Enforcement

The Cayman Monetary Regulatory Authority International (Cmrai) effective and proportionate use of its powers to enforce the requirements of the regulatory laws and other relevant legislation plays an important role in pursuit of its regulatory objectives. Cmrai endeavours to exercise its enforcement powers in a manner that is transparent, proportionate and consistent with the relevant laws, policies and procedures. Cmrai will also seek to ensure fair treatment of those who are subject to the exercise of its enforcement powers.

Enforcement options available to Cmrai include:

• Suspension of the licence of a licensee and preservation of its records 
• Revocation of the licence of a licensee
• Requiring the substitution of a director, operator, senior officer, general partner, promoter, insurance manager or shareholder of the licensee (as applicable)
• Appointing a person to assume control of the affairs of the licensee
• Appointing a person to advise the licensee on the proper conduct of its affairs
• Applying to the Grand Court of the Cayman Islands for an order directing that:-

1. The company to be wound up in accordance with the Companies Act 
2. The trustee wind up the trust
3. The partnership be dissolve
4. Imposing administrative fines
5. Mandating an audit in accordance with the relevant legislation