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Local regulators welcomed the adoption of the Code as to improve banking standards and called for all banks to adopt it. CIBA President Conor O'Di explained that CIBA worked on the code a lot of time and commended the efforts of all participants in the ad hoc committee, which formulated the new document. «To a certain extent, this code formalises the practice of the local banking sector for many years. We took the opportunity to improve the flow of information, as well as guidance for all existing and potential customers, »said O'Di. All existing retail banks Cayman Islands have agreed to adopt and implement the Code. Among them: Butterfield Bank, Cayman National Bank, Fidelity Bank, First Caribbean International Bank, HSBC, Royal Bank of Canada and Scotiabank & Trust. The text of the Code will be freely available in the offices and on the websites of all participating banks.