The Managing Director of the Cayman Islands Monetary Authority is meeting with regulators and commercial bankers in four Latin American countries during August. In a string of visits to Brazil, Argentina, Uruguay and Chile, Mr Neville Grant will be discussing regulatory procedures with fellow supervisors as well as briefing financial service organisations on what Cayman has to offer.

Mr Grant is optimistic that these visits will be beneficial to parties in both Cayman and South America as it will allow for a better understanding of each other's regulatory requirements and processes. Mr Grant said, "These meetings will provide an excellent opportunity for the Monetary Authority to familiarise itself with the regulatory environment of these emerging markets and allow for an introduction of Cayman's finacial services industry."

On his first stop, Mr Grant attended a conference in Porto Alegre, Brazil, organised by the Association of Banking Supervisory Authorities in Latin America and the Caribbean on August 16-19'. Participants at this event included banking superintendents and regulators from the Latin American and Caribbean basin, as well as the United States and Canada. Mr Grant discussed "Consolidated Supervision, Parallel Banking and Agreements Among Financial Systems Supervisors" at this conference. He also met with Brazilian Bankers Association.

In his remaining visits to Argentina, Uruguay and Chile, from August 19-27th, Mr Grant will meet with representatives from those countries' Central Banks and Bankers Associations as well as representatives of banks which operate branches in Cayman.

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For further information on the above please contact Miranda Pugh at Cayman Islands Government Press Office