Stories that are tagged 'banking'

	Swiss Asset Managers Slam 'Incoherent' Financial Centre Strategy 5/16/2012 During its general assembly in Zurich, the Swiss Association of Asset Managers criticized the government’s ‘white money strategy’, a new financial market policy geared towards the management of taxed assets, calling instead for a coherent strategy for the Swiss financial centre.
	Eurogroup Committed To Fiscal Consolidation 5/16/2012 Following the latest Eurogroup meeting in Brussels, Luxembourg’s Prime Minister and Eurogroup President Jean-Claude Juncker confirmed that the Eurogroup’s consolidation strategy, in accordance with provisions contained in the Stability and Growth Pact, ‘remains appropriate’ and will therefore continue to form the cornerstone of its strategy to correct fiscal and economic imbalances to overcome the crisis and to return to sustainable growth.
	IRS Non-Resident Reporting Rule Questioned Again 5/16/2012 The Treasury Department’s failure to provide sufficient answers about Internal Revenue Service regulations requiring United States banks to disclose interest paid to non-resident aliens has prompted the House of Representatives’ Ways and Means Oversight Subcommittee Chairman Charles Boustany to request additional information.
	Hong Kong Concerned At Operation Of US Volcker Rule 5/14/2012 Following is a question in the Legislative Council, the Secretary for Financial Services and the Treasury, Professor K C Chan, confirmed that Hong Kong shares the concerns raised by other financial markets, such as Canada, France, Germany, Japan and the United Kingdom, over the extra-territorial reach and the implementation of the United States’ Volcker Rule restrictions.
	San Marino Urged To Consider New Economic Model 5/11/2012 Despite a 15% decline in tax revenues in San Marino over the past two years, authorities have been able to maintain a comparatively low deficit. However, the most significant challenges relate to the stability of the nation's banking sector, which has suffered capital flight as tax transparency initiatives gain ground, a new International Monetary Fund report says.
	Turks And Caicos Takes Strides Towards Self-Rule 5/10/2012 The provisional Governor of the Turks and Caicos Islands, Ric Todd, has released a report detailing progress made towards fundamental reforms to the island's frameworks to prevent corruption, and correct fiscal imbalances, deemed necessary before the islands are returned to self-rule by the UK government.
	Spain 'Confident' 2012 Budget Plans Will Spark Growth 5/10/2012 Spain’s Secretary of State responsible for Budget and Expenditure Marta Fernandez Curraz has recently defended the country’s budgets for 2012, insisting that they are based on discipline and fiscal consolidation, to enable the government to confidently overcome the crisis.
	Hungary To Abolish Bank Tax 5/11/2012 The Hungarian government has announced plans to halve the country’s bank tax in 2013, before subsequently abolishing the levy in 2014.
	IMF Identifies Risks In Swiss Banking Sector 5/11/2012 The International Monetary Fund has said in its latest Article IV consultation with Switzerland that, while the fiscal position is healthy, there remain a number of risks to the country's financial services sector, amid the possibility of a real estate bubble.
	Italy, Switzerland Agree To Tax Talks 5/11/2012 Following the recent positive developments with regard to the tax treaties between Switzerland and various European Union member states, a meeting held on May 9 between Swiss and Italian officials has agreed to the establishment of a working group to resolve the outstanding tax problems between their two countries.
	EU Fails To Unite On Basel III 5/10/2012 Despite a marathon round of intense negotiations in Brussels, led by the Danish Presidency of the European Union, EU Economic and Financial Affairs Council ministers failed to agree a common approach on the issue of more stringent capital standards.
	DIFC To Accept Credit Rating Agencies 5/10/2012 The Dubai Financial Services Authority has launched a consultation on new rules which would allow credit rating agencies to establish operations from the Dubai International Financial Centre tax-free zone.
	Financial Crisis Hits Jersey Finance Industry Profits 5/10/2012 The Jersey government's latest statistical report shows a significant decline in the profitability and size of the nation's financial services industry since the start of the financial crisis, putting pressure on Jersey tax receipts. Recent figures for 2011, however, show modest signs of improvements.
	Rajoy Eyes Taxpayer Funds To Shore Up Ailing Banks 5/10/2012 Marking a dramatic about-turn, Spain’s Prime Minister Mariano Rajoy has confirmed that he is no longer ruling out the idea of using taxpayers’ money to support ailing banks in Spain to avert a crisis and to restore confidence.
	Jersey Enhances Regulatory Cooperation With Germany 5/9/2012 The Jersey Financial Services Commission has announced the signing of a cooperation agreement to boost its relationship with the German banking, insurance and investment firms' regulator, the Bundesanstalt fur Finanzdienstleistungsaufsicht.
	Offshore Merger And Acquisition Activity Rises 5/9/2012 A new report from Appleby shows that transaction values for mergers and acquisitions (M&A) in major offshore financial centers rose by 25% in the first quarter of 2012.
	Left Demands Improvements To Swiss-German Tax Deal 5/7/2012 Despite cracks appearing in cross-party relations, Germany’s red-green federal states, governed by both the Social Democrats and by the Green Party, are said to remain united in their firm opposition to the Swiss-German tax deal, and in their demands for improvements to be made to the text.
	Germany Unites On Financial Supervision Reforms 5/7/2012 During a recent sitting, Germany’s federal cabinet adopted a bill aimed at strengthening financial supervision in Germany.
	Swiss Left Seeks To Delay Debate On Tax Deals 5/4/2012 Switzerland’s Social Democrats have threatened to block in parliament the landmark withholding tax agreements concluded recently with Germany, the UK and Austria, if the treaties are not in accordance with the party line.
	HMRC Will Not Appeal Stamp Duty Ruling 5/3/2012 The UK tax authority, HM Revenue and Customs, will no longer seek to impose Stamp Duty Reserve Tax on the issue of shares to depositary receipt issuers and clearance services outside the European Union following a recent legal ruling.
	HKMA Reviews Its Progress In 2011 5/3/2012 In addition to its actions to strengthen further the risk management of banks through its supervisory actions and countercyclical measures on property mortgages, the Hong Kong Monetary Authority pointed, in its 2011 Annual Report, to its support to the further expansion of renminbi market activities in Hong Kong.
	Dutch PM Confirms Bank Tax Rise 5/2/2012 The caretaker Prime Minister of the Netherlands Mark Rutte has confirmed that the country's proposed bank tax will be increased as part of the government's latest budget agreement, designed to reduce the deficit to 3% of gross domestic product next year.
	Barbados Targets US Investors 5/2/2012 Barbados's Prime Minister Freundel Stuart has highlighted the advantages of doing business in the territory for United States investors as the US Chamber of Commerce prepares to launch an office in the country this year.
	India Obtains TIE Relaxations From Switzerland 5/2/2012 According to a statement from the India’s Ministry of Finance, the Indian and Swiss governments have signed a protocol to their bilateral double taxation agreement, which will allow for a 'liberal interpretation' of the identity requirements before the exchange of information.
	IoM Contributes To UK Tax Transparency Program 5/1/2012 The Isle of Man government has recently participated in an initiative funded by the UK's Foreign and Commonwealth Office to provide training to the British Overseas Territories of Montserrat and Anguilla to help them meet their international obligations on tax information exchange.
	Uruguay To Exchange Tax Information With Argentina 5/1/2012 Uruguay has agreed to share tax information with Argentina, under a landmark double tax agreement recently signed between the two nations.
	Di Pietro Calls For Tax Treaty With Switzerland 5/1/2012 Antonio di Pietro, the former anti-corruption magistrate and present leader of the Italia dei Valori opposition party, has written in his blog that the Italian government should now be looking to garner the EUR40bn (USD53bn) in tax revenue that could be available by concluding a tax treaty with Switzerland.
	UK, EU Talk 'Shadow Banking' Regulation 5/1/2012 At a conference on ‘shadow banking’ in Brussels, both Michel Barnier, European Commissioner for Internal Market and Services, and Paul Tucker, the Bank of England’s Deputy Governor for Financial Stability, have outlined their views on policies for its better regulation.
	Ireland, US In Talks Over FATCA 5/1/2012 Ireland and the United States are in talks to establish a common approach to the Foreign Account Tax Compliance Act, drawing on domestic and international tax legislation and treaties.
	Barbados's Tax Transparency Framework Endorsed 4/27/2012 The Barbados government has welcomed recognition from the Organization for Economic Cooperation and Development that its legislative and regulatory framework for the exchange of tax information meets international standards.
	Geithner Finds Progress In US-China Trade Relations 4/30/2012 In remarks made to the Commonwealth Club of California in San Francisco, Timothy Geithner, the US Treasury Secretary, reviewed the development of the trading and economic relationship between the United States and China, and pronounced that significant progress has been made.
	Switzerland To Conclude TIEAs 4/27/2012 The Swiss Federal Council has recently taken the decision to agree to the international standard on administrative assistance not only in double taxation agreements, but also in so-called tax information exchange agreements.
	EP Committee Seeks Wider FTT Net 4/30/2012 The Economic and Monetary Affairs Committee of the European Parliament has said in a recently adopted resolution that the European Commission’s proposed financial transaction tax should be better designed in order to capture more traders and to make evading it unprofitable.
	German Cabinet Adopts Swiss Tax Deal 4/30/2012 The German cabinet has recently adopted the bill implementing the bilateral tax agreement with Switzerland.
	France Publishes Revised 2012 'Black List' 4/26/2012 French Finance Minister François Baroin and Budget Minister Valérie Pécresse have recently updated the country’s ‘black list’ of countries deemed to be ‘uncooperative’ in tax matters.
	Bermuda Concludes Marketing Push In China 4/26/2012 Business Bermuda, the promotional agency for the territory's financial services industry, has concluded a week-long business development and relationship-building trip in Shanghai and Beijing mirroring the decisions of other small, low-tax, financial centres targeting the region as a new source of financial services growth.
	New Taxes In Hungary's Euro Plan 4/26/2012 The Hungarian government has recently adopted the second part of its ‘Szell Kalman’ plan, forming part of the country’s euro convergence programme and containing new tax measures to help shore up its revenue base.
	Volcker Rule Conformance Period Clarified 4/25/2012 The United States Federal Reserve Board has clarified that an entity covered by the Volcker Rule section of the Dodd-Frank Wall Street Reform and Consumer Protection Act has the full two-year period provided by the statute fully to conform its activities and investments.
	Swiss Parliament Adopts Tax Deal With Austria 4/25/2012 Switzerland’s Federal Council has recently adopted the text of the withholding tax agreement with Austria.
	Jersey Builds Business Relationship With UAE 4/24/2012 Jersey Treasury Minister Philip Ozouf has arrived in the United Arab Emirates as part of a three-day official visit to promote Jersey's offerings as an international financial centre.
	London Invokes Clause To Improve Swiss Tax Deal 4/24/2012 In a diplomatic note, the UK has called for changes to be made to the bilateral withholding tax agreement concluded with Switzerland last October, aimed at resolving the issue of the undeclared wealth of British residents held in Swiss banks.
	French Banks Defend Tax Policies 4/23/2012 The heads of two top banks in France have recently defended the banks’ policies and actions to senators, as part of a Senate committee’s ongoing enquiry into capital flight.
	SVG's Tax Transparency Endorsed 4/20/2012 Saint Vincent and the Grenadines has welcomed the adoption of a report by the Organization for Economic Cooperation and Development that confirms the territory has adequate frameworks in place to meet international standards on tax transparency and information exchange.
	Swiss Lawmakers To Examine German, UK Tax Deals 4/23/2012 The Swiss Federal Council has recently submitted to parliament the bilateral withholding tax agreements with Germany and the UK, together with the Federal Act on International Withholding Tax, designed to implement the new agreements.
	BIS Issues Final Principles For FMIs 4/20/2012 The Bank for International Settlement’s Committee on Payment and Settlement Systems and the technical committee of the International Organization of Securities Commissions have published the final version of their ‘Principles for Financial Market Infrastructures’ report.
	Liechtenstein, Sweden TIEA Enters Into Force 4/19/2012 The bilateral tax information exchange agreement between Liechtenstein and Sweden has now entered into force, following ratification of the treaty by the relevant contracting parties.
	German Bank Tax Yields Meagre Rewards 4/20/2012 Germany’s controversial bank tax is expected to yield meagre revenues this year of just EUR500m (USD655m), well below the government’s original target figure, and below the EUR590m derived from the levy last year, according to recent reports.
	Cyprus Committed To Deficit Reduction Targets 4/18/2012 Cyprus's Finance Minister Vassos Shiarly has expressed confidence that the nation will be able to meet the deficit reduction targets agreed with Europe and its Russian creditors.
	IRS Issues Final Non-Resident Reporting Rule 4/18/2012 The Treasury Department has issued the final regulations on the reporting to the Internal Revenue Service of interest paid to non-residents by United States banks from January 1, 2013.
	Canada, Chile Expand FTA 4/18/2012 Canada and Chile have signed a modernized and expanded free trade agreement, designed to deepen commercial ties between the two countries.
	Liechtenstein, Austria Eye Withholding Tax Deal 4/18/2012 Austria reportedly plans to re-launch talks with Liechtenstein at the end of April, aimed at negotiating a bilateral tax deal between the two countries to resolve the issue of untaxed assets held by Austrian residents in the Principality’s banks.
	Swiss Bankers Welcome Tax Deal With Austria 4/18/2012 The Swiss Bankers Association has recently taken note of the signing of the bilateral tax agreement between Switzerland and Austria, and has welcomed the fact that the Confederation’s strategy for tax conformity, defined over two years ago, has now been substantiated with a third European country following the agreements signed with the UK and with Germany.
	Italy Delays Transaction Reporting For Banks 4/18/2012 The Italian Revenue Agency has delayed the obligation on banks and other financial institutions to identify transactions subject to value-added tax and of an amount over EUR3,600, that will have to be electronically reported to the tax authorities as part of the government’s efforts to increase tax compliance.
	Tunisia Consults On Complementary Finance Bill 4/17/2012 The Tunisian committee responsible for planning, finance and development within the National Assembly have recently examined the country’s 2012 complementary finance bill, including the key fiscal measures contained in the draft law.
	Liechtenstein, Switzerland Initiate DTA Discussions 4/16/2012 Switzerland and Liechtenstein have recently announced plans to negotiate a bilateral double taxation agreement between the two countries.
	Details Provided Of Taiwan's Proposed CGT 4/17/2012 Taiwan's Finance Minister Christina Liu has announced the structure of the new capital gains tax that the government will impose on profits made from trading in shares, bonds and derivative products, such as futures and options.
	Hong Kong, Spain DTA Enters Into Force 4/16/2012 The agreement for the avoidance of double taxation, signed between Hong Kong and Spain on April 1 last year, came into force on April 13, after the completion of ratification procedures on both sides.
	FATF Mandate Extended To 2020 4/17/2012 Ministers from nations party to the Financial Action Task Force's 40+9 recommendations are to extend the organization's mandate to 2020, to allow the agency to continue its role of protecting the integrity of the international financial system through the development and enforcement of its anti-money laundering and terrorism financing standards.
	Switzerland Stands Firm On Revised German Tax Deal 4/17/2012 Staunchly defending the importance of the bilateral tax agreement with Germany, as a means to resolve the longstanding issue of undeclared assets held by German residents in the Confederation’s banks, Swiss Finance Minister Eveline Widmer-Schlumpf has ruled out any further compromises.
	Future Bright For Panama: IMF 4/13/2012 The International Monetary Fund has published its Article IV report in respect of Panama, noting that the country has exited the global downturn robustly, with a well-capitalised banking system, but efforts should continue to build upon the tax revenue base to reverse poor revenue performance witnessed last year.
	New Zealand Doing Well, IMF Says 4/9/2012 The International Monetary Fund has praised New Zealand's deficit reduction plan and called the government's macroeconomic stance appropriate in its latest review.
	Malta To Improve Workings Of Deposit Compensation Scheme 4/9/2012 The Maltese Financial Services Authority has proposed measures to bolster the functioning of the nation's Depositor Compensation Scheme - a safeguard to mitigate depositor losses should a resident financial institution default.
	OECD Issues New Peer Reviews 4/5/2012 The Organization for Economic Cooperation and Development, publishing eleven new peer reviews, has said that the vast majority of territories which have been subject to critical assessments have implemented satisfactory legislative regimes that can facilitate the exchange of information on request.
	US Approves Final Rule On Shadow Banking 4/6/2012 The United States Financial Stability Oversight Council has issued its final rule and interpretive guidance on the Federal Reserve Bank’s authority to require supervision and regulation of nonbank financial companies.
	Barbados Publishes Credit Risk Management Rules 4/4/2012 The Central Bank of Barbados has noted the publication of a new set of Credit Risk Management Guidelines to assist financial institutions in meeting their credit risk management obligations.
	Schäuble Tries To Quieten Swiss Tax Imbroglio 4/5/2012 German Finance Minister Wolfgang Schäuble has underlined the need for the bilateral Swiss-German withholding tax agreement to enter into force as planned from January 1, 2013, despite Switzerland’s inflammatory decision this week to issue arrest warrants for three German tax investigators for industrial espionage.
	Guernsey, Switzerland Discuss Financial Synergies 4/3/2012 Guernsey recently hosted a Swiss government delegation during a two-day visit to the island, which reinforced the importance of links between Guernsey and Switzerland, particularly in financial services.
	Hong Kong Launches New AML/CFT Regime 4/2/2012 Legislation which was approved by the Legislative Council in June 2011 and which will enhance the Hong Kong financial sector’s anti-money laundering and counter-financing of terrorism regime went into effect on April 1.
	UK House Of Lords Slams FTT Proposals 4/3/2012 European plans for a Financial Transaction Tax place the City of London under severe threat, a group of UK lawmakers has warned.
	Liechtenstein's Nordic TIEAs Enter Into Force 3/30/2012 The Liechtenstein government has recently announced that the bilateral tax information exchange agreements (TIEAs) concluded with Norway, Finland, Iceland, Greenland and the Faroe Islands are due to enter into force shortly, following ratification of the treaties by the relevant contracting parties.
	Switzerland Sticking With Exchange Rate Fix 3/30/2012 Switzerland’s Economy Minister Johann Schneider-Ammann has insisted recently that the minimum exchange rate set by the Swiss National Bank of CHF1.20 per euro must be maintained.
	State Street Granted Jersey Banking License 3/30/2012 The Jersey Financial Services Commission has granted State Street Corporation, one of the world's leading provides of financial services to institutional investors, a license to expand its offerings to include Jersey-based banking.
	Juncker Seeks Alternatives To FTT 3/29/2012 During a recent conference in Brussels, Luxembourg’s Prime Minister and Eurogroup President Jean-Claude Juncker expressed his reservations regarding the idea of a tax on financial transactions, advocating instead that an alternative be examined.
	IMF Warns Of Swiss Financial Sector Risks 3/28/2012 While the Swiss economy is seen as 'fundamentally strong', the International Monetary Fund has urged Swiss authorities to focus efforts towards strengthening safeguards for the financial services industry, and preventing a possible real estate bubble.
	Switzerland Snubs Tax Deal With Austria 3/28/2012 The Swiss government has no firm plans to conclude a bilateral tax agreement with Austria to resolve the longstanding issue of undeclared bank accounts held by Austrian nationals in the Confederation’s banks despite claims to the contrary by the Austrian government.
	Hong Kong's SFC Waives Annual Fees 3/27/2012 Hong Kong’s Securities and Futures Commission has announced that the payment of annual licensing fees will be waived for a two-year period, effective from April 1, 2012.
	Schäuble Concedes FTT Doomed To Failure 3/28/2012 In a shock announcement just ahead of a crucial euro zone finance ministers’ meeting in Copenhagen, German Finance Minister Wolfgang Schäuble has finally conceded that Franco-German plans for the introduction of a European tax imposed on financial transactions are doomed to failure.
	SEC Enhances Cooperation With EU, Cayman Islands 3/27/2012 The United States Securities and Exchange Commission has announced that it has established two memoranda of understanding with the Cayman Islands Monetary Authority and the European Securities and Markets Authority, as part of its long-term strategy to improve the oversight of regulated entities that operate across national borders.
	Guernsey Wealth Management Promoted In India 3/23/2012 Guernsey's offerings as a wealth management domicile were promoted at the India Wealth Forum, held recently in Delhi and attended by Guernsey wealth management firm Nerine Group of Fiduciaries.
	Netherlands Seeks 'Alternatives' To FTT 3/26/2012 The Dutch finance ministry has recently confirmed government plans to ask the European Commission to examine the idea of ‘alternatives’ to the introduction of a financial transactions tax in Europe.
	Semeta Eyes 'Political Compromise' On EU FTT 3/22/2012 During a recent meeting of members of the finance and fiscal committees in the Danish parliament in Copenhagen, European Union Commissioner for Taxation Algirdas Semeta once again underlined the need for a European financial transactions tax (FTT) to partially fund the European budget thereby reducing national contributions, while acknowledging the need for a 'political compromise'.
	Gibraltar Government To Back Finance Industry 3/23/2012 To mark one hundred days in office, the Gibraltar government has made a number of pledges that it will fulfil during its term, many of which are pertinent to taxpayers and the financial services sector.
	Switzerland, UK Supplement Withholding Tax Agreement 3/23/2012 Switzerland and the United Kingdom have recently signed in Brussels a Protocol of Amendment that supplements the withholding tax agreement of October 6, 2011.
