This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
Irish Gov Announces Major Reform To Financial Services Industry,
by Jason Gorringe, Tax-News.com, London
Tuesday, June 23, 2009
The Minister for Finance, Brian Lenihan, on June 18 announced the Government’s
agreement to the establishment of a single fully integrated regulatory institution,
the Central Bank of Ireland Commission. This new structure will replace the
current board structure of the Central Bank and the Financial Services Regulatory
Authority in order to 'achieve the highest performance standards for the new organisation'.
The new Central Bank Commission will be chaired by the Governor of the Central
Bank and will be responsible for both the supervision of individual firms and
the stability of the financial system generally. This range of reforms aims
to underpin a much more effective and efficient financial services regulatory
system aligned with best international practice.
Commenting on the reforms, Lenihan stated:
“The government is taking the necessary measures to allow the domestic
banking sector to service effectively the needs of the real economy and to restore
the reputation of the country as a sound and secure centre of excellence in
international financial services. We will ensure Ireland is regulated to the
best EU and international standards. Our approach mirrors arrangements proposed
at EU level and will ensure a cohesive approach between critical elements of
effective financial regulation.”
According to a statement from the government, two top-level posts will be
established within the Central Bank of Ireland as ex-officio members of the
Commission. A Head of Financial Supervision will report to the Commission on
the regulatory and supervisory functions and objectives of the new structure.
A Head of Central Banking will report on the performance of central banking
functions (other than those that relate to the independent role of the Governor
under the EC Treaty and Eurosystem and ECB structure).
The process of recruiting the new Head of Financial Supervision is already
underway, under the auspices of the Central Bank and the Financial Regulator, in
close consultation with the Minister for Finance. Sir Andrew Large, former Deputy
Governor of the Bank of England and former member of the UK Monetary Policy
Committee is also advising on the recruitment process. The search for the appropriate
candidate is wide-ranging in order to ensure that the person chosen will be
of the calibre, reputation, experience and expertise to lead the reforms outlined.
The reforms will be supported by a significant expansion of regulatory capacity within the new structure, according to Lenihan.
"Substantial additional staff with the skills, experience and market-based expertise
needed to meet the objectives of the new structures will be appointed. Those
recruited will also have the expertise to regulate the international financial
services sector".
The consumer information and education role, currently carried out within
the Consumer Directorate in the Financial Regulator will be re-assigned to the
National Consumer Agency (NCA). The NCA is being amalgamated with the Competition
Authority. According to Lenihan, the functions to be merged in the new body are highly complementary
and share a common goal of enhancing consumer welfare.
The Financial Regulator is already working through business changes in light
of a business review process. Lenihan says that: "The functions of the Board and Authority will
be aligned as far as possible within the existing legislative and institutional
framework in anticipation of the new structures".
In the legislation which will underpin the new structures, the government
will aim to 'enhance the accountability of the new regulatory structures to the
Oireachtas and to strengthen evaluation and quality assurance of regulatory
performance'.
In order to implement the changes quickly, Lenihan has established a high level
group, chaired by the Finance Ministry and including representatives of the
Central Bank and Financial Regulator, to expedite the implementation of the
Government’s decision and undertake appropriate consultations.
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed