11/27/2015
Deutsche Bank wins Custody Risk Award
The Bank was named ‘Channel Islands Custodian of the Year’ at the Custody Risk European Awards 2015 ceremony.
Regulation, Risk & Compliance
11/27/2015
Delegated Act for Bermuda Solvency II Equivalence published
The EU Parliament has three months to provide objections (with a possible extension of a further three months)
11/27/2015
Banks explain extra information requests
Bermuda is not immune to the impact of these changes.
11/27/2015
UK escalates beneficial ownership demands
The U.K. government has called for a centralized register of beneficial ownership information in all its Overseas Territories and Crown Dependencies since 2013.
11/25/2015
Cayman Finance calls for more public cash to protect industry
The programme, aimed at creating a pathway for high-performing Caymanian students into the Cayman Islands financial services industry
11/23/2015
Top EC official: treat Bermuda as equivalent
Mr Guersent, the director-general for financial stability, financial services and capital markets union said that the Commission is in the process of adopting two equivalence decisions, concerning Bermuda and Japan.
11/23/2015
TCI joins international financial standards body
The body seeks to promote the adoption of international regulatory standards in the banking, fiduciary, anti-money laundering and combating the financing of terrorism arenas.
11/20/2015
Treasury announces new steps to keep companies in U.S.
He called the new rules "an important step, but not the end of our work."
11/19/2015
Brazil proposes voluntary offshore asset disclosure
When first tabled in July 2015, the bill proposed a fine of 17.5% in addition to income tax charged at 17.5%.
11/17/2015
ASIC forces Formax to remove false statements on retail forex subsidiary ACMAS’s license suspension
Formax is controlled by Chinese investors, is based in the Cayman Islands, and has forex brokerage subsidiaries in New Zealand and the UK, where Formax recently received an FCA license.
11/16/2015
Standard Chartered to pay $6.3 million in Swiss program deal
The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States.
11/16/2015
CICRA seeks improvement to Channel Island merger regimes
CICRA has the power to approve the transaction, impose the transaction while imposing condition or it can block the transaction outright.
11/16/2015
Consultations begin for better regulation of insurance and pensions
Overall, the project seeks to establish an integrated insurance and pension market in the ECCU that would lead to the creation a more efficient and better regulated insurance and pension market.
11/12/2015
Brazil lower house passes amnesty for unreported offshore assets
The bill passed the House by a vote of 230-213; it must still be approved by the Senate.
11/09/2015
Guernsey retains ‘AA+’ credit rating
Standard & Poor’s has confirmed that Guernsey’s credit rating remains at “AA+”, the highest rating the jurisdiction can achieve.
11/04/2015
Financial Services Firms Set For 25% Contraction
Andbank chief executive, Manel Martinez, said the Bahamian financial services industry needs to effectively “up its game” and differentiate itself from its competitors.
11/03/2015
Regulators liquidate Aussie firm managing 1MDB’s US$2.3 billion, says report
Australian company Avestra Asset Management, that was supposedly managing 1Malaysia Development Berhad's (1MDB) proceeds from its joint venture with PetroSaudi International, is being liquidated by Australian authorities, says a report in The Wall St
11/02/2015
The Cape Town Convention in the UK: Effective 1 November 2015
The UK has amended its existing insolvency laws by adopting Alternative A of Article XI of the Protocol
11/02/2015
D.C. Made A Change To Its Tax Law, And Caribbean Countries Aren't Happy About It
That means that national corporations with a local presence have to pay D.C. taxes on their combined income, instead of just paying the taxes on the income of the local affiliate alone.
11/02/2015
US overtakes Caymans and Singapore as haven for assets of super-rich
But financial secrecy index report notes if UK and affiliated tax havens such as Jersey were treated as one, it would top the list