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Hong Kong Concerned At Operation Of US Volcker Rule 5/14/2012 Following is a question in the Legislative Council, the Secretary for Financial
Services and the Treasury, Professor K C Chan, confirmed that Hong Kong shares
the concerns raised by other financial markets, such as Canada, France, Germany,
Japan and the United Kingdom, over the extra-territorial reach and the implementation
of the United States’ Volcker Rule restrictions.
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Regulatory Change To Drive Onshore Fund Growth 5/9/2012 French hedge funds and the securities regulator AMF believe the Alternative Investment Fund Managers Directive will - more than UCITS - boost investor confidence in hedge funds and pave the way for potentially significant asset growth.
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UK, EU Talk 'Shadow Banking' Regulation 5/1/2012 At a conference on ‘shadow banking’ in Brussels, both Michel Barnier,
European Commissioner for Internal Market and Services, and Paul Tucker, the Bank
of England’s Deputy Governor for Financial Stability, have outlined their
views on policies for its better regulation.
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Volcker Rule Conformance Period Clarified 4/25/2012 The United States Federal Reserve Board has clarified that an entity covered
by the Volcker Rule section of the Dodd-Frank Wall Street Reform and Consumer Protection
Act has the full two-year period provided by the statute fully to conform its
activities and investments.
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US Approves Final Rule On Shadow Banking 4/6/2012 The United States Financial Stability Oversight Council has issued its
final rule and interpretive guidance on the Federal Reserve Bank’s authority
to require supervision and regulation of nonbank financial companies.
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SEC Enhances Cooperation With EU, Cayman Islands 3/27/2012 The United States Securities and Exchange Commission has announced that
it has established two memoranda of understanding with the Cayman Islands
Monetary Authority and the European Securities and Markets Authority, as
part of its long-term strategy to improve the oversight of regulated entities
that operate across national borders.
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Australia Consults On Investment Manager Reform 3/13/2012 The Australian government has released draft legislation implementing the first stage of its new Investment Manager Regime.
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Guernsey Fund Sector Growth Tails Off 3/7/2012 New figures from the Guernsey Financial Services Commission shows that the
island's fund sector contracted by 3.7% during the final quarter of 2011, with
GBP10.2bn being shaved off the island's net asset value of funds under management
and administration.
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Mixed Fortunes For Cayman Finance Industry 3/1/2012 The Cayman Islands' Economics and Statistics Office has reported that the island's economy began to recover from the economic downturn during the first nine months of 2011, with growth of 1.2% year-on-year recorded, compared to a contraction of 5.8% in the same period a year earlier. However, the financial services sector continues to see mixed results.
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Jersey Mulls Fees Hike On Fund Sector 2/8/2012 Jersey's Financial Services Commission has launched a consultation on proposals
to increase the fees paid by Collective Investment Funds and Fund Services Businesses.
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Australia Proceeds With Fund Manager Tax Reforms 12/21/2011 The Australian government has announced plans to implement the third and final element of an investment management regime, which, according to Minister for Financial Services Bill Shorten, will provide certainty of tax treatment for the funds management sector.
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Cayman Named Top Hedge Fund Domicile 12/21/2011 The Cayman Islands was named as the most favoured domicile for hedge funds in the recent Hedge Funds Review’s Service Provider Rankings.
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Jersey Reports Healthy Finance Industry 12/14/2011 Jersey has welcomed the 'stable overall growth' achieved in the third quarter for the island's financial services industry, with the value of funds under administration in the jurisdiction growing to reach its highest level since June 2009.
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Investment Managers Warn Of 'Misplaced' Financial Regulations 11/29/2011 In a speech to The Lawyer’s recent Funds Summit, Richard Saunders, Chief
Executive of the UK Investment Management Association, focused on the high
volume of financial regulations now being introduced, particularly at European level, many of which are the result
of a 'misplaced analysis' of the financial crisis.
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Cayman Praised For Robust Regulation 11/14/2011 The Cayman Islands' adherence to global regulatory and supervisory standards
on international cooperation and information exchange has been found 'sufficiently
strong' - the highest assessment possible - by the Financial Stability Board,
in a report commissioned by the Group of Twenty nations.
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SEC Finalises Hedge Fund Reporting Rules 11/1/2011 The Securities and Exchange Commission has adopted new rules requiring certain
advisers to hedge funds and other private funds to report information for use
by the Financial Stability Oversight Council in monitoring risks to the
United States financial system.
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Mourant Ozannes Rated Top Channel Islands Law Firm 10/27/2011 Mourant Ozannes has noted its placement in the latest International Financial
Law Review 1000 rankings, which it said consolidates its position as the leading
law firm in the Channel Islands. Mourant Ozannes was the only law firm to gain
four out of four top tier rankings in both territories.
