CIMA Regulated Forex Brokers in Cayman

The Cayman Islands Monetary Authority (CIMA) was founded in 1997 as the sole regulator of all the participants of the financial markets, including Forex brokerage firms, insurance companies, cooperative and building societies, as well as investment funds firms within its jurisdiction. CIMA is to pass laws and regulations and make sure they are followed by the registered members so the Cayman Islands can thrive as a reputable financial center. CIMA is also a member of known organizations, such as the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS). Moreover, CIMA goes out of its way to fulfill its regulatory, monetary, cooperative, and advisory duties to keep the integrity of the Cayman Islands intact.

HYCM

Min Deposit $100
Fixed, Classic, Raw
Leverage up to 1:500
Floating & Fixed Spreads

Forex, Stocks, Indices, Cryptocurrencies
MT4 & 5, Web, Mobile Platforms
Bank Wire, Credit cards, PerfectMoney, Skrill, Neteller, Bitcoin

Regulations: CySEC, FCA, DFSA
CIMA license: #1442313
Founded: 1999
Headquarters: Cyprus

👉 www.HYCM.com

CIMA Forex Regulation

CIMA which stands for the Cayman Islands Monetary Authority is an independent supervisory entity in charge of overseeing all the financial activities of Forex brokers, money services business, corporate services, cooperative and building societies, insurance companies, trust funds, and investment funds firms throughout the Cayman Islands. The organization was founded in 1997 under the Monetary Authority Act and as a result of a collaboration between the Financial Services Supervision Department of the Cayman Islands Government and the Cayman Islands Currency Board. In addition, CIMA is a statutory authority under the Public Management and Finance Act.

CIMA’s main responsibility is to make sure that the financial services industry runs without any fraudulent activities. To that end, the organization sees to it that all the international standards are taken into account in all aspects of the financial system for a more unified business environment. CIMA has a great deal of respect for teamwork, accountability, excellence, collaboration, trust, and integrity; in other words, the values that have turned this fine organization into what it is today. As of March 2003, CIMA has become fully independent under the Monetary Authority Act. CIMA is comprised of different divisions including the Anti-Money Laundering Division (also Counter Financing of Terrorism), Banking Supervision Division, Compliance Division, Currency Division, and Fiduciary Services Division, each of which is tasked with a set of responsibilities. All of these divisions work in tandem with the Managing Director’s Office. CIMA also cooperates with highly esteemed organizations such as the International Organization of Securities Commissions (IOSCO), the UK Financial Services Authority (FSA), and the International Association of Insurance Supervisors (IAIS). It is worth noting that CIMA understands the value of transparency and trust, which is why the organization provides the public with access to all the necessary and appropriate data such as functions, rules, and statistics under the Freedom of Information Law.

CIMA Obligations

CIMA is to fulfill four main objectives, namely Monetary (Cayman Islands currency), Regulatory (issuing or revoking licenses), Cooperative (collaborating with other regulatory authorities), and Advisory (offering advice to the government). CIMA is also required to create a safe trading environment for all the participants of the Cayman Islands. Additionally, CIMA must take full advantage of all the resources at its disposal to promote and protect the reputation of this financial center, fight against financial misconduct, comply with both national and international standards, take appropriate disciplinary measures whenever needed, encourage innovative approaches in the financial services business, and put transparency and fairness above all else.

Here’s how you can verify your CIMA Licensed Forex Broker:

To search for the info pertaining to your forex broker, go to this webpage and fill out the empty boxes with the required info (name of your broker and its section). When the search is done, you can review your forex broker’s registration details.