Cayman Islands takes staged approach to Basel II

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The Cayman Islands Monetary Authority (CIMA) has said it will introduce Basel II in stages, following an impact study conducted by financial services company PricewaterhouseCoopers.

Patrick Bodden, CIMA’s acting managing director, said: "The implementation of the framework is a vital part of the Cayman Islands’ continued commitment both to modern risk-based supervision and to meeting internationally accepted and applied supervisory standards.”

CIMA said that it would publish a summary and an implementation timetable over the coming months.
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