NEWS

By Baron Laudermilk In the wake of stringent new tax rules implemented by UK's HM Revenue & Customs in early April, hundreds of offshore pension schemes have been forced to close including 302 pension schemes in Guernsey, 16 in the Isle of Man and 41 in New Zealand. The new laws are designed to prevent investors from accessing offshore services and equalize non-residents and residents. The newly implemented tax rules outlaw any scheme that gives non-residents a financial advantage, and it demands offshore financial centers offer the same pension benefits to residents and non-residents. Analysts are predicting that the UK...

NEWS 2020

By Baron Laudermilk Stephen Green, Standard Chartered Head of Greater China Research, said at the Economist Bellweather Europe Event, that Hong Kong would be the bridge that connects China to other offshore Rmb hubs, particularly Singapore, New York and London. Green statement reflects a previous statement from Standard Charted that said Hong Kong could improve its market infrastructure to other NH trading hubs. Offshore Chinese Rmb in Hong Kong is CNH, onshore is called CNY. Currently Hong Kong and London private enterprises are increasingly looking for ways to trade and invest in CNH. Recently the Hong Kong Monetary Authority announced it...

NEWS 2020

By Leo Zhang The China Securities Regulatory Commission and the Shanghai Stock Exchange are considering allowing foreign companies to issue yuan-denominated bonds that will trade on the Shanghai Stock Exchange, sources told Asia Outbound.The securities regulator and the Shanghai equity exchange are now soliciting opinions from investment banks and overseas firms on the initiative, according to the sources familiar with the matter. Although there no clear timetable, regulators are apparently stepping up their efforts. If the plan goes through, it will offer foreign companies an attractive channel to raise yuan-denominated funds onshore, and place Shanghai in a direct competition with...

NEWS 2020

By Baron Laudermilk As part of a major overall in China accounting industry, foreign auditing firms will be required to appoint a Chinese national as their chief partner. The regulations, which were unveiled last Thursday, are designed to localize mainland operations of foreign auditing firms. They also provide for a lengthy transition period and wiggle room to limit controversy over the changes. The reputation of Chinese auditing firms has suffered over the past year after various fraud allegations emerged against Chinese companies listed in overseas markets. The reorganization of the China operations of foreign auditing firms, especially that of the...

NEWS 2020

By Courtesy of Ulrika Lomas. The Swiss Federal Department of Finance has announced that Switzerland recently signed tax information exchange agreements (TIEAs) with Guernsey and with Jersey, in line with its administrative assistance policy.On April 4, 2012, the Swiss Federal Council decided to enter into administrative assistance agreements in accordance with the international standard, not only in the form of double taxation agreements (DTAs) but also via tax information exchange agreements (TIEAs). Switzerland signed its first tax information exchange agreement with the Isle of Man on August 28, 2013. In principle, DTAs and TIEAs are equivalent instruments for concluding an...

NEWS 2020

By Guernsey Finance Guernsey intention to operate a dual regime for the distribution of funds into both EU and non-EU countries in response to the Alternative Investment Fund Managers Directive (AIFMD), has been met positively by fund managers in the US. A funds delegation from Guernsey has returned from the US after attending the International Bar Association (IBA) conference in Boston and holding a series of meetings with fund managers, lawyers, accountants and brokers in New York City and Boston. Fiona Le Poidevin, Chief Executive of Guernsey Finance the promotional agency for the Island's finance industry, led the delegation and...

NEWS 2020

By Baron Laudermilk The United Arab Emirates is preparing to undergo the largest regulatory overhaul in more than three decades, newspapers reported last week.The National, a local UAE newspaper, said that the industry is shifting to a win peaks model, on the Australian financial regulation system. Under the new rules, a plethora of regulatory responsibility will transfer from the Central Bank of Emirates Securities and Commodities Authority to the new the Financial Services Authority. The FSA, based in Abu Dhabi, which regulates investment banks, financial institutions, and insurers, will have the oversight of conducting business, consumer protection and he daily...

NEWS 2020

By John P. Egan Standard Chartered announced they have issued over 1 billion RMB in short term promissory notes in the past month. This comes as part of an overall effort to stimulate growth in the offshore Yuan market in the UK. The bank released the details on May 22 as the UK Treasury met with the Hong Kong Monetary Authority (HKMA) and a working group of seven banks in Hong Kong to devise a strategy to promote the market development. Representatives from Bank of China, Deutche Bank, HSBC, JPMorgan, Royale Bank of Scotland and Barclays were among the attendees....

NEWS 2020