Offshore News: September 2006

12.09.2006 A professional offshore incorporation services firm Fidelity Corporate Services Ltd. has started to provide services in the British Virgin Islands. It is licensed under the BVI Banks and Trust Companies Act 1990 and authorized to provide offshore company formation in BVI, company management and administration, including services of the Registered Agent, provision of the registered address, third-party directors and shareholders, virtual office and secretarial services, bank account introductions, custody of documents and corporate searches, preparation of corporate and business documentation. Registered office of Fidelity Corporate Services Ltd. on BVI is located on Tortola Island. Fidelity Corporate Services BVI is part of Fidelity Overseas Group, which is in offshore business for more than 10 years. Other affiliate offices are Fidelity Corporate Services Gibraltar and Fidelity Corporate Services Seychelles offering the service of registration of Gibraltar non-resident companies and Seychelles International Business Companies.

05.09.2006 The Hong Kong Monetary Authority (HKMA) has released a draft of the Banking (Disclosure) Rules. These Rules comprise the full implementing Rules for Basel II - the new international standard for banks' capital adequacy.
The Banking (Disclosure) Rules provide the minimum standards for public disclosure which must be made by authorised institutions in respect of profit and loss, their state of affairs and capital adequacy ratio. Authorised institutions are should adapt also the manner of disclosures regarding disclosures made on their websites and the timing of disclosures.
The Rules also introduce a larger risk-based element into authorized institutions' financial disclosures. Disclosure regime will be updated by the HKMA to describe the adoption in Hong Kong of International Financial Reporting Standards.