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US Regulators Issue Proposed Volcker Rule 10/14/2011 The Federal Reserve Board of the United
States has requested public comment on a proposed regulation implementing the
so-called 'Volcker Rule' requirements of the Dodd-Frank Wall Street
Reform and Consumer Protection Act.
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EU Opens Antitrust Probe Into E-Payment Market 9/28/2011 The European Commission has announced that it has opened an antitrust investigation
into the standardisation process for payments over the internet undertaken by the European Payments Council.
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FSB Explains Work To Be Done On Shadow Banking 9/6/2011 Following the meeting in Paris on July 18 this year of the Financial Stability
Board, where initial recommendations were approved for strengthening oversight
of the shadow banking system, its Task Force on Shadow Banking has identified five areas
where more detailed work is warranted to help gauge the case for further regulatory
action.
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Russia Reopens Tax Case Against Dead Lawyer 8/8/2011 Russian authorities have reopened the tax evasion case against a Hermitage Capital lawyer who died in murky circumstances in 2009.
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Bermuda Issues Q1 Financial Services Data 7/15/2011 The Bermuda Monetary Authority has released its latest regulatory update, containing figures for the first quarter of 2011, and providing year-on-year statistics in respect of the island's financial services industry.
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SEC Adopts Hedge Fund Registration Rules 6/27/2011 The United States Securities and Exchange Commission has adopted rules that
impose new registration requirements on advisers to hedge funds and other private
funds, while establishing new exemptions from such registration and reporting
requirements for certain advisers.
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Caymans To Introduce Hedge Fund Levy 6/14/2011 The Cayman Islands is to regulate and tax certain types of hedge funds for the first time, under a new measure brought in by the Budget.
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UK Financial Services Disputes Up 6/1/2011 In the post-crisis period, the number of financial services disputes handled by law firms have increased, and, as economies continue to recover, the continuation of this trend seems inevitable, according to new research carried out by KPMG.
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Chan Extols Hong Kong's Hedge Fund Regulation 5/16/2011 In the Legislative Council, the Secretary for Financial Services and the Treasury,
Professor K C Chan, has been able to reassure a questioner that Hong Kong’s
regulatory regime for hedge funds, private equity funds and other alternative
investments more than conforms to international standards.
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Bermuda Issues Q4 2010 Financial Services Data 5/2/2011 The Bermuda Monetary Authority has released its latest regulatory update, containing figures for the final quarter of 2010, and providing year-on-year statistics in respect of the island's financial services industry.
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Fund Corporation Secures Guernsey Administration Contract 4/14/2011 Fund Corporation of the Channel Islands has announced that it has won a contract
to provide administration services to four major open-ended funds domiciled
in Guernsey with a total value of some USD250m.
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Offshore Banking Body Rebrands 4/11/2011 Having broadened its role as a representative on behalf of numerous offshore financial centres in issues pertaining to financial sector regulation and best standards, the
Offshore Group of Banking Supervisors has decided to rebrand itself the
'Group of International Finance Centre Supervisors’.
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Switzerland's First Onshore Hedge Fund Launched 3/28/2011 Swiss and Global Asset Management has launched the first single-manager hedge fund, the Swiss Hedge Trading Fund, to be regulated by Switzerland’s Financial Market Supervisory Authority.
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HK Survey Shows Growth In Hedge Fund Assets 3/14/2011 According to a survey report released by the Securities and Futures Commission, Hong Kong’s hedge fund industry has continued to register a strong
growth rate, both in the number of such funds and in their assets under management.
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SEC Proposes Wall Street Bonus Disclosure Rules 3/7/2011 The United States Securities and Exchange Commission has proposed a rule
that would require brokers, dealers and investment advisers with USD1bn or more
in assets, to disclose the structure of their incentive-based compensation practices,
and prohibit them from maintaining compensation arrangements that encourage inappropriate
risks.
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Tax Handouts In Singapore's Budget 2/22/2011 Finance Minister, Tharman Shanmugaratnam, delivered Singapore’s budget statement
for the 2011/12 fiscal year on February 18, and announced tax benefits to households
and businesses totalling some SGD13bn.
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Federal Reserve Introduces Volcker Rule 2/15/2011 The United States Federal Reserve Board has announced its approval
of a final rule to implement the provisions of the Dodd-Frank Wall Street Reform
and Consumer Protection Act of 2010 that give banking firms a
period of time to conform their activities and investments to the prohibitions
and restrictions of the so-called Volcker Rule.
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SEC Proposes Hedge Fund Reporting Rule 1/28/2011 The United States Securities and Exchange Commission has proposed
a rule to require advisers to hedge funds and other private funds to report information
for use by the Financial Stability Oversight Council in monitoring risk
to the US financial system.
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Sarkozy Renews Drive For Financial Transactions Tax 1/27/2011 During a recent press conference presenting France’s presidency of the
G20 and the G8, French President Nicolas Sarkozy once again underlined France’s
support for the introduction of a tax levied on financial transactions.
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Cayman Fund Exodus 'Myth' Dispelled 1/5/2011 Cayman Finance has rebutted what it has described as ‘unsubstantiated’ claims that Cayman
funds are re-domiciling to European nations, in particular to Ireland.
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IASB Proposes Improvements To Hedge Accounting 12/10/2010 The International Accounting Standards Board on December 9 published for public
comment an exposure draft on accounting for hedging activities.
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SEC, CFTC Move On US Swap-Related Financial Reforms 12/9/2010 The United States Securities and Exchange Commission and the Commodity
Futures Trading Commission have proposed joint rules that would further
define a series of terms related to the security-based swaps market, and will
jointly host a roundtable to discuss issues related to capital and margin requirements
for both swaps and security-based swaps.
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Guernsey Fund Sets Up Regional Headquarters In HK 11/23/2010 International Administration Group, the fund administrator from Guernsey,
has announced the opening of its new regional headquarters in Hong Kong to provide
administration services to a range of funds.
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SEC Sets New Rules For Hedge Fund Advisers 11/23/2010 The United States Securities and Exchange Commission has proposed
new rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer
Protection Act and strengthen its oversight of investment advisers to hedge funds
and other private funds.
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SEC, CESR To Cooperate On Regulatory Reform 11/19/2010 The Securities and Exchange Commission (SEC) Chairman, Mary L. Schapiro, and the
Committee of European Securities Regulators Chairman, Carlos Tavares, recently
met in Paris to discuss regulatory reform efforts in the United States and the
European Union.
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EU Hedge Fund Directive Approved 11/15/2010 The European Parliament has adopted the directive which will introduce, for
the first time, European regulation on the marketing of alternative investment
funds, including hedge funds and private equity.
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Jersey Welcomes AIFM Compromise 11/1/2010 Jersey Finance's Chief Executive, Geoff Cook, has welcomed the recent compromise reached by European Finance
Ministers on the treatment of the alternative investment industry in non-EU territories contained in the European Union’s revised Alternative Investment
Fund Managers Directive.
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EU Agrees Final Version Of Hedge Funds Directive 10/28/2010 The European Parliament and the European Council have announced that they
have reached an agreement on the AIFM directive which will introduce, for the
first time, European regulation for alternative investment fund managers, including
hedge funds and private equity.
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UK Takeover Panel Recommends Code Change 10/26/2010 Following a review of the regulation of company takeovers, the Code Committee
of the United Kingdom’s Takeover Panel has published its conclusions and
proposals, and has concluded that the tactical advantage perceived to be held
by hostile bidders needs to be reduced.
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Ecofin Agrees Stance On Hedge Fund Regulation 10/22/2010 The European Council has announced that it has agreed its position with a
view to concluding negotiations with the European Parliament on a draft directive
introducing harmonised European Union rules for entities engaged in the management
of hedge funds and other alternative investment funds.
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SEC Proposes 'Golden Parachute' Rules 10/21/2010 As called for by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the United States Securities and Exchange Commission has proposed rules that would enable shareholders to cast advisory votes on executive compensation and 'golden parachute' arrangements.
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Scope Of Brazil's IOF Increase Is Widened 10/14/2010 The scope of the 4% tax on foreign investments in fixed income instruments in Brazil has been clarified to include such types of investments as stock funds, multi-market funds and debentures.
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Hedge Fund Managers Leaving UK 'In Droves' 10/6/2010 Britain faces losing hundreds of millions in tax revenues as a result of an exodus of hedge fund managers moving offshore, mostly to Switzerland.
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French Bank Tax To Generate EUR504m In 2011 9/27/2010 French Finance Minister Christine Lagarde has confirmed that the tax on banks
in France is due to generate in the region of EUR504m in additional revenues for
the state in 2011, increasing to EUR555m in 2012 and to EUR810m in 2013.
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Cayman Remains Top IFC Despite Downturn 9/14/2010 Cayman Finance, the promotional agency for the island’s financial
services industry, has noted recognition by 'The Banker' magazine of its position as the top specialized financial centre
for the second year running, in its 2010 IFC Rankings, released in August.
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EU Hedge Fund Vote Delayed Again 9/14/2010 The vote by the European Parliament on the European Union directive
for the regulation of hedