Deep State

The administrative state

King George III decried Thomas Jefferson in America’s Declaration of Independence “has erected a multitude of new offices, and sent hither swarms of officers...

The future of offshore financial centres:

The only issue more prominent than the mounting challenges faced by offshore financial centres (increasingly referred to as ‘International Financial Centres/IFCs’), is the question of whether their demise is now imminent. This has led in some quarters to the conclusion that the end of the offshore financial world is here. 

Grey matters

Lessons for international tax reform from the U.S. state experience under formulary apportionment by Kimberly A. Clausing(Oct. 2013) available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2359724 Abstract: This work undertakes a...

Real estate: The third pillar of Cayman’s economy

It is well understood that the first two industry power houses have been mainstays of the economy over the years; however the real estate and development industry has been intrinsically linked to both tourism and financial services, providing the physical framework within which both can operate, while at the same time contributing significant sums to the Cayman Islands government’s finances and the country’s economy as a whole.

OECD Watch

The Organisation for Economic Co-operation and Development (OECD) has gradually carved for itself a central role in global tax matters over the last two...

Be careful what you wish for…

The recent decision of the Financial Services Division of the Grand Court of the Cayman Islands in the matter of the Weavering Macro Fixed Income Fund Limited was met with a wall of noise from the industry in the Cayman Islands. Although that of itself was no surprise, the particular tone of that noise was surprising to me at least.

Known to me

Unfortunately, being a man or woman of your word is not an acceptable regulatory standard for compliance. Gone are the days when it was acceptable...

Challenges for the captive industry in 2016

There are three, at least, major threats/opportunities for captives as we enter a new year. These immediate three are 1) changing state regulations, 2)...

Volatility in the rare earth materials

  There are exciting nanotech approaches to many of the high-growth sectors that presently rely on rare earth materials.   

Economic citizenship and residency programs:

In this age of automatic exchange of information and transparency, IFCs have to find ways to survive -one such way is to increase the substance within their confines.   

 

Kuwait as a financial centre: Opportunities and challenges

Since his Highness Sheikh Sabah Al-Ahmad Al-Sabah was sworn into office in 2006 as the Emir of the State of Kuwait, he repeatedly expressed his vision and wish of transforming Kuwait into a financial centre. 

Is a preapproval regime for complex financial products feasible?

Usually, discussions of the risks posed by complex financial products focus on the people and institutions that invest in those products. This ensures that...

Bahamas jurisdictional update

At Fidelity Bank’s recent Cayman Economic Outlook conference in February, economist Tyler Cowen outlined a sobering view of the new global economic reality in a speech titled ‘The new normal: Lower living standards and their impact.’

 

The Technology of Money

Nairobi – Some years ago, DFID – the UK Department for International Development – partnered with Vodafone to develop a secure software platform for performing a number of basic payment functions on mobile phones.

Know your score and get to the “sweet spot”: The importance of business...

This article discusses the importance of business process automation within an asset management firm at all stages of development and how these organisations can measure their current processes versus investor expectations.

Private fund performance after the Dodd-Frank Act

The American private fund industry is a significant representative of Wall Street’s interests and regulating hedge funds was a politically sensitive undertaking since the inception of the industry 

 

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Who should run the banks?

The financial crisis whose tenth anniversary we have just commemorated led many people to worry about the seeming asymmetry of rewards in the banking...

Grey matters

 Exporting FATCAJoshua D. Blank and Ruth Mason142 Tax Notes (forthcoming 2014), available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2389500  Abstract The Foreign Account Tax Compliance Act (FATCA) represents a powerful response...

AIFMD: Taking stock and next steps


On 11 November 2010, after nearly two years of lobbying and debate, the European Parliament adopted the final text of the Alternative Investment Fund Managers Directive.

Government debt to be monetised?

Almost certainly the “unlegislated tax”1 of inflation will be the consequence of the debts that the governments of Europe, Japan and the US have accumulated. Inflation is a very regressive tax and it is dishonest and divisive, but it usually is more politically popular than the alternatives of cutting spending or raising explicit taxes.
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