Tax information exchange initiatives like FATCA and more recently the Common Reporting Standard (CRS) are in full motion in most international financial centers and certainly well under way in the Cayman Islands.
For a country like Cayman whose currency is tied to the U.S. dollar and therefore to the whims of the U.S. Federal Reserve’s monetary policy actions, the Cayman Investment Summit had a decidedly gloomy message: the U.S. dollar-led global currency system is in urgent need of reform and central banks have essentially no power to affect monetary or economic goals.
At an unspecified date in 2019, the Cayman Islands will introduce far stricter privacy protection rules affecting every business that processes customers’ or clients’ personal information.
The adoption of financial technology by consumers has surged globally in the past 18 months and is on the verge of becoming mainstream, the results of the latest EY FinTech Adoption Index show. On average, a third of digitally active consumers in 20 markets covered by the study are now using FinTech.
The bull market in stocks recently celebrated its eighth birthday. But the current upswing in share prices is already quite old by historical market standards. Although bull markets usually do not die of old age alone, nobody knows for sure for how much longer this one will survive. But whether its death comes tomorrow or in several years, the performance so far is impressive.
In a briefing to financial services chiefs in New York last month, Cayman Finance CEO Jude Scott offered a modest headline: The jurisdiction is looking at streamlining compliance issues using fintech, a software-based financial-tracking system.
Exchange Traded Funds (ETFs), that track indexes like the Dow Jones Industrial Average, S&P 500, Nasdaq-100 Index etc., are nowadays very popular among investors – a trend that is reflected in the capital flows.
Buying shares with the help of cash flow as a selection criterion has delivered convincing results in the past. This trend is likely to continue in an environment of low growth – and low interest-rates.
With the Brexit referendum decided and David Cameron’s resignation announced, we look at the key impact of the referendum decision on the non-European fund industry.
There has been a flurry of activity over the past six months in the halls of the Financial Services Ministry in Cayman and its counterparts in the United Kingdom and the other overseas territories on how and when to share company ownership information with law enforcement and tax authorities overseas.
On the face of it, this may not be the best possible time to start a new business offering corporate governance and independent directorship services for the hedge fund industry.
News that U.S. states like Nevada and South Dakota have started to take away trust business from Cayman and other offshore centers late last year has hit the mainstream media, prompting claims that the United States is “a tax haven” and the “new Switzerland.”
Cayman retains many secrecy features – not least a law that can put people in jail not just for revealing confidential information, but merely for asking for it.”
As soon as she finished her degree qualifications in Canada and embarked on her job search, Angilynn Chan-Baraud began to explore her global mobility options.
Kevin Mitnick, who once was on the FBI’s Most Wanted list and is now a computer security consultant, took to the stage at the Cayman Alternative Investment Summit to show off some of the newest ways hackers are breaking into computer systems.
IFCs should use objective measures of their perception to better tackle the reputational challenge.
There is growing unease in the banking industry that a possible failure of the global economic recovery will hurt the still fragile banking system.
Who could have ever imagined a world where you lend money with the full acknowledgement that you will be repaid less than the amount owed? So, rather than receiving interest on your hard-earned cash, you pay the borrower for the privilege of taking this cash off your hands.
Cayman needs to adopt a greater sense of urgency to address the two most recent threats to the financial services industry.
Cayman’s much-debated and at times deemed controversial Confidential Relationships Preservation Law will see major changes and could be replaced altogether this year.