GEORGE TOWN, Grand Cayman — The Cayman Islands Shipping Registry (CISR) reinforced the country’s position as a top jurisdiction for vessel registration at the Monaco Yacht Show held September 25 – 28, 2013. The Cayman Islands exhibited at the show, as it has done since the 1990s, raising the profile of the jurisdiction in the European markets. As part of the event, the CISR hosted its third annual Cayman Yacht Forum, which featured an illustrious panel of speakers that drew more than 100 guests to discuss issues and trends within the yachting industry.
The Cayman Yacht Forum was originally established in 2011 to provide valuable information to the yachting industry that works to counteract misinformation and negative perceptions in relation to non-EU flags in general, but particularly the Cayman Islands. This year, the Forum, which was co-sponsored by Cayman law firms, Maples and Calder, and Campbells, focused on global economic trends, regulatory developments, and the benefits of the Cayman flag. A one-hour networking reception allowed delegates the opportunity to mingle and to discuss the issues at greater length.
The yachting industry, as with most others, has felt the pinch of the global economic crisis and the Forum provided an opportunity for industry leaders to identify and discuss areas for potential growth and challenges, such as the Global Wealth Report and changes in the financial and technical regulatory environments, including those presented by the European Union. An expert panel then discussed in detail the things to consider when choosing a flag, presenting facts about a number of key flags, including the Cayman Islands. Another session looked at Cayman’s legal framework and an update from the Registry on legislative developments and updates, new ports of registry and surveyor coverage.
Joel Walton, CEO of the Maritime Authority of the Cayman Islands, headed up the Forum, saying: “Reaffirming the CISR’s in-house expertise and knowledge of the industry trends and interpretation of existing and developing regulatory requirements promotes the Registry, which in turn encourages registrations and new-build business. Also, with support and participation from the private sector it further raises the awareness of first-class, quality service offered and the overall strength of the jurisdiction is enhanced”.
The Cayman Islands Shipping Registry takes seriously its responsibility to actively promote and develop the territory’s maritime industry globally, while promoting Cayman as the flag of choice and securing private sector participation. The Cayman Yacht Forum – Monaco 2013 is one of a series of events that CISR is hosting, with the next being around the Fort Lauderdale Boat Show, which takes place October 30 – November 4, 2013.
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