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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...

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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....

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By Baron Laudermilk Asia leads the way for growth and drives growth for other countries said Steven Crosby of PwC New York during a recent presentation in the Cayman Islands. He added that Asia is where wealth is growing the fastest, but impending regulation on the financial services industry, and in particular those in the wealth management business, could cost the industry 20-25 percent of its revenue. Regulation will have a negative impact on wealth management operations in China said Crosby. e think it is a 20 to 25 percent implied tax on everything we do, so a big impact...

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By Baron Laudermilk XL Group, a financial services company headquartered in Ireland, which is worth about $46.3 billion, has launched an innovative suite of products that are designed to meet the specific insurance needs of the financial industry.This is not an advertisement, what XL Group is doing is not only trying to break into an untapped market, but also create products that deal with multitude of risk that different financial institutions are currently facing. These products protect a range of risks that any owner, CEO, or President will face if they run a financial institution. One of their main products...

NEWS 2020