Offshore News: November 2007
30.11.2007 The Swiss Federal Council has approved bilateral framework agreements with 8 EU countries accepted in the European Union in 2004. The treaties were approved by the Council on November 21, 2007. Switzerland approved the treaties with Cyprus, Poland, the Czech Republic, Hungary, Estonia, Malta, the Slovak Republic, and Slovenia. The bilateral treaties cover fields of activity and means of implementing Swiss contributions covering EU enlargement in the above-mentioned countries. The 1st projects are planned to begin in the beginning of 2008. Framework agreements with Latvia and Lithuania are also near completion. The Swiss government expects that implementation of the enlargement contributions will begin in all 10 new EU countries in the beginning of 2008. It should be noted that enlargement contributions of Switzerland will help to reduce economic and social inequality in the expanded European Union and that the bilateral framework agreements introduce the principle of cooperation and define fields of activity and procedures.
25.11.2007 On November 16, 2007, the Cayman Islands Monetary Authority (CIMA) had a 10-year anniversary. It celebrated 10 years of regulating the financial services sector in the Cayman Islands. At the event of celebration, CIMA Chairman Timothy Ridley, Managing Director Cindy Scotland as well as numerous distinguished board members, staff and other guests reflected on CIMA's accomplishments during the 10-year period. To underline the significance of CIMA's 10 years, Mrs. Scotland said that that the past 10 years have been the most challenging for the industry, "not only because of increasing competition from other jurisdictions, but from the increasing demands of international standard setters and regulators". She also added that many financial regulators consider CIMA is a leader in many aspects of regulation.
22.11.2007 Canadian Minister of Finance, Jim Flaherty, has announced that Canada is to reduce taxes to lowest level in 50 years. The Minister tabled in the House of Commons the Budget and Economic Statement Implementation Act, that will effect the C$60 billion of broad-based tax relief proposed in the Economic Statement on October 30, 2007. According to Flaherty, the government is reducing taxes for every Canadian individual and business paying tax. Flaherty said that by 2012, corporate income tax rate of Canada will be the lowest among the major industrialized economies of the world.
13.11.2007 The regulators of Dubai and Japan - the Dubai Financial Services Authority (DFSA) and Japan's Financial Services Agency (FSA) have finalised Exchange of Letters setting out terms for information sharing and co-operation. The document was signed by David Knott, Chief Executive of the DFSA, and Dr Takafumi Sato, the FSA Commissioner, at the IOSCO Technical Committee Conference hosted by the Financial Services Agency in Tokyo. Commenting on the new agreement, Mr. Knott concluded the following: "The Japanese banking system is examining offshore business opportunities with increased confidence and the DIFC has much to offer. Two significant banks have already branched into the DIFC from Tokyo and I am sure others will follow. A close co-operative relationship between our jurisdictions is therefore most welcome."
