Saturday, December 15, 2018
Michael Klein, Editor
Michael Klein, Photo-Journalist

Michael Klein

Editor

Pinnacle Media Group Ltd
PO Box 1365 GT
Grand Cayman KY1-1108

T: 345-815-0064
E: [email protected]

ARTICLES BY MICHAEL KLEIN

Independent directors reluctant to serve on crypto funds

The governance around hedge funds has changed dramatically since the introduction of the mutual funds law in Cayman 25 years ago.

Better metrics than GDP would have enabled a stronger response to...

Better measurement of the economy and of people’s well-being could have led governments to respond more strongly to mitigate the damage caused by the 2008 financial crisis and reduce people’s continuing loss of trust in public institutions, according to a new report released by the OECD.

Golden visa programs the latest target of regulators

Citizenship by investment and residency by investment schemes are the latest targets of regulators and advocacy groups, as three reports by Transparency International, the OECD and the Green Party in the European Parliament all highlighted abuses of the programs in both Europe and the Caribbean.

CFA conference: The beginning of deglobalization or just a blip?

Bloomberg economist Carl J. Riccadonna said the current “trade war” was more a “trade skirmish” and that globalization was just slowing. Michael Pettis, professor of finance at Peking University’s Guanghua School of Management, in contrast, believes that we have entered a phase of deglobalization.

Trust services providers struggle with data protection legislation

Trust services providers can potentially face enormous difficulties when complying with data requests under Europe’s data protection legislation, which gives individuals the right to ask for information held about them by third parties.

Electric future: CUC plans radical shake-up of energy sources

Cayman’s energy market will need to see a radical transformation over the next two decades to meet the ambitious goals outlined in the first National Energy Policy passed last year.

Offshore M&A deals drop; Cayman remains top center

The Cayman Islands saw more mergers and acquisition transactions than any other offshore jurisdiction in the first half of 2018, as the total value of Cayman deals increased by nearly 50 percent over the second half of 2017.

Crown Dependencies consult industry on substance legislation

The governments of Jersey, Guernsey and the Isle of Man are asking businesses for their views on proposed new legislation that will require certain tax-resident companies to demonstrate they have sufficient substance.

New rules shake up anti-money laundering services

Cayman’s fund industry is facing significant changes under new regulations to fight money laundering and the financing of terrorism.

Cryptocurrencies no threat to financial stability, yet

Cryptocurrencies are currently not a threat to financial stability, according to the Financial Stability Board, a global regulator that advises the G-20 group of countries.

Gov’t plans public consultation on ‘economic substance’ changes

When late last year, Cayman avoided being placed on an EU tax blacklist by committing to remedy, before the end of 2018, what the EU called a lack of economic substance of Cayman-based entities, few knew what exactly the Cayman Islands government had promised to do.

Global economy: OECD study shows long-term merits of structural reform and...

The reversal of trade liberalization and a return to the average tariffs of 1990 would depress the world’s long-term living standards by about 14 percent worldwide and as much as 15 to 25 percent in the most affected countries.

Cayman’s reputational risk and blockchain

The Cayman Islands is facing somewhat of a dilemma. Although its regulatory regime is not tailored to cryptocurrencies, token offerings or distributed ledger technology, Cayman became home to the world’s largest initial coin offering this year.

Economist: Moderate US growth to impact Cayman

Moderate growth in the U.S. in the context of a wider global slowdown led by reduced consumer demand is going to impact Cayman, especially in the tourism sector, according to Lindsey Piegza, chief economist at Stifel Fixed Income.

Offshore insolvency petitions on the rise

The number of insolvency petition filings in offshore jurisdictions increased significantly in 2017. The jump in petition filings was based on more activity in the British Virgin Islands and Mauritius, which offset falls in the Cayman Islands and Isle of Man, according to a report from offshore law firm Appleby.

The threat of public beneficial ownership registers

Even for jurisdictions that are used to moving goalposts in terms of international regulatory pressure, the passing on May 1 of a cross-party amendment to the Sanctions and Anti-Money Laundering Bill in the House of Commons, effectively ordering British Overseas Territories to establish public registers of beneficial ownership, was unique.

Maritime and Aviation City welcomes first zone company

Cayman Maritime & Aviation City and The Civil Aviation Authority of the Cayman Islands announced the registration of its first special economic zone company in May.

Economy grows, but questions remain over regulatory pressure

Cayman’s economy expanded more than anticipated in 2017. Gross domestic product grew by 2.9 percent in real terms following similar growth of 3 percent in 2016 and 3.1 percent in 2015.

Brexit, Silk Road and de-risking – the future of offshore centers

It is difficult to see a bright future for offshore financial centers amid media attacks, international tax information exchange, initiatives to curb cross-border profit shifting by multinational companies, anti-tax avoidance measures, transparency efforts that erode financial privacy and more extensive compliance rules.

Rapid technological advances outpace risk management

Risk management processes are not sufficiently taking account of the business risks associated the rapid adoption of emerging technologies, according to a report by insurance broker Marsh and RIMS, the risk management society.
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