29.06.2006 Today, 29 June 2006, a Declaration of Intent was signed by Heads of Government of the Organisation of Eastern Caribbean States (OECS). The Signing Ceremony took place in St. Kitts and Nevis - this happened last week during the official opening of the 43rd Meeting of the Authority. At the Meeting the New Draft Treaty was unveiled by the OECS.
The Declaration reflects their desire to create an Economic Union.
It will guide the thrust by the OECS region to form an Economic Union among Member States. It will replace the Treaty of Basseterre signed 25 years ago (18 June 1981) that helped to develop OECS member countries both socially and economically and that resulted in tremendous progress.
OECS member states are the British Virgin Islands, Dominica, Anguilla, Antigua & Barbuda,, Montserrat, Grenada, St. Lucia, St. Vincent & the Grenadines and St. Kitts & Nevis.
27.06.2006 New proposals have been published by the Jersey authorities to amend the jurisdiction's Limited Partnership Law for improving the competitiveness of the island's offshore financial services industry.
The Limited Partnership Law is one of the main documents in the finance industry. The Jersey government wants to ensure that the Limited Partnership will continue being a successful vehicle and Jersey will be competitive in the future.
The proposals aim at allowing a Jersey limited partnership to have a legal identity.
As far as the law is quite specific and the legislative change is planned to be introduced as soon as possible, the government put the proposed changes to the attention of those who could be affected by them.
The amended legislation is planned to be ready and placed before the States in autumn 2006.
21.06.2006 In spite of the challenging climate, the Isle of Man Financial Supervision Commission (FSC) announced in its annual report continued strong growth in the jurisdiction's financial services sector in the past year. The FSC report showed that funds under management and administration grew by 76%, while deposits in the Isle of Man grew by 19%.
The number of new incorporations of Isle of Man companies is more than 40% up on the comparable period last year. This number has significantly increased in the last 2 years period.
The FSC reported that the offshore sector continued to be highly competitive.
The FSC also noted the importance of the fact that the past year has brought the enactment of legislation for the licensing and supervision of trust service providers. So, the Isle of Man Financial Supervision Commission aims at further strengthening of its own arrangements for good corporate governance.
09.06.2006 Today, 9 June 2006, The British Virgin Islands Financial Services Commission (FSC) has published an expanded list of countries and jurisdictions that are recognised according to the BVI's Mutual Funds Act, 1996.
When evaluating countries and jurisdictions to be included in the list, the Financial Services Commission considers whether the reputation of country's regulations and the perspectives of the development of the BVI's mutual fund industry.
The USA, the UK, Gibraltar, Bermuda, France, Hong Kong, Switzerland, Luxembourg, Belgium, the Isle of Man, Spain, Ireland, Singapore, Malta, Guernsey and Jersey were already included in the list, while Canada, Australia, Japan, Germany, Sweden, Italy, the Bahamas and the Cayman Islands were added in an expanded one.
More than 3 000 mutual funds are registered in the British Virgin Islands, which is more than 100 billion USD under management.
07.06.2006 A 2nd consultation paper has been issued by the Isle of Man's Financial Services Commission (FSC). The paper outlines initial proposals for regulated activities, exemptions and exclusions coming into force under the proposed new financial services regulatory legislation.
The consultation will provide the Isle of Man's financial services community with the opportunity to identify vague areas where some legislative amendments are needed for improving the current situation.
The draft Regulated Activities Order consolidates the activities that currently are encompassed by the Investment Business Acts 1991 - 93, Banking Act 1998, Fiduciary Services Acts 2000 and 2005, Building Societies Act 1986, as amended, and also uses some aspects of Financial Services Act 1988. The Order also includes a number of exclusions and definitions of specific terms used within it as well as removes some outdated exemptions.
The Commission suggests that the consultation provides an opportunity to embrace developments in the finance sector and to ensure its needs being met.