	Switzerland, EU Discuss Tax 3/22/2012 Swiss President Eveline Widmer-Schlumpf and Federal Councillor Burkhalter have recently met with top European Union representatives within the scope of a working visit in Brussels, with the discussions focussing on current developments in bilateral relations and in particular on strengthening cooperation in the area of taxation.
	Bermuda Banking Industry Resurgent 3/21/2012 The Bermuda Monetary Authority has published statistics for the territory's banking industry during 2011, showing that total assets rose by 6% in Q4 2011 and 9.3% year on-year.
	Guernsey Concludes Comprehensive DTA With Malta 3/21/2012 Guernsey has announced the signing of a comprehensive Double Taxation Agreement with Malta, which will allocate the territories' taxing rights to ensure that double taxation is removed from bilateral trade and investment, and also permit tax information exchange on request.
	FSB Looks For More Robust External Audits For Banks 3/21/2012 The Financial Stability Board, as part of its work to develop and promote the implementation of global regulatory and supervisory financial sector policies, has re-emphasized the importance of work to improve the role that external audits play in providing information to prudential regulators of financial institutions.
	Jersey Embarks On Major Gulf Promotional Tour 3/20/2012 The Jersey government has announced that a convention for the avoidance of double taxation and fiscal evasion will be signed with Qatar during its current promotional trip to the Gulf region.
	Germany Seeks To Iron Out Swiss Tax Deal Issues 3/19/2012 Following recent ‘constructive’ talks with his colleagues from Social Democrat- and Green Party-led federal states, German Finance Minister Wolfgang Schäuble has agreed to hammer out with Switzerland certain changes to the bilateral Swiss-German tax deal, signed in September.
	Offshore Aspects Of Russian 'Superbank' Merger 3/19/2012 The Jersey office of Walkers, the leading international law firm, has advised on the multi-jurisdictional aspects of the USD1bn merger between Sberbank and Troika Dialog, which will create a Russian 'superbank'.
	Jamaica To Launch Tax Information Exchange Office 3/16/2012 The Jamaican government has announced that it will soon launch an Exchange of Information Office to ensure the territory deals with tax information requests efficiently and in a timely manner, and also to bolster the nation's own tax enforcement efforts against non-compliant domestic taxpayers.
	Ernst And Young Returns To The BVI 3/19/2012 Ernst and Young, one of the 'big four' accounting firms, has announced its decision to re-establish an office in the British Virgin Islands after a multi-year absence, attracted by the territory's strong financial services legislation and regulatory regime.
	Liechtenstein Initials TIEA With Japan 3/15/2012 Delegation leaders have recently initialled the bilateral tax information exchange agreement between Japan and Liechtenstein, following the conclusion of negotiations.
	Interest In Guernsey As A Film Finance Centre Grows 3/16/2012 Guernsey's latest London seminar, to showcase the island's offerings as a leading international film finance centre, has been hailed a success after attracting an audience of over 100 senior members of the UK film community.
	US Senate Passes Highways Tax Bill 3/16/2012 On March 14, the United States Senate passed, on a bipartisan basis, a bill to provide for an extension of highway-related taxes and the funding of infrastructural spending by the Federal Highway Trust Fund, which included an anti-tax haven amendment.
	EU Divided Over FTT 3/15/2012 Despite months of ongoing discussions, Europe remains divided and seemingly no further forward on the controversial issue of a financial transactions tax.
	Jersey Signs Tax Data Sharing Pact With Italy 3/14/2012 The Jersey government on March 13, 2012, signed a bilateral agreement with Italy to exchange tax information on request in accordance with the Organization for Economic Cooperation and Development's internationally-agreed standard on tax transparency and information exchange.
	Hong Kong To Adopt Basle III Banking Reforms 3/13/2012 Hong Kong’s Banking (Amendment) Ordinance 2012, which empowers the Hong Kong Monetary Authority to make rules to prescribe the capital, liquidity and disclosure requirements applicable to authorized institutions, has been gazetted.
	US Highways Bill Takes Aim At Tax Havens 3/13/2012 The Democrat-led Senate has adopted an amendment, which would provide a range of further measures for the Treasury Department to take against foreign governments and financial institutions that 'significantly impede United States tax enforcement', to the bill to provide for an extension of the United States highway-related taxes.
	European Commission Acts On Securities Settlement 3/8/2012 In an attempt to bring more safety and efficiency to the financial system in Europe, the European Commission has proposed the establishment of a European common regulatory framework for Central Securities Depositories, the institutions responsible for securities settlement.

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