Finance
Hedge fund managers under pressure to adapt
(CNS Business): A survey by consultants Ernst & Young of global hedge fund managers warns that only those who adapt to the needs of investors will see real growth in future. The 10th annual survey found that hedge fund growth has slowed for a variety of reasons, from lacklustre performance to cost concerns. In 2016 […]
Laws drafted to pave way for beneficial ownership access
(CNS Business): Three new pieces of legislation are expected to be gazetted this week, paving the way for the Cayman Islands to create a platform whereby relevant authorities in other countries can access information on beneficial owners of companies and other financial entities registered here. The publication of the laws will open another 21-day window […]
Cayman Finance says Oxfam is wrong
(CNS Business): The local body representing the offshore sector has described a recent Oxfam report on tax havens as “the same purposefully misleading rhetoric pretending to be research that Oxfam has published and republished for years”. Cayman Finance said the analysis was biased and “intentionally inaccurate and misleading information”, as it accused the global charity that […]
Local bank raises interest rates on loans
(CNS Business): Butterfield Bank (Cayman) has announced plans to adjust its loan rates in response to the US Federal Funds 25 basis point increase. The KYD and USD prime rates for residential mortgages, consumer loans and commercial loans will increase from 3.50% to 3.75%, the bank announced soon after news broke of the first interest […]
Pension law paves way for larger RSA withdrawal
(CNS Business): As the government begins the gradual implementation of its complex amendments to the pension law, officials said this week that the legislation paves the way for some members of pensions to transfer more money annually into Retirement Savings Arrangements accounts. From January there will be a minimum and maximum amount that a pensioner […]
Panton: Objecting lawyers wrong on bill
(CNS Business): The public criticisms made by four local attorneys regarding the Legal Practitioners Bill have been roundly refuted by the financial services minister. Wayne Panton has indicated that the four sole lawyers are wrong on all of the critical points they made about the proposed legislation and he will not be going back to […]
Input sought on beneficial ownership plan
(CNS Business): Government is hoping to steer through amendments to the Companies Law in January to allow the development of a centralised platform for beneficial ownership information and is seeking comment on the proposals. The financial services ministry has stated that it will not consider the introduction of a public register until that becomes the […]
Panton talks de-risking with US lawmakers
(CNS Business): Financial Service Minister Wayne Panton is continuing to talk with US lawmakers about how the move by American banks to drop money service business clients is impacting the Caribbean region and is seeking a way to address the problem. The banks’ efforts to comply with more stringent guidelines regarding money laundering has seen […]
Cayman Finance boss talks transparency with BBC
(CNS Business): Appearing on ‘Business Live’ on the BBC’s World News channel earlier this month, Jude Scott stressed that Cayman is not a tax haven but a tax neutral jurisdiction. The CEO of Cayman Finance pressed home the continued claim that Cayman is a transparent jurisdiction where the financial industry is held to the highest […]
Schwarzenegger to star at Cayman investment conference
(CNS Business): Actor and former California governor Arnold Schwarzenegger will be visiting Cayman in February as the keynote speaker for the Cayman Alternative Investment Summit (CAIS). Schwarzenegger left politics in 2011 but he continues to be an advocate of sustainable energy and was a leading voice at the Paris climate conference last year. In an ironic twist, […]
BOTs jittery over Brexit and EU clampdown
(CNS Business): Britain’s loss of influence in the EU as a result of ‘Brexit’ could leave Cayman and other offshore jurisdictions exposed to tougher offshore tax rules. In addition to the problems of gaining access to the business in Europe, Brexit poses a challenge to Cayman in that the UK will no longer be in […]
Lawyers accuse CIG of secrecy over LPB
(CNS Business): Efforts by Financial Services Minister Wayne Panton to steer through legislation to govern the Cayman Islands legal profession ahead of the next Financial Action Task Force review and after 15 years of failed attempts by previous governments have been undermined by more complaints from the sector. Four local attorneys have accused the ministry […]
CSX slashes listing transfer fees to win European business
(CNS Business): The Cayman Islands Stock Exchange has made a play to capture listing business from Europe, where issuers have been hit by additional red tape relating to market issues, while slashing the costs of transferring debt listings to Cayman. New legislation in the European Union to tackle market abuse and insider information has significantly […]
LPB: Nothing said, nothing gained
101 writes: “There is an urgent need for the profession to address law school scholarships, articles of clerkship, hiring opportunities, equitable distribution of billable work, marketing and networking opportunities, attendance and contribution to conferences, being mentored and training others, continuing legal education, work experience overseas, and preparation for and participation in leadership and ownership of […]
Cayman stays on top of offshore merger deals
(CNS Business): One third of all merger and acquisition deals in the offshore world in the first half of this year took place in the Cayman Islands, according to a report by a firm of international lawyers headquartered here. Cayman retained its standing as the primary target of offshore transactions accounting for 40% of the […]
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