Offshore News: May 2007

14.05.2007 Today Hong Kong shares surged to a record high, which was preconditioned by Chinese-related shares after Beijing for the 1st time allowed approved mainland banks to invest in foreign stocks. The blue-chip Hang Seng Index increased 2.5% ot 511.03 points. Largest life insurer by premiums in China, China Life, surged 5.9%, bank HSBC rose 1.3%, China Mobile rose 3.9%, Chinese insurer Ping An jumped 7.3%. Mainland financial institutions significantly rose as well, which is based on expectations to handle increased capital outflows from China.

03.05.2007 The Guernsey offshore law firm Ogier has advised on establishing a very notable funds transaction, which is the largest ever secondaries fund issue in the world, with investor commitments worth USD 4.5 billion. Roger Le Tissier with Bryon Rees and Rabie Abas were Guernsey legal advisers to the leading global investor in private equity secondaries Coller Investment Management Limited. They advised on the final closing of Coller International Partners V. It should be noted that initially Coller International Partners V was capped at USD 3.75 billion, but because of investor interest at USD 5.6 billion the cap raised to USD 4.5 billion. About 41% of the fund's committed capital comes from North America, about 34% - from Europe, while about 25% - from Asia and the Middle East.

01.05.2007 The Jersey Financial Services Commission (JFSC) and the Central Bank of Cyprus have signed a Memorandum of Understanding aimed at improving co-operation between these two regulatory bodies. It is expected that such collaboration will protect investors and depositors as well as promote the integrity of financial services markets. The signed document provides a general framework for mutual regulatory co-operation and for the exchange of information so that banks in both jurisdictions function safe and sound. The Memorandum reveals a commitment of both the JFSC and the Central Bank of Cyprus to provide aid within the limits of laws and regulations of both Jersey and Cyprus.