Monetary Authority (Amendment) Bill, 2026

Government bill, sponsored by the Ministry of Financial Services and Commerce

✓
Gazetted
Published in the Gazette
✓
Introduced
30 September 2026
First appeared on the order paper
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Passed
5 October 2026
Third reading
Radio Cayman
4
Enacted
Awaiting assent and Gazette
5
In force

What this bill does

This bill updates the Monetary Authority Act to reflect the Cayman Islands Monetary Authority's change of executive titles from 'managing director' to 'chief executive officer', which took effect on 1 November 2024. It moves the power to appoint the chief executive officer from Cabinet to the CIMA board, after consulting the Minister, and lets the board decide the make-up of its Management Committee.

  • 'Managing director' becomes 'chief executive officer' and 'deputy managing directors' become 'deputy chief executive officers' throughout the Act
  • The CIMA board, after consulting the Minister for financial services, appoints the chief executive officer instead of Cabinet; the CEO is a non-voting board member
  • The Management Committee will be made up of people appointed by the board under its rules and senior officers designated by the CEO with board approval
  • People already appointed as CEO or deputy CEO are deemed to have been lawfully appointed

Who it affects: Cayman Islands Monetary Authority board and senior management, Minister for financial services, Cabinet

This summary is AI-generated from the official document and may contain errors; it is not legal advice. Always consult the source text below.

Official documents

Debated in Parliament

Hansard sittings whose records mention this bill:

Tracked automatically by the Daily.ky Legislative Tracker from parliament.ky, legislation.gov.ky, and the Cayman Islands Gazette. Status updates daily; this page's status banner refreshes live.