Stories that are tagged 'financial services'

	South Africa Consults On Retirement Savings Incentives 5/15/2012 Following the Minister of Finance Pravin Gordhan’s announcement in his 2012 Budget in February that the South African government is looking to provide incentives for savings and the reform of the retirement industry, the National Treasury has now published an overview consultation paper.
	Hong Kong Still Sees Problems On Mainland Services 5/11/2012 Secretary for Commerce and Economic Development, Gregory So, has replied to a question in the Legislative Council regarding the tax and procedural difficulties being experienced by the Hong Kong services sector in developing business in Mainland China.
	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.
	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.
	IoM Will Not Follow UK's Lead On Taxing Business Jets 5/7/2012 The Isle of Man's Treasury Minister, Eddie Teare has confirmed that, despite the territory maintaining many similar elements to the United Kingdom tax regime, the island will not follow suit with the UK government's decision to begin taxing small business aircraft under the Air Passenger Duty regime.
	Hong Kong Readies Corporate Disclosure Regime 5/7/2012 Hong Kong’s Securities and Futures Commission and Hong Kong Exchanges and Clearing Limited have both welcomed the enactment of the Securities and Futures (Amendment) Ordinance 2012, which, in particular, establishes a statutory disclosure regime for listed companies.
	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.
	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.
	Bermuda Signs TIEAs With Italy, Malaysia 4/27/2012 Bermuda Premier Paula Cox on April 23 signed additional tax information exchange agreements with Malaysia and Italy in London.
	Canada, Costa Rica To Expand FTA 4/25/2012 Canada and Costa Rica have concluded a third round of talks on the expansion and modernization of their existing free trade agreement.
	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.
	Hong Kong To Trade Renminbi Futures 4/24/2012 Hong Kong Exchanges and Clearing Limited has plans to introduce renminbi currency futures in the third quarter of this year, subject to regulatory approval and market readiness.
	Guernsey Fund Lists On LSE 4/24/2012 A Guernsey closed-ended investment company has been used by Blue Crest Capital Management in its Initial Public Offering of a fund on the London Stock Exchange Main Market, advised upon by Channel Islands law firm Carey Olsen.
	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.
	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.
	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.
	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.
	Mauritius Builds Synergy Between Domestic Regulators 4/13/2012 Mauritius's Financial Services Commission and the territory's Financial Reporting Council on April 10, 2012, signed a Memorandum of Understanding to ensure effective information exchange in relation to financial reporting, auditing and corporate governance.
	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.
	Jersey Business Sentiment In The Doldrums 4/12/2012 The prevailing sentiment among Jersey business is the most negative since records began in 2009, with business activity said to have fallen significantly in the first quarter of 2012.
	Jersey Responds To QROPS Change With New Offering 4/11/2012 The Jersey government has announced the launch of a new Jersey-based pension scheme, the Recognized Pension Scheme, which provides a structure compliant with UK law following changes to UK rules regarding Qualifying Recognised Overseas Pension Schemes.
	Bermuda Welcomes Significant New Reinsurer 4/10/2012 The Bermuda government has welcomed the news that a new reinsurance entity will set up shop in Bermuda from June 1, 2012, as part of a joint venture between Validus Group and hedge fund manager John Paulson.
	Manx Legislators Lag Behind QROPS Change 4/10/2012 Isle of Man pensions provider, Boal & Co has confirmed that it has been forced to cease offering its Trinity QROPS offering until Isle of Man legislation is brought up to speed with changes to UK pension rules.
	Ogier Advises On USD1.1bn Debt Conversion 4/11/2012 Ogier's British Virgin Islands office has advised CEMEX - one of the world's leading cement and building materials companies - on its most recent notes transaction valued at USD1.1bn which closed at the end of March.
	UK, India Hold Economic And Financial Dialogue 4/6/2012 The UK and India have held their annual Economic and Financial Dialogue, discussing ways to strengthen cooperation and boost trade and investment.
	Obama Signs JOBS Act For Small Businesses 4/9/2012 On April 5, after a rare example of bipartisan agreement in the United States Congress, President Barack Obama was able to sign the Jumpstart Our Business Startups (JOBS) Act, a bill to encourage startups and support small businesses without the use of taxpayers’ money.
	China Expands RMB Overseas Investment Scheme 4/6/2012 After close consultations between Hong Kong’s Securities and Futures Commission, the People's Bank of China and China’s State Administration of Foreign Exchange, the China Securities Regulatory Commission has announced an expansion of the Renminbi Qualified Foreign Institutional Investor scheme.
	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.
	Hong Kong Begins Islamic Bond Tax Consultation 3/30/2012 The Financial Services and the Treasury Bureau has launched a two-month consultation on the proposed amendments to the Inland Revenue Ordinance and Stamp Duty Ordinance to promote the development of an Islamic bond, or 'sukuk', market in Hong Kong.
	Hong Kong Reviews Insurance Sector Developments 3/28/2012 During his remarks to the Hong Kong Federation of Insurers, the Secretary for Financial Services and the Treasury, Professor K C Chan, reviewed recent developments in the insurance industry, that have 'played an important part in the development of financial services in Hong Kong'.
	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 Eyes 'Extended' Stock Market Tax 3/27/2012 German Finance Minister Wolfgang Schäuble has recently conceded that there is little chance of a financial transactions tax at European Union level, and has therefore advocated instead the introduction of an extended stock market tax.
	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.
	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.
	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'.
	Tax Simplification Body Reviews UK Share Schemes 3/14/2012 The Office of Tax Simplification has put forward its recommendations on UK tax advantaged share schemes, designed to encourage take up, and reduce the burdens on those offering the schemes.
	PNL Pioneers New Offshore Insurance Products 3/14/2012 Paul Napier Ltd, an independent Lloyd’s insurance broker that specialises in the provision of professional and financial Lines insurance classes to the offshore financial services industry, has announced the arrival of a new range of insurance products for the UK and international offshore financial services industry including the trust, family trust, fiduciary and corporate service provider sectors.
	Hong Kong Reviews Plans For Financial Services 3/9/2012 Secretary for Financial Services and the Treasury, Professor K C Chan, has tabled a plan at the Legislative Council Finance Committee, whereby the government will continue to work closely with regulators and the industry to foster the sustained development of the financial services industry in Hong Kong.
	Guernsey Firm Gets CSP Licence 3/12/2012 Guernsey-based firm Alter Domus, a leading independent provider of professional administration services for multinational corporations and alternative investment funds, has received approval from the Guernsey Financial Services Commission to provide a wider range of products and services.
	Guernsey Considering Territory's Economic Direction 3/8/2012 The Guernsey government has welcomed the publication of a new report, commissioned to provide an overview of Guernsey's current economic profile and recommend, on an independent basis, future strategic areas that should be targeted to provide further economic opportunities for the territory.
	Morocco Pursues Innovative Financial Centre Course 3/7/2012 During a recent seminar in Casablanca, Morocco’s Secretary General at the Finance Ministry Khalid Safir alluded to the latest financial innovations that have taken place in Morocco, and outlined the government’s future plans for the country’s financial centre.
	Brazil Introduces New IOF Tax Changes 3/6/2012 Brazil announced its decision on March 1, to expand the scope of its financial transactions tax, IOF, on short-term loans and bonds.
	DIFC Boosts Collaboration With London 3/6/2012 The Dubai International Financial Centre and a body representing London's City have signed a new partnership agreement designed to boost collaboration between the financial centres.
	HK Firms Face Chinese Barriers Despite CEPA 3/2/2012 Following questions in Hong Kong’s Legislative Council, the Secretary for Commerce and Economic Development, Gregory So, has given an assurance that the government will continue to monitor the operation of market liberalization measures under the Mainland and Hong Kong Closer Economic Partnership Arrangement.
	SEC Proposes Rules To Prevent Identity Theft 3/1/2012 The United States Securities and Exchange Commission has announced proposed rules to help protect investors from identity theft.
	IoM Minister Optimistic Despite Challenges 2/29/2012 John Shimmin, the Isle of Man's Minister for the Department of Economic Development, is optimistic about many of the challenges facing the Isle of Man outlined in the Treasury Minister’s budget announcements.
	Appleby Set To Launch Shanghai Office 2/28/2012 Appleby, which claims to be the world's largest provider of offshore legal and fiduciary and administration services, has announced its decision to expand its global reach by establishing a new representative office in Shanghai, China.
	South African Budget Unveiled 2/24/2012 Despite the concerns previously expressed over prospective South African public sector debt levels, Minister of Finance Pravin Gordhan’s 2012 Budget confounded expectations by looking for reduced fiscal deficits, rather than increases, in the next three years, despite tax relief measures and significant increases in government spending.
	Another Solid Year For The DIFC 2/23/2012 Despite the impact of the European debt crisis, the global economic downturn and political turmoil in certain parts of the region, the Dubai International Financial Centre continues to strengthen its position as the leading international financial centre in the region.
	UK Insurers Braced For FATCA Impact 2/23/2012 Proposed US regulations will impact on UK insurers in spite of hopes that they might have been excluded from the Foreign Account Tax Compliance Act regime.
	FATF Adopts Revised International AML Standards 2/20/2012 The Financial Action Task Force anti-money laundering standards have been revised to strengthen global safeguards and further protect the integrity of the financial system, by providing governments with stronger tools to take action against financial and tax crimes.
	Isle Of Man Banking Deposits Fall 6.4% In 2011 2/20/2012 The Isle of Man government has published a report on the territory's banking sector and its performance during 2011.
	Canada, Costa Rica Hold Talks To Improve FTA 2/14/2012 Canada and Costa Rica have concluded a second round of talks on the improvement of their existing free trade agreement.
	Financial Sector Concerns Persist Despite US FATCA Relaxations 2/13/2012 Despite an attempt to reduce the administrative burden imposed on them within the newly-announced draft regulations for implementing the United States Foreign Account Tax Compliance Act, foreign financial institutions remain concerned at the costs they will still have to bear, and at the uncertainties that still remain.
	FSB Reviews Deposit Insurance Systems 2/10/2012 The Financial Stability Board has published a report on countries’ deposit insurance systems, drawing lessons about the effectiveness of reforms in response to the recent global financial crisis.
	Guernsey Prepared For Change To UK QROPS Rules 2/7/2012 Guernsey Finance - the promotional agency for the island's financial services industry has confirmed that the Guernsey government will act to protect local providers of QROPS pension arrangements if the UK tax authority, as expected, pushes ahead with changes to its QROPS regime, expected to be introduced from April 6, 2012.
	Australia Announce New Superannuation Roundtable 2/7/2012 Australia’s government has announced a new Superannuation Roundtable to consider ideas raised at the recent Tax Forum to provide Australians with more options in retirement and to improve certain superannuation concessions.
	IoM Updates 'Fit And Proper' Framework 2/3/2012 The Isle of Man Financial Supervision Commission on Januay 27, 2012, published a revised version of its Training and Competence Framework.
	Hong Kong To Foster Ties With ASEAN Countries 2/6/2012 According to the Director of the Hong Kong Economic and Trade Office in Singapore, Fong Ngai, Hong Kong will continue to make the most of its 'China advantage' and global connectivity to foster economic ties with Association of Southeast Asian Nations countries in 2012.
	Hong Kong To Launch Microfinance Pilot Scheme 2/3/2012 The Hong Kong Mortgage Corporation Limited has announced that it will shortly seek approval to launch a microfinance pilot scheme with a trial period of three years, from mid-2012.
	DFSA Signs Agreement With US Audit Regulator 2/2/2012 The Dubai Financial Services Authority has entered into a Statement of Protocol with the Public Company Accounting Oversight Board to facilitate the sharing of information between the two regulators.
	ESMA Outlines New ETF Regulatory Framework 2/3/2012 The European Securities and Markets Authority has published a consultation paper setting out future guidelines on the use by UCITS of exchange-traded funds and other UCITS-related issues.
	Manx Contribution To UK Economy Highlighted 1/31/2012 The role played by the Isle of Man in supporting the creation of jobs and growth in the United Kingdom economy has been praised by the Lord Mayor of the City of London, David Wootton, during his first visit to the island.
	Swiss Financial Market Regulation Praised 2/1/2012 According to the Swiss Federal Department of Finance, the Financial Stability Board has taken a positive view of the 'too big to fail' legislation in its peer review report on Switzerland.
	FTT 'Simply Madness' Says Cameron 1/31/2012 The mere consideration of a financial transaction tax is 'madness', the UK's Prime Minister has said.
	Gibraltar Defends Its Interests In London 1/30/2012 Gibraltar's Chief Minister Fabian Picardo has met with the UK Minister for Tourism and Heritage, John Penrose, to question the rationale behind the UK government's plans to introduce a licensing regime for remote gaming operators, contained in the Remote Gaming Bill which may soon be tabled before the UK's parliament.
	Sarkozy Unveils Long-Awaited Fiscal Strategy 1/31/2012 With the presidential elections fast approaching, French President Nicolas Sarkozy has recently unveiled details of a last salvo of reform measures, designed to boost employment and reduce the deficit, including plans to increase by 1.6% in October the standard rate of value-added tax in France, and proposals for a financial transactions tax.
	UK To Overhaul Executive Remuneration 1/31/2012 UK shareholders will be given more powers to block excessive pay proposals and payments for failure under new proposals from the Business Secretary, Vince Cable.
	Danish Presidency's Fiscal Priorities Don't Include FTT 1/27/2012 Denmark’s Economic and Interior Affairs Minister Margrethe Vestager recently explained to the European Economic and Monetary Affairs Committee that the key priorities for the Danish Presidency of the European Union Council of Ministers are increasing surveillance of budgetary policies, and the economic and fiscal surveillance of eurozone member states facing serious financial instability.
	EU Modifies Derivatives Proposals 1/27/2012 In an effort to achieve a rapid agreement with the European Parliament, the European Council has adjusted its position on a draft regulation aimed at increasing transparency on all derivatives and reducing risk in the over-the-counter derivatives market.
	Ireland Launches Immigrant Investor Programme 1/26/2012 The Irish government is to introduce two major new immigration initiatives aimed at encouraging non-European migrant entrepreneurs and investors.
	SEC Announces 2012 Securities Transaction Fees 1/24/2012 The United States Securities and Exchange Commission has issued the revised fee rates applicable to most securities transactions, in accordance with the amendments to the Exchange Act of 1934 made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
	US Treasury Applauds FSB Progress On LEIs 1/24/2012 The United States Treasury has reiterated its support to the Financial Stability Board in its “progress in making the global financial system more transparent and less vulnerable to excessive risk-taking through the creation of a Legal Entity Identifier Expert Group.”
	Jersey Regulatory Risk Workshops Launched 1/24/2012 A series of workshops have been launched to help businesses and their employees to better understand and comply with new regulatory requirements and better meet stakeholder expectations when operating in Jersey.
	Guernsey Pursues Financial Services Commission Overhaul 1/23/2012 The Guernsey Financial Services Commission has formed a team to be supported by Ernst and Young to undertake an overhaul of the functioning of the Commission in its regulation of financial services entities to provide cost efficiencies against the background of the increasing regulatory workload.
	Hague Seeks 'Modern Relationship' With Overseas Territories 1/23/2012 The British Foreign Secretary William Hague has announced that he will lead one of the strongest ever delegations of UK ministers and senior officials to attend the UK-Caribbean Ministerial Forum to coincide with the government's review of its relationship with its overseas territories.
	Hong Kong Plugs Its Private Equity Advantages 1/20/2012 In a speech at the Asia Private Equity Forum 2012 in Hong Kong, the Financial Secretary, John C. Tsang, confirmed that private equity is an important component of Hong Kong's asset management business, as Asia has become a magnet for venture capital investment, largely on the back of developments in mainland China.
	Hong Kong To Relax Listing Rules For Chinese Firms 1/19/2012 At the Asian Financial Forum, held in Hong Kong, the vice-chairman of the China Securities Regulatory Commission, Yao Gang, has indicated that overseas listing rules will be relaxed this year.
	Joint HK-UK RMB Forum Launched 1/18/2012 The Hong Kong Monetary Authority and the United Kingdom Treasury have announced the launch of a joint private-sector forum to enhance cooperation between Hong Kong and London on the development of offshore renminbi business.
	Malta Finance Centre In Good Shape 1/18/2012 Malta's efforts to establish itself as a dynamic, cost-efficient, financial services domicile is paying dividends, according to promotional agency MaltaFinance, which has highlighted that each of the island's financial services sectors, insurance, banking, trusts and funds, recorded solid performance during 2011.
	Jersey Ups Promotion In India 1/12/2012 Jersey Finance has undertaken further promotional activity in India this month following the signing of a Tax Information Exchange Agreement with the territory in November to strengthen business ties.
	US Reopens Offshore Disclosure Scheme 1/11/2012 The United States Internal Revenue Service has reopened the offshore voluntary disclosure program after reporting continued strong interest in the scheme from taxpayers and tax practitioners following the closure of two previous initiatives.
	UK Financial Sector Growth Increases 1/11/2012 Growth continues apace in the UK financial services industry but continued wider economic issues are a cause for concern, according to a new survey.
	UK Will Block 'Tobin' Tax 1/10/2012 The UK's Prime Minister has again signalled his intention to block plans for a European Union-wide 'Tobin' tax, arguing that current plans are not 'sensible'.
	Malta, China Pledge To Support Economic Alliance 1/9/2012 Maltese Deputy Prime Minister Tonio Borg has lauded the dramatic increase in bilateral economic activity with China as the two countries look to enhance their business relationship.
	Guernsey To Levy Immigrant Fees 1/4/2012 Fees are to be introduced by Guernsey for citizens from non-EU countries wishing to stay permanently or on a temporary basis from February 2012, in line with fees in place in other territories such as the UK.
	Cayman Special Economic Zone Opens Up 1/4/2012 The Premier of the Cayman Islands, McKeeva Bush, in his new year's address, has noted that the territory is to attract additional investment as a result of the Cayman Enterprise City - the first special economic zone in the Caribbean - due to begin admitting companies this month.
	The Seychelles Adds Guernsey TIEA 1/3/2012 The Seychelles has noted the signing of a Tax Information Exchange Agreement with Guernsey as a significant step in boosting bilateral relations between the two territories.
	Barbados Seeks Prosperity Through Economic Diversification 12/29/2011 Barbados' Former Prime Minister and the nation's ambassador to China, Lloyd Erskine Sandiford has warned the island that the days of preferential market access are over, and Barbados must now urgently revamp its stance and actions to diversify the economy, and in particular enhance its share of world trade.
	Gibraltar To Redraft Companies Act 12/29/2011 The Gibraltar government has commissioned a draft bill to replace the territory's Companies Act, which dates back to the year 1930.
	Federal Reserve Strengthens Regulation Of Large Banks 12/28/2011 The United States Federal Reserve Board has proposed steps to strengthen the regulation and supervision of large bank holding companies and systemically important nonbank financial firms.
	Guernsey Concludes TIEA With India 12/26/2011 Guernsey has welcomed the signing of a Tax Information Exchange Agreement with India, said to be a major milestone in building business relations with the emerging market.
	BVI Business Activity Rises 12/21/2011 The British Virgin Islands Financial Services Commission has published statistics on the islands' financial services industry for the second and third quarters of 2011, showing that business activity has increased this year.
	Australia Proceeds With Fund Manager Tax Reforms 12/21/2011 The Australian government has announced plans to implement the third and final element of an investment management regime, which, according to Minister for Financial Services Bill Shorten, will provide certainty of tax treatment for the funds management sector.
	France, Germany Work On Joint Tax Initiative 12/16/2011 French Finance Minister François Baroin has revealed that a Franco-German ‘contribution’ to the idea of a tax imposed on financial transactions in Europe is due to be presented on January 23, with a view to being ‘operational’ in 2013.
	Hong Kong Rated Leading Financial Centre 12/15/2011 The World Economic Forum has disclosed that Hong Kong has overtaken the United States and the United Kingdom to top its 2011 fourth annual Financial Development Report.
	Sarkozy Stands By France's Fiscal Commitments 12/14/2011 While acknowledging that a downgrading of the country’s triple A rating by credit rating agencies would certainly pose an additional difficulty, French President Nicolas Sarkozy nevertheless insisted that it was not an insurmountable problem, underlining the need above all for credibility as regards France’s economic policy and its determined strategy to reduce spending.
	Bermuda Amends Insurance Regime 12/13/2011 Bermuda's House of Assembly has passed amendments to the island's legislative regime for the insurance industry, and set fee levels for 2012.
	UK Consults On Changes To QROPS Taxation 12/13/2011 The UK has published for consultation draft legislation which will overhaul the system for the transfer of pension savings to qualifying recognised overseas pension schemes.
	Irish Parties Spar Over EU Taxes 12/12/2011 A major split between countries at the latest European Union summit is worrying for Ireland, opposition leaders have said, raising concerns about the impact of a new deal on the country's financial services sector.

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