department for International Tax Cooperation in the Cayman Islands Government. There, she had responsibility for compliance functions across all tax information reporting and exchange mechanisms, and for ensuring their effectiveness in line with international standards. She also managed and administered the legal framework for economic substance requirements, including the conduct of assessments and reviews. A key part of her role was engagement with the international standard setting and review bodies on tax matters.
Prior to joining the Government, she worked as a tax adviser for over ten years in two of the Big 4 accountancy firms.
She has a BA in law and accounting from the University of Limerick and is a member of the Cayman Islands Institute of Professional Accountants.
Timothy Rossiter CFA, CA (Aust.)
Alternative Investment Management Advisor
Timothy Rossiter CFA, CA (Aust.)
Mr. Rossiter is an alternative investment management funds’ advisor, with broad experience in fund structuring and operation.
Before founding his own advisory practice in 2023, Mr. Rossiter was a Partner of Harmonic Fund Services, joining the firm in 2005 and responsible for multiple engagement teams globally that provided fund administration, outsourced operations and technology to a cross-section of institutional asset managers including hedge funds, private credit and equity funds, private banks, pension funds, fund of funds, private wealth investment advisors and family offices.
Prior to joining Harmonic Mr. Rossiter was Financial and Operations Manager of Highbridge Capital Corporation, a Hedge Fund Accountant at Goldman Sachs, and progressively senior positions in audit, consulting and corporate finance at Deloitte, Ernst & Young and Arthur Andersen, where he began his career.
Mr. Rossiter is the Vice-Chair of the Alternative Investment Managers Association (AIMA) Cayman Islands, immediate past Chair and current Board Officer of the Cayman Islands Fund Administrators Association (CIFAA) and a former Board member of the CFA Society of the Cayman Islands.
He is a Chartered Financial Analyst, a member of the Institute of Chartered Accountants Australia and New Zealand and a graduate of The University of Western Australia, holding a Bachelor of Commerce, majoring in Finance, Accounting, with a minor in Money, Banking and Financial Markets (Economics).
Mike Scott
Senior Vice President, Aon Insurance Managers (Cayman) Ltd. (“Aon Cayman”)
Responsibilities: Mike is a Senior Vice President of Captive Services with Aon Cayman.
Mike is responsible for the delivery of management services to a portfolio of offshore reinsurance and healthcare captive clients. The Aon office provides comprehensive captive management services to the offshore industry. These services include assistance with feasibility studies, incorporation procedures and the ongoing management of all aspects of a captive’s operations, including financial reporting, daily operational management activities and continuous liaison with service providers.
Background: Mike is a Chartered Accountant (CA) with 13+ years’ finance and accounting experience gained specializing in the audit and management of captive insurance entities in the Cayman Islands. He possesses significant experience in navigating CIMA’s licensing process for Class B insurers, both newly incorporated entities and those re-domiciling to the Cayman Islands.
In May 2020, Mike was profiled as an emerging talent in the captive insurance industry by the trade publication Captive Insurance Times.
Professional Designations: Institute of Chartered Accountants of Scotland, CA (2012)
Ormond Williams
Founder, Managing Director and Principal Consultant, OAWilliams Consulting
Ormond A. Williams, is a banker by profession with extensive retail and commercial banking experience. His 37 years multi-jurisdictional banking experience covered St. Vincent and the Grenadines, Barbados, Belize and the United Kingdom with Barclays Bank Plc and the Cayman Islands with Cayman National Bank. In both organizations, he has served at senior/executive management levels, including President/CEO and Executive Director. He holds an MBA from the University of Liverpool, UK. His banking, management and business qualifications are from the Chartered Institute of Bankers, UK (now London Institute of Banking and Finance where he is a Fellow), the University of Manchester, UK and the University of the West Indies, Barbados respectively. He is also a Fellow of the Chartered Institute of Management, UK and holds the Accredited Director designation from the Chartered Governance Institute of Canada. He sits on various local boards and commissions.
Mr Williams is the Founder, Managing Director and Principal Consultant of OAWilliams Consulting, a boutique management consulting company focused on leadership and people development consulting (including corporate governance), training, assessment and coaching. OAWilliams Consulting is the exclusive International Partner in the Cayman Islands for FranklinCovey and the Authorized Partner in the Cayman Islands for Everything DiSC™, PXT Select™ and The Five Behaviors™, Wiley brands.
