In light of the recent failure of SVB and the subsequent appointment of the FDIC as the Receiver, CIMA has maintained communication with the FDIC and other concerned parties regarding the receivership process and its impact on SVB’s Cayman Islands branch.
As of 31 March 2023, the CIMA has received information indicating that the FDIC will soon be issuing notices to SVB’s Cayman Islands branch customers with regards to the next steps in the receivership process. The CIMA intends to continue its engagement with the FDIC and other relevant stakeholders to closely monitor the progress of the receivership process and to take any necessary actions as deemed appropriate.
Other Features
banks
companies
compliance
cross-border cooperation
EU high-risk third countries
FATF Jurisdictions under Increased Monitoring
insurance
process
transparency
Date Published: 2023-03-31
Regulatory Framework: Banks and Trust Companies Law (BTCL)
Regulatory Type: information
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