CaymanIslandsMonetaryAuthority
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Cayman Islands Monetary Authority
The Cayman Island Monetary Authority (CIMA) has commenced the implementation of the Basel II Framework. The Basel II Framework describes a more comprehensive measure and minimum standard for capital adequacy that seeks to improve on the existing Basel I rules by aligning regulatory capital requirements more closely to the underlying risks that banks face.
For banks with expertise in electronic reporting, XBRL is the preferred filing method as it allows the filer to provide large data submissions without having to navigate the Excel form. XBRL provides an easier path to automate the submission. In addition, XBRL allows filers to create their own private reports related to the submissions. However, filing submissions using XBRL requires that banks have expertise in the use of instance creation tools.
