July 28, 2021

iNews Briefs, More & Community Events

Pin It

iNews-briefs217Community Events

NGCI tIDal shift

Mark your Calendar!

You’re invited to a special Young Patrons’ Circle late night event in conjunction with NGCI’s newest exhibition…

Friday, 16 October 2015, 5pm – 10pm

Join us at the National Gallery of the Cayman Islands for a late night of entertainment, live music, performance art, canapes, and fun! More details to follow – SAVE THE DATE and forward this to your friends.

iNews B NGCI


RENTRENT: The Musical

Opened Thursday September 10th, 2015

Runs to October 3rd, 2015

Thursdays, Fridays and Saturdays

Doors open at 6:30 PM for Happy Hour

try our special Tom Collins cocktail!

at The Prospect Playhouse

Do not miss out on the musical event of the year!

No Day but Today!

Click here for tickets: http://www.eventbrite.com/e/rent-the-musical-all-ticket-prices-in-us-tickets-17993960420?aff=ehomecard

See iNews Cayman review: “Rent The Musical is NOT Rogers and Hammerstein! But it’s Brilliant!!” at: http://www.ieyenews.com/wordpress/rent-the-musical-is-not-rogers-and-hammerstein-but-its-brilliant/


Please join the Cayman Jewish Community for the following programmes:

Sunday September 27th

6:30 pm Sukkot Under the Stars

Tuesday, September 29th

4:00pm Sukkot Children’s Party

Monday, October 26th

Mark Halawa: From Kuwait to Jerusalem

Wednesday, December 9th

4:00 pm Pardes Rock Chanukah Concert

Wednesday, January 6th 2016

Jerusalem Uncovered: Rabbi Avraham Stolik


8th Annual CISPA Gala “Back to the Future-Celebrating 45 years of excellence”

Date: 10/10/2015

Time: 6:30 PM

Ritz Carlton Seven Mile Beach

Phone: 749 3360


Event Description: The 8th Annual CISPA Gala “Back to the Future-Celebrating 45 years of excellence” is a time to celebrate Caymanians who recently attained their professional accounting designations as well as a chance to celebrate the past and look to the future

Directions: The Ritz Carlton, Grand Cayman


Annual Meals on Wheels Dress Down Day


Dress Down Day Friday, 20th November, 2015

Help feed our Seniors we believe no-one in Cayman should go hungry.

Individuals can help by purchasing an orange ribbon for $5.00 or a tee shirt for $15.00 and wearing them on Dress Down Day, we are encouraging companies to match employee donations.

For more information or to sign up to participate please feel free to contact us via email at [email protected] or via telephone at 949-3905.


Lions Club of Tropical Gardens Brenda Tibbetts-Lund Memorial 5K Walk/Run5K

Sunday October 3, 2015 in North Side at 6am



Public Consultation Meetings Begin for Marine Parks

Public meetings on the proposed Enhanced Marine Parks System are being held this month in all districts on Grand Cayman. The schedule is as follows:

*         Bodden Town Primary School Hall on Wednesday, 23 September, at 7pm

*         North Side Civic Centre on Thursday, 24 September, from 8pm

*         East End Civic Centre serves on Monday, 21 September, at 8pm

Details of meetings for Cayman Brac and Little Cayman will be announced soon.

For more information of the proposed Enhanced Marine Parks System, visit http://www.doe.ky/marine/marine-parks-review/.

To submit an opinion about the proposals, email [email protected]

General queries can be directed to [email protected]

The deadline for submissions is Friday, 4 December.


Grand Court Jurors Report Date Changed

The Grand Court jury report date has been changed.

For Grand Court Jurors who are in the 1 July – 6 October 2015 session, the report date has been changed to Monday, 21st September 2015 at 9:45 a.m.

Please call the Jury Information line at 945-5072 for the most up to date information.



Ron S. Geffner, Partner and Head of the Financial Services Practice will speak at the AIMA Cayman Chapter Meeting on US Regulatory Developments and the outlook for the US and Cayman investment funds industry on November 24th at 12:00 noon.

Speaker: Ron S. Geffner

Start Date: 11/24/2009

End Date: 11/24/2009

Location: The Wharf Restaurant, Cayman Islands

Associated: Ron S. Geffner



Men’s Breakfast Meeting

The Grand Cayman chapter of the Full Gospel Business Men’s Fellowship International is having its monthly breakfast on Saturday September 26th at 7:30am, at The Upper Crust restaurant in Camana Bay. Dr. Curtis Barnett to be our guest speaker.

Come out to hear the how God is making a difference in the life of men like you, right here in Cayman.

CIBC FirstCaribbean Auto Fair

100% Auto Financing, Fast Approval, Low Interest Rates, * at:

CIBC FirstCaribbean Auto Fair

Saturday, 26th September 2015

10:00am – 4:00pm

25 Main Street, George Town, Grand Cayman

Shout with a Voice of Triumph

The Power of Faith Deliverance Ministry presents Shout with a Voice of Triumph concert on Saturday (26 Sept) at #100 Greenwood Drive in George Town at 630pm.

Family Day at Bodden Town Public Beach

There is a Family Day at Bodden Town public Beach with music, a treasure hunt, storytelling and prizes on Saturday (26 Sept) from 4 — 7pm.

Dominica tropical storm Erika relief effort

There will be a collection drive for the Dominica tropical storm Erika relief effort on Saturday (26 Sept) at the George Town Church of Christ off Smith Road and at the West Bay Church of Christ on Batabano Road.

Write It Now

There will be a writer’s symposium — Write It Now — on Saturday (26 Sept) at 10am at 51 Fort Street, Macdonald Square Building.

Brenda Tibbetts Lund 5K Memorial Walk/Run Cayman Brac

The Lions Club of Tropical Gardens in partnership with the Lions Club of Cayman Brac are hosting Breast Cancer Awareness Month with the Brenda Tibbetts Lund 5K Memorial Walk/Run leaving Layman Scott High School on Saturday (26 Sept) at 630am.

World Heart Day Health Expo

Cayman Heart Fund is hosting a World Heart Day Health Expo. The health expo will take place at The Crescent at Camana Bay on Saturday (26 Sept) from 2:00 p.m. to 8:00 p.m.

CARE announces Cayman Islands 5th Annual Paws for wine

Sat Sept 26th Ristorante Pappagallo



Domestic Violence Intervention Training Programme

The Domestic Violence Intervention Training Program is offering a three day certificate course for front line professionals Tuesday — Thursday (29 Sept — 1 Oct) from 830am until 5pm at the Red Cross Building. Call 949.0006 for more information.


Nominations Sought for Pioneers of Cayman Islands Agriculture

Nominations continue to be encouraged throughout the month of September for the names of agriculture pioneers throughout the history of the Cayman Islands – up to the present time. The definition of agriculture used for this drive is the science and / or practice of farming, including the growing of crops, and the rearing of animals to provide food, fibre, and other products used to sustain and enhance human life.

Nomination forms may be downloaded from: ministryofhealth.gov.ky

There are five nomination categories for outstanding contributions to the development and/or delivery of agriculture in the Cayman Islands:

Early Pioneer – Anyone who has made a significant contribution before 1960 (may be alive or deceased).

Pioneer – A person who has made a significant contribution between 1960 and 2005 (may be alive or deceased). A commemorative insignia and certificate will be awarded.

Emerging Pioneer – Persons who have made significant contributions from 2005 to present. These persons will receive certificates, but will not receive a commemorative insignia.

Memorial Scroll – Any deceased persons who were leaders or notable contributors to the development and/or delivery of agriculture in the Cayman Islands. These persons will be recognised with certificates, but will not receive commemorative insignias.

Long Service Award – Persons (living) who may not necessarily have been a leader, but who have contributed for ten years or more. These people will be recognised with certificates, but will not receive commemorative insignias.

To submit the names of agriculture pioneers before the end of September, complete the forms which are available at post offices, the Government Administration Building, or online at: www.ministryofhealth.gov.ky



CARIBBEAN: Policeman in Antigua jailed for 23 years for attempted robbery

By Caribbean 360 From St Lucia News online

CARIBBEAN 360- A High Court has slapped a veteran police officer with a 23-year prison term for attempting to rob a casino where he worked as a security guard.

But 39-year-old Corporal Alexis Thomas, has vowed to appeal, insisting he was wrongfully convicted.

He was found guilty of the July 22, 2014 attempted robbery at Paradise Casino, after evidence led by the prosecution indicated that he walked into the establishment wearing a mask and hoodie, carrying a police-issued firearm, and demanded money.

Before he could get away with the loot, the officer who was a member of the Royal Police Force of Antigua & Barbuda for 20 years, was shot in the upper body several times by another security guard.

Thomas fled the scene, discarded the hoodie and returned to the area, claiming he was shot by a masked hooded man in an alley.

Despite the evidence, the policeman denied that he was the culprit who tried to rob the casino and declared that he would appeal whatever punishment was handed down, “even if the sentence is one day”, because he was not guilty.

But as he sentenced the convicted cop on Tuesday, Justice Albert Redhead said there was “no doubt in my mind that the verdict of guilty was not wrong”.

“Your colleague that trained with you recognized your voice. The key evidence is the accused on the camera, the shirt, belt and pants; any sensible person would have come to that conclusion,” the judge said.

The report prepared by a probation officer revealed that while other police officers believed Thomas was competent in his job, he was also sneaky and an impulsive gambler.

For more: http://www.stlucianewsonline.com/caribbean-policeman-in-antigua-jailed-for-23-years-for-attempted-robbery/#sthash.iETjj2sk.dpuf


Cricket: Vasbert Drakes calls for standardised coaching throughout Caribbean

From Cricket Country

Former international cricketer and currently employed as the West Indies Academy Bowling Coach, Vasbert Drakes has called for standardised coaching throughout the Caribbean. Drakes played 12 Tests for the West Indies between 2002 and 2004, and appeared in 35 One-Day Internationals (ODIs) from 1995 to 2004. In 12 Tests, Drakes had 33 wickets to his name whereas in 35 ODIs, he claimed 51 scalps. The 46-year-old has also coached the United Arab Emirates (UAE). The current coach at the academy, Drakes, was present along with West Indies Academy Director Graeme West to assess the players selected for the West Indies Under-19, from Trinidad and Tobago.

Drakes told the official website of the West Indies Cricket Board (WICB), “Basically we were looking to see where they were at with their game. They just came out of a domestic tournament where we identified these players as future West Indies cricketers and one of the things we said when we left home is to have standardised coaches in the Caribbean who operate with one basic genetic set-up.”

He added, “The importance of having that is it gives us a better opportunity to understand where we are at as coaches so when we prescribe certain medicine for players at least everyone will be aware of what we are trying to achieve from a holistic point of view.”

“It gives us the opportunity to see how far they have progressed. When we assessed them from four weeks ago we would have assessed some in the Easter camp and some did not meet the requirements the selectors wanted to see. So come December there will be another assessment before we go on to Bangladesh,” Drakes said.

He concluded, “So it is a matter of keep things up to speed in terms of the global practices that is required to play at the highest level and the work they need to put in before they enter the competition. That is one of the areas that probably we were a little bit slow on.”

For more: http://www.cricketcountry.com/news/vasbert-drakes-calls-for-standardised-coaching-throughout-caribbean-332845


Why Royal Caribbean Cruises (RCL) could beat earnings estimates again

By Zacks Equity Research

Looking for a stock that might be in a good position to beat earnings at its next report? Consider Royal Caribbean Cruises Ltd. (RCL – Analyst Report), a firm in the Leisure & Recreational Services space, which could be a great candidate for another beat.

This company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. In fact, in these reports, RCL has beaten estimates by at least 15% in both cases, suggesting it has a nice short-term history of crushing expectations.

Earnings in Focus

Two quarters ago, RCL was expected to earn 14 cents per share, while it actually produced earnings of 20 cents per share, a beat of 42.9%. Meanwhile, for the most recent quarter, the company looked to deliver earnings of 72 cents per share, when it actually saw earnings of 84 cents per share instead, representing a 16.7% positive surprise.

Thanks in part to this history, recent estimates have been moving higher for Royal Caribbean Cruises. In fact, the Earnings ESP for RCL is positive, which is a great sign of a coming beat.

After all, the Zacks Earnings ESP compares the most accurate estimate to the broad consensus, looking to find stocks that have seen big revisions as of late, suggesting that analysts have recently become more bullish on the company’s earnings prospects. This is the case for RCL, as the firm currently has a Zacks Earnings ESP of 0.37%, so another beat could be around the corner.

This is particularly true when you consider that RCL has a great Zacks Rank #3 (Hold) which can be a harbinger of outperformance and a signal for a strong earnings profile. And when you add this solid Zacks Rank to a positive Earnings ESP, a positive earnings surprise happens nearly 70% of the time, so it seems pretty likely that RCL could see another beat at its next report, especially if recent trends are any guide.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report at link below.

For more: http://www.zacks.com/stock/news/191204/why-royal-caribbean-cruises-rcl-could-beat-earnings-estimates-again#sthash.sdOBC6md.dpuf


Cricket: Taylor new Windies women captain

iNews B 2015-09-25-azad-womens-cricket-cl01_zBy Azad Ali From Caribbean Life

IMAGE: West Indies’ Stafanie Taylor plays a shot during their ICC Women’s Twenty20 Cricket World Cup semifinal match against Australia in Dhaka, Bangladesh, Thursday, April 3, 2014. Associated Press / Aijaz Rahi

Jamaican batsman Stafanie Taylor has been appointed the new captain of the West Indies Women, replacing the long-serving Merissa Agulleira.

The change was announced by the West Indies Cricket Board (WICB) recently when it named the 18-member training squad for the home series against Pakistan starting next month.

Aguilleira led the side for six years, during which time they managed to reach the final of the ICC World Cup in 2013 and the semi-finals of the last three Twenty20 World Cup.

Chief selector Clive Lloyd said the time had come for a change.

Taylor has been one of the most prolific batsmen in the women’s game in recent years.

The 24year-old right-hander has garnered 2115 runs from 84 One-Day Internationals, already with five centuries and 20 half centuries.

In Twenty20s, she has managed 1814 runs at an average of 36, with 16 half centuries.

WICB president, Dave Cameron said he believed the changes would be “in the best interest of the women’s team.”

For more: http://www.caribbeanlifenews.com/stories/2015/9/2015-09-25-azad-womens-cricket-cl.html


Severe drought in Caribbean expected to worsen – Report

From Jamaican Gleaner

It is being forecast that the most severe drought to hit Jamaica and other Caribbean countries in recent years is expected to worsen despite rains from tropical storms that have replenished some reservoirs.

According to an Associated Press report, forecasters say the El Nino weather phenomenon is gathering strength and will continue to warm the tropical Pacific until early next year.

This means that there will be scattered rainfall for the region as the annual dry season approaches.

Forecasters with the Caribbean Institute for Meteorology and Hydrology, say the region is in a period of relief, but that relief will not be for long.

El Nino has produced a quiet hurricane season, with only two of nine named storms so far dumped significant rainfall over parts of the Caribbean.

The institute issued a report this month saying that many islands in the eastern Caribbean remain in drought, and officials warned that the current wet season will likely end before the traditional date of November 30.

For more: http://jamaica-gleaner.com/article/news/20150924/severe-drought-caribbean-expected-worsen-report


Top 20 Women in Law Recognition Luncheon

iNews B women in lawDallas Business Review invites you to join them at the Top 20 Women in Law

Recognition Luncheon

Honoring a diverse selection of accomplished women who have made their mark in the South Florida legal community.

October 14, 2015

Noon – 2:30 p.m.

JW Marriott Miami

1109 Brickell Ave.

Miami, FL 33131 LAW-13-04675_rsvp


Laura Adams, Miami-Dade State Attorney’s Office

Jacqueline Arango, Akerman

Mary Barzee Flores, Stearns Weaver Miller Weissler Alhadeff & Sitterson

Joni Armstrong Coffey, Broward County Attorney’s Office

Marcia Cooke, U.S. District Court, Miami

Vivian de las Cuevas-Diaz, Holland & Knight

Mary Anne Franks, University of Miami School of Law

Lori Hartglass, Arnstein & Lehr

Patricia Ireland, Phillips Richard & Rind

Julie Braman Kane, Colson Hicks Eidson

Beth-Ann Krimsky, Greenspoon Marder

Patricia Lebow , Broad and Cassel

Cindy Lederman, Miami-Dade Circuit Court

Patricia Menendez-Cambo, Greenberg Traurig

Yueh-Mei Kim Nutter, Brinkley Morgan

Abigail Price-Williams, Miami-Dade County Attorney’s Office

Evelyn Sheehan, U.S. Attorney’s Office

Lee Stapleton, Baker & McKenzie

Adele Stone, Buchanan Ingersoll & Rooney

Jayne Weintraub, Broad and Cassel

Space is limited. $150 per person


To purchase a table please contact David Winn at 305-347-6619 or [email protected]


VW manipulated diesel emissions tests in Europe, says German minister

From BBC

Volkswagen has admitted using the same fake emissions test in Europe as it used to falsify results in the US, says Germany’s transport minister.

Alexander Dobrindt said it was not known how many of the 11 million vehicles affected were in Europe.

He also said other manufacturers’ vehicles would be checked.

The scandal began unfolding on Friday when the German car giant said it had used software in the US to provide false emission test results.

Mr Dobrindt said he had been told vehicles with 1.6 and 2.0 litre diesel engines are “affected by the manipulations that are being talked about”.

The company’s Jetta, Beetle, Golf and Audi A3 models in the US from 2009 to 2015, and the Passat from 2014-15, were fitted with the devices which produced doctored results. However, diesel cars are far more popular in Europe than in the US.

For more: http://www.bbc.com/news/business-34345210


JTC ACQUIRES SIGNES – a noted Luxembourg based ‘Expert Comptable’ business

JTC has significantly increased its presence and offering in Luxembourg through the acquisition of Signes, a noted Luxembourg-based ‘Expert Comptable’ business that provides accounting, administration and tax compliance services to institutional investors.

The firm has now been re-named JTC Signes and operates as a sister company to JTC’s own Luxembourg operation, which was established in 2009, is regulated by the CSSF and specialises in fund administration, corporate and real estate services.

Signes was established in Luxembourg more than 15 years ago and employs 29 people led by co-founders Eric Biren and Vincent Goy who continue in their roles following the acquisition. Their senior management team is additionally strengthened by Raphael Poncelet who is a partner in the firm. JTC Signes remains at its offices in boulevard de la Petrusse and JTC’s existing Luxembourg team has subsequently moved from its previous location to join them.

Nigel Le Quesne, JTC Group CEO and Chairman, commented:

“The deal supports our expansion strategy enabling us to accelerate our European growth from Luxembourg, recognised as such an important financial services centre in the heart of Europe, while also introducing a high quality book of business to the Group. Following our recent acquisition of the Kleinwort Benson fund administration business in the Channel Islands and South Africa, this transaction is further evidence of our commitment to building our institutional client services capabilities in key financial centres worldwide to meet increasing demand from new and existing clients.”

Together Vincent Goy, JTC Signes Chairman and Eric Biren, Managing Director, added:

“The transaction with JTC is very much based on our entrepreneurial synergies and gives us the unique opportunity to expand our own service offering, take our clients into the regulated world and join the growing successful international network that JTC is now synonymous with.”

For more: http://www.jtcgroup.com/news/jtc-acquires-signes—a-noted-luxembourg-based–expert-comptable–business


‘Holy Copyright!’ Batmobile protected against replica seller



By Amanda Bronstad, From The National Law Journal

IMAGE: The “Batmobile” – Batman’s armored racing car, from Tim Burton’s 1989 film. Zachi Evenor and MathKnight/Wikimedia Commons

A federal appeals court has found that two famous versions of the Batmobile were protected under the copyright for the original Batman comic strip held by DC Comics.

DC Comics, a unit of Time Warner’s Warner Bros. Entertainment that owns the copyright to the original Batman comic book series, had sued a San Diego area man who was selling full-sized replicas of the Batmobile— some for as much as $90,000 each—as depicted in both the 1966 television series “Batman” starring Adam West and the 1989 movie “Batman” featuring Michael Keaton.

“Holy copyright law, Batman!” wrote Judge Sandra Ikuta in the U.S. Court of Appeals for the Ninth Circuit in Wednesday’s opinion, which found that the Batmobile was a “sufficiently distinctive” character to the original Batman comic book series.

“Since his first comic book appearance in 1939, the Caped Crusader has protected Gotham City from villains with the help of his sidekick Robin the Boy Wonder, his utility belt, and of course, the Batmobile,” Ikuta wrote. “Here, DC retained its copyright in the Batmobile character even though its appearance in the 1966 and 1989 productions did not directly copy any comic book depiction.”

Warner Bros. spokesman Paul McGuire declined to comment.

Larry Zerner, a solo practitioner in Los Angeles who represents Mark Towle, owner of Gotham Garage, said: “We’re disappointed in the ruling. The Copyright Act specifically exempts the design of automobiles from copyright protection, and we’re looking at our options.”

In 2011, DC Comics sued Towle, who countered that the Batmobile wasn’t a protected character under DC’s copyright.

“Sometimes the car has bat themes; sometimes it doesn’t,” Zerner said, noting that the version in the 2012 film “The Dark Knight Rises” looked more like a tank.

The Ninth Circuit’s ruling affirms a decision by U.S. District Judge Richard Lew of the Central District of California who, ruling on summary judgment motions, found in 2013 that the Batmobile was subject to copyright protection because, although it changed slightly over the years, it was always depicted with “high-tech gadgets and weaponry” and “bat-like motifs.”

For more: http://www.nationallawjournal.com/id=1202738032636/Holy-Copyright-Batmobile-Protected-Against-Replica-Seller#ixzz3mfi3khSt


Cayman Islands: Partnership Non-Petition Clauses Upheld

Article by Aristos Galatopoulos, Matthew Crawford, James Eldridge and John Trehey

From Maples and Calder

The Grand Court of the Cayman Islands has confirmed that limited partnership agreements preventing partners seeking to wind-up the partnership (non-petition clauses) are effective. The decision was reached on the basis that, pursuant to long standing partnership law principles, unaffected by legislation, partners are free to negotiate the method by which a partnership ends. Having decided that the partners were contractually bound by the relevant clause, the Court held that it was statutorily required to dismiss the winding-up petition.

The Court’s reasoning does not expressly extend to companies. For a company, it is generally established at common law that shareholders are not contractually bound by non-petition clauses contained in the Articles. No Cayman Islands case has yet considered whether separate contractual non-petition agreements between a company and a shareholder are enforceable.

Maples and Calder will be producing a more detailed analysis shortly.

For more: http://www.maplesandcalder.com/news/article/partnership-non-petition-clauses-upheld-1183/?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original


Seminar 21 October: The new Cayman Tax in Belgium: analysis, consequences and Swiss alternatives

From Loyens Loeff News

  1. The introduction of tax transparency for foreign legal structures

Through a programme law of August 10, income tax transparency measures have been introduced in Belgium for foreign legal structures, such as trusts as well as foundations and companies that are not subject to income tax under the provisions of the country or jurisdiction of residence, or that are subject to a more favourable income tax regime than in Belgium. The tax transparency measures take effect as from 1 January 2015.

The concerned Belgian personal income taxpayers (“founders” or “third party beneficiaries”) are taxed on the income received by the foreign legal structure, as if it did not exist.

Two “black lists” include the targeted foreign legal structures.

We will open our presentation by defining the concerned categories of targeted foreign legal structures, as well as the concerned Belgian personal income taxpayers. Afterwards, we will analyse the effects of the tax transparency measures.

  1. What are the consequences for the concerned Belgian personal income taxpayers?

We will continue our presentation by analysing the practical (and sometimes surprising) consequences of the Cayman Tax for the concerned Belgian personal income taxpayers, as well as by discussing the new anti-abuse provisions, introduced by the Cayman Tax.

  1. Which alternatives does Switzerland have to offer?

We will conclude our presentation with an overview of the different Swiss regimes and structures that can be used as a plausible and attractive alternative with regards to international estate planning.


Saskia Lust – Partner, Loyens & Loeff Belgium

Nicolas Bertrand – Counsel, Loyens & Loeff Belgium

Beat Baumgartner – Partner, Loyens & Loeff Switzerland

Programme for 22 October

16h00               Welcome

16h30               Presentation

17h45               Q & A

18h00               Reception

Address: Widder HotelRennweg 7

8001 Zürich

Contact person: Jori Steenbakkers +41 43 266 55 55

This seminar will be presented in English.

This seminar will be given in French in Geneva on 21 October 2015.

For registration: click at link below.

For more: http://loyensloeffnews.be/seminars/the-new-cayman-tax-in-belgium-analysis-consequences-and-swiss-alternatives/


NY financial regulators reach agreement with 4 banks to retain records for 7 years

Associated Press From Star Tribune

ALBANY, N.Y. — New York financial regulators have reached agreements with Goldman Sachs, Deutsche Bank, Credit Suisse and Bank of New York Mellon that require them to retain electronic records with a new cloud-based communications service for seven years.

The agreements are meant to help ensure the banks responsibly use Symphony Communications’ chat and messaging platform, which includes a feature described as “guaranteed data deletion,” the Department of Financial Services said Monday.

Symphony also provides end-to-end encryption of chat and instant messages, where only the sending and receiving institutions can decipher messages using a private decryption key. The agreements require the banks store a copy of the decryption keys with independent custodians.

“This is a critical issue since chats and other electronic records have provided key evidence in investigations of wrongdoing on Wall Street,” said Anthony Albanese, department superintendent. “It is vital that regulators act to ensure that these records do not fall into a digital black hole.”

Symphony called it “another positive development” on the eve of its launch, and that the platform protects against cyber threats while strengthening compliance operations. “Symphony provides state-of-the-art cybersecurity for institutions operating in complex regulatory environments,” chief executive David Gurle said.

In July letters, the department told the banks and Symphony it was concerned the service, created through a consortium of 14 financial institutions, could hinder the ability of regulators and prosecutors to investigate misconduct.

The four are those in the consortium the DFS regulates, but it suggested the same requirements apply to all regulated financial institutions in the future.

For more: http://www.startribune.com/ny-regulators-reach-deals-to-require-4-banks-to-keep-records/327438771/



Print Friendly, PDF & Email
About ieyenews

Speak Your Mind