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Chairman of the Business Staffing Plan Board to appoint Financial Services Sector 4. 5. 6. 7. SL 2 of 2010 Immigration Law IMMIGRATION (FINANCIAL SERVICES SECTOR) DIRECTIONS, 2010 (SL 2 of 2010) In exercise of the powers conferred by section 100 of the Immigration Law (2009 Revision), the Governor in Cabinet issues the following policy directions to the Work Permit Board, the Business Staffing Plan Board and the Chief Immigration Officer for their guidance in the exercise of their respective powers, functions and duties under that Law \u2014\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Directions may be cited as the Immigration (Financial Services Sector) Directions, 2010.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Interpretation 2. For the purposes of these Directions the \u201cfinancial services sector\u201d includes the following services \u2014 (a) banking; (b) insurance; (c) legal; (d) estate and trusts; (e) company management; (f) fund administration; (g) accountancy; and SL 2 of 2010 (h) regulatory and support, including \u2014 (i) the Cayman Islands Monetary Authority; (ii) the Cayman Islands Stock Exchange; (iii) the Cayman Islands Development Bank; and (iv) the Cayman Islands National Insurance Company.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Chairman of the Business Staffing Plan Board to appoint Financial Services Sector Committee 3. The Chairman of the Business Staffing Plan Board is hereby directed in the exercise of his powers pursuant to section 6(1) of the Immigration Law (2009 Revision), in these Directions referred to as \u201cthe Law\u201d, to appoint a Financial Services Sector Committee to include himself or his deputy and comprising no fewer than two other members with expertise in the financial services sector to process and hear all applications from the financial services sector and to make recommendations to the Business Staffing Plan Board for the designation of key employees within the financial services sector.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Collaboration between Immigration Review Team and Financial Services Sector 4. The Cabinet appointed Immigration Review Team is hereby directed to work in collaboration with the Financial Services Sector Committee to establish a list of accredited employers based on the following criteria \u2014 (a) maintenance of a high standard of business ethics; (b) talent development programmes; (c) employment practices; (d) community programmes; (e) participation in developing business in a particular industry or field that is currently underdeveloped the development of which is and desirable; (f) evidence of Caymanian ownership or participation; and (g) evidence of business expansion in the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Application for designation as key employee 5. (1) Where an application is made under section 49(1) of the Law by an accredited employer for a worker in any of the following categories to be identified as a key employee a presumption shall exist in favour of designating such worker as key if that worker fulfils the requirements of section 49(4)(a), (c), (e) or (f) of the Law as follows \u2014 (a) he is recognised as having particular expertise in his field of practice, trade or employment and there is difficulty in attracting such persons to the Islands and retaining such persons within the Islands; SL 2 of 2010 (b) he is a professional employee whose expertise and skills are in short supply globally and are not available in adequate measure in the Islands and it is of economic and social benefit to the business or the Islands to attract such skills to the Islands; (c) his business contacts are or will be of importance to the continued success of the business or its contribution to the Islands; or (d) there exist other economic or social benefits to the Islands by virtue of securing or retaining his specialist skills or expertise. (2) Upon receiving an application to designate a worker on the basis that he falls within one or more of the categories listed in these Directions the relevant Board shall either upon the grant of such work permit or upon the renewal thereof or at any time during the currency of a work permit designate that worker as key pursuant to section 49(4)(a),(c),(e) or (f) of the Law, save that the presumption referred to in paragraph (1) may be rebutted if such worker does not fall within any of the categories specified herein or fails to fulfil the requirements of section 44(3) and (4) of the Law, or the Board is satisfied that there is a Caymanian who has the qualifications, experience, and willingness to fill the position. (3) This Direction applies to the following categories for which a professional qualification will be required \u2014 (a) Managing Director, Chief Executive Officer or General Manager; (b) Equity Partner, Partner, Principal or President; (c) Senior Vice President; (d) Senior Account Executive; (e) Senior Account Manager; (f) Senior Manager; (g) Senior Fund Administration Manager; (h) Broker dealer; (i) Investment banker; (j) Investment Manager; (k) Trader; (l) Insurance\/reinsurance manager; (m) Country Manager; (n) Senior in House Counsel; (o) Chief Technology Officer\/IT Director; (p) Chief Operating Officer; (q) Directors \/Associate Director; SL 2 of 2010 (r) Reinsurance Underwriter; (s) Actuary; and (t) Insurance Claims Manager (captive industry \u2013 offshore only \u2013 not local\/domestic).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Grant of work permits for three to five years 6. In compliance with section 48(2) of the Law, the relevant Board or the Chief Immigration Officer as applicable shall, unless there are exceptional circumstances, issue three year work permits to all persons, not being workers currently listed in a Business Staffing Plan and falling into the categories listed in Direction 5, and three to five year work permits for the following categories of workers \u2014 (a) domestic helpers; (b) teachers, doctors, nurses and ministers of religion; and (c) workers for positions authorised by the Business Staffing Plan Board in a Business Staffing Plan Certificate.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Financial Services Sector applications to receive priority 7. The Chief Immigration Officer is hereby directed in the exercise of his powers pursuant to section 42(5) of the Law to give priority to the processing of all work permit applications from the financial services sector or where necessary refer such application to the relevant Board or Committee. Made in Cabinet this 12th day of January, 2010. 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Law\nIMMIGRATION (FINANCIAL SERVICES\nSECTOR) DIRECTIONS, 2010\n(SL 2 of 2010)\nArrangement of Sections\nSection\nPage\n1.\nCitation ......................................................................................................................................5\n2.\nInterpretation .............................................................................................................................5\n3.\nChairman of the Business Staffing Plan Board to appoint Financial Services Sector\nCommittee .................................................................................................................................6\n4.\nCollaboration between Immigration Review Team and Financial Services Sector ......................6\n5.\nApplication for designation as key employee..............................................................................6\n6.\nGrant of work permits for three to five years...............................................................................8\n7.\nFinancial Services Sector applications to receive priority ...........................................................8\n\nImmigration (Financial Services Sector) Directions, 2010\nSection 1\n\nc\nSL 2 of 2010\nPage 5\n\nCAYMAN ISLANDS\n\nImmigration Law\nIMMIGRATION (FINANCIAL SERVICES\nSECTOR) DIRECTIONS, 2010\n(SL 2 of 2010)\nIn exercise of the powers conferred by section 100 of the Immigration Law (2009\nRevision), the Governor in Cabinet issues the following policy directions to the Work\nPermit Board, the Business Staffing Plan Board and the Chief Immigration Officer for\ntheir guidance in the exercise of their respective powers, functions and duties under that\nLaw \u2014\n1.\nCitation\n1.\nThese Directions may be cited as the Immigration (Financial Services Sector)\nDirections, 2010.\n2.\nInterpretation\n2.\nFor the purposes of these Directions the \u201cfinancial services sector\u201d includes the\nfollowing services \u2014\n(a)\nbanking;\n(b) insurance;\n(c)\nlegal;\n(d) estate and trusts;\n(e)\ncompany management;\n(f)\nfund administration;\n(g) accountancy; and\n\nSection 3\nImmigration (Financial Services Sector) Directions, 2010\n\nPage 6\nSL 2 of 2010\nc\n\n(h) regulatory and support, including \u2014\n(i)\nthe Cayman Islands Monetary Authority;\n(ii) the Cayman Islands Stock Exchange;\n(iii) the Cayman Islands Development Bank; and\n(iv) the Cayman Islands National Insurance Company.\n3.\nChairman of the Business Staffing Plan Board to appoint Financial\nServices Sector Committee\n3.\nThe Chairman of the Business Staffing Plan Board is hereby directed in the exercise\nof his powers pursuant to section 6(1) of the Immigration Law (2009 Revision), in\nthese Directions referred to as \u201cthe Law\u201d, to appoint a Financial Services Sector\nCommittee to include himself or his deputy and comprising no fewer than two other\nmembers with expertise in the financial services sector to process and hear all\napplications from the financial services sector and to make recommendations to the\nBusiness Staffing Plan Board for the designation of key employees within the\nfinancial services sector.\n4.\nCollaboration between Immigration Review Team and Financial Services\nSector\n4.\nThe Cabinet appointed Immigration Review Team is hereby directed to work in\ncollaboration with the Financial Services Sector Committee to establish a list of\naccredited employers based on the following criteria \u2014\n(a)\nmaintenance of a high standard of business ethics;\n(b) talent development programmes;\n(c)\nemployment practices;\n(d) community programmes;\n(e)\nparticipation in developing business in a particular industry or field that\nis currently underdeveloped the development of which is and desirable;\n(f)\nevidence of Caymanian ownership or participation; and\n(g) evidence of business expansion in the Cayman Islands.\n5.\nApplication for designation as key employee\n5.\n(1) Where an application is made under section 49(1) of the Law by an accredited\nemployer for a worker in any of the following categories to be identified as a\nkey employee a presumption shall exist in favour of designating such worker\nas key if that worker fulfils the requirements of section 49(4)(a), (c), (e) or (f)\nof the Law as follows \u2014\n(a)\nhe is recognised as having particular expertise in his field of practice,\ntrade or employment and there is difficulty in attracting such persons to\nthe Islands and retaining such persons within the Islands;\n\nImmigration (Financial Services Sector) Directions, 2010\nSection 5\n\nc\nSL 2 of 2010\nPage 7\n\n(b) he is a professional employee whose expertise and skills are in short\nsupply globally and are not available in adequate measure in the Islands\nand it is of economic and social benefit to the business or the Islands to\nattract such skills to the Islands;\n(c)\nhis business contacts are or will be of importance to the continued\nsuccess of the business or its contribution to the Islands; or\n(d) there exist other economic or social benefits to the Islands by virtue of\nsecuring or retaining his specialist skills or expertise.\n(2) Upon receiving an application to designate a worker on the basis that he falls\nwithin one or more of the categories listed in these Directions the relevant\nBoard shall either upon the grant of such work permit or upon the renewal\nthereof or at any time during the currency of a work permit designate that\nworker as key pursuant to section 49(4)(a),(c),(e) or (f) of the Law, save that\nthe presumption referred to in paragraph (1) may be rebutted if such worker\ndoes not fall within any of the categories specified herein or fails to fulfil the\nrequirements of section 44(3) and (4) of the Law, or the Board is satisfied that\nthere is a Caymanian who has the qualifications, experience, and willingness\nto fill the position.\n(3) This Direction applies to the following categories for which a professional\nqualification will be required \u2014\n(a)\nManaging Director, Chief Executive Officer or General Manager;\n(b) Equity Partner, Partner, Principal or President;\n(c)\nSenior Vice President;\n(d) Senior Account Executive;\n(e)\nSenior Account Manager;\n(f)\nSenior Manager;\n(g) Senior Fund Administration Manager;\n(h) Broker dealer;\n(i)\nInvestment banker;\n(j)\nInvestment Manager;\n(k) Trader;\n(l)\nInsurance\/reinsurance manager;\n(m) Country Manager;\n(n) Senior in House Counsel;\n(o) Chief Technology Officer\/IT Director;\n(p) Chief Operating Officer;\n(q) Directors \/Associate Director;\n\nSection 6\nImmigration (Financial Services Sector) Directions, 2010\n\nPage 8\nSL 2 of 2010\nc\n\n(r)\nReinsurance Underwriter;\n(s)\nActuary; and\n(t)\nInsurance Claims Manager (captive industry \u2013 offshore only \u2013 not\nlocal\/domestic).\n6.\nGrant of work permits for three to five years\n6.\nIn compliance with section 48(2) of the Law, the relevant Board or the Chief\nImmigration Officer as applicable shall, unless there are exceptional circumstances,\nissue three year work permits to all persons, not being workers currently listed in a\nBusiness Staffing Plan and falling into the categories listed in Direction 5, and three\nto five year work permits for the following categories of workers \u2014\n(a)\ndomestic helpers;\n(b) teachers, doctors, nurses and ministers of religion; and\n(c)\nworkers for positions authorised by the Business Staffing Plan Board in a\nBusiness Staffing Plan Certificate.\n7.\nFinancial Services Sector applications to receive priority\n7.\nThe Chief Immigration Officer is hereby directed in the exercise of his powers\npursuant to section 42(5) of the Law to give priority to the processing of\nall work permit applications from the financial services sector or where\nnecessary refer such application to the relevant Board or Committee.\nMade in Cabinet this 12th day of January, 2010.\nKim 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