The Cayman Islands Monetary Authority (CIMA) has appointed Heather Smith, the deputy head of its investments and securities division as the head of the unit following the resignation of Yolanda McCoy.
Her new appointment becomes effective on June 1, 2014. In this capacity, Smith will have responsibility for the authorisation and supervision of regulated hedge funds, fund administrators and securities investment companies in the Cayman Islands, and for directing a programme of continuous monitoring and inspection of licensed fund administrators and securities investment companies.
Smith has over 15 years of experience in the financial services industry, and was appointed to the post of deputy head in 2006.
As deputy head, her primary responsibility was overseeing the licensing, regulation and supervisory process for mutual funds, mutual fund administrators and entities conducting securities and investment business under the Securities Investment Business Law and the Mutual Funds Law, and to ensure that such firms also comply with their ongoing obligations under the Money Laundering Regulations and the Proceeds of Crime Law.
Cindy Scotland, managing director of CIMA, said: “We thank Yolanda for the years which she has given to CIMA, and wish her well in this new phase of her career. We know that Heather is well prepared to assume the responsibilities of head. She has the requisite training, experience and industry exposure, and has represented the Authority very competently in her substantive post. We are also extremely pleased to be able to appoint another young Caymanian to this role.”
CIMA, Heather Smith, Yolanda McCoy, Cindy Scotland