The fallacy of banning cash

Mutually beneficial exchange is the central element of economic freedom, and it extends to the right to choose a preferred medium of exchange. For...

How regulation led to disruptive innovation in retail banking

Since the outset of the global financial crisis, the banking industry has been subject to dramatic regulatory policy change designed to restore stability and...

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)...

Quarterly Review

Banking Offshore banking continues to decline The number of banks in the Cayman Islands dropped by 7 percent in 2015, compared to 2014. The 12-month decline from...

Innovation in payment systems

The past decade has seen a veritable revolution in retail payment systems, with the development of online and mobile payments, and new peer-to-peer systems....

Anguilla’s indigenous banking crisis: An in-depth analysis and lessons for the region

On Aug. 12, 2013, the Eastern Caribbean Central Bank took control of Anguilla’s two indigenous banks, the National Bank of Anguilla Limited (NBA) and...

Security vs. security: The trade-offs in financial surveillance

For decades, a number of regulatory programs aimed at the financial services sector have been recognized as threats to financial privacy. Taxation and financial...

New regulatory changes make funding for startups easier

On May 16, Americans will get a new way to both raise and invest capital. The long-awaited investment crowdfunding law will be live, more...

The increasing ‘publicness’ of private funds: Where do we go from here?

Although the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) was passed over five years ago, regulators are still untangling...

Testamentary freedom, wills and succession

Testamentary freedom has been in the legal press again recently, this time as a consequence of the introduction of the EU Succession Regulation (No.650/2012)...

The war against cash in Europe

There are good reasons why the debate on cash is heating up right now. While European governments and central banks have stepped up capital controls...

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...

The external and internal impact of mutual fund scandals

Financial misconduct or fraud has consequences for both the firm and its customers. In other words, the manager of a firm alleged to have...

Exchange trading rules and local investor protection matter for global stock trading

Stock exchanges around the world place a great importance on market efficiency and integrity, and they invest considerable resources in providing the ideal regulatory...

Regulating online gambling

The globe is a patchwork of laws on various “sin” activities:  alcohol, drugs, prostitution, pornography and gambling. Prior to the internet, however, citizens of...

Privacy again at stake in BEPS fight

Problems with the OECD’s work on Base Erosion and Profit Shifting (BEPS) are numerous and will likely lead to a variety of negative consequences....

Quarterly review

Economy Economy grew slower than predicted in 2015 While economists previously predicted the gross domestic product for the Cayman Islands would grow by 2.1 percent in...

Bosnia, a banking system without a Lender of Last Resort facility

Bosnia and Herzegovina (BiH) has been an independent country for almost 20 years. During that time its banking system has been through a complete...

Should companies always fess up to corruption?

Famed financier Warren Buffet once advised, “Never ask a barber if you need a haircut.”  Obviously, self-interest could lead the barber to recommend at...

Grey matters

Two recent literature surveys on hedge funds offer useful summaries of the relevant academic literatures.