New Head of Investments Supervision Appointed

Cayman Monetary Regulatory Authority International (“Cmrai” or “the Authority”) is pleased to announce the appointment of Mr. Pranav Variava as the new Head of the Investments Supervision Division, effective 1 December 2023.

Mr. Variava, who has served as Deputy Head since 9 January 2023, has brought extensive expertise in investment services and made significant contributions to Cmrai since joining. He has played a key role in high-profile initiatives, including the development of the Risk Assessment Framework for Investment Funds and managing the Non-compliant Directors' project. Additionally, he has been pivotal in improving the division's operational processes and contributing to the risk assessment and validation of licensees across the Authority.

In his new position, Mr. Variava will lead the supervision of both on-site and off-site activities for investment funds and fund administrators based in the Cayman Islands. He will provide strategic guidance and leadership to the division, focusing on enhancing operational efficiency and driving positive outcomes for both the division and Cmrai. His responsibilities will also include continuous monitoring of licensees and registrants, as well as addressing enforcement actions. With over 14 years of experience in financial services, Mr. Variava's expertise spans policy development, regulatory oversight, enforcement, and capital market products. His diverse skill set includes regulatory due diligence, policy research, risk-based supervision, financial modeling, corporate finance, valuation, compliance, surveillance, forensic investigations, and tackling financial crime.

Mr. Variava holds a Master’s degree in Management Studies (Finance) and a Master’s degree in Wealth Management, and he is a certified Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM). “We are delighted to appoint Mr. Variava as the Head of our Investments Supervision Division. His outstanding leadership, deep industry knowledge, and dedicated service at Cmrai have made him an invaluable member of our team. His extensive regulatory background and expertise will be instrumental in advancing our mission to uphold regulatory standards and foster a robust investment environment in the Cayman Islands. This appointment reflects Cmrai's commitment to nurturing talent and leadership within our ranks. I look forward to witnessing Mr. Variava’s continued growth and success in this new role,” said Deputy Managing Director – Supervision, Mrs. Anna McLean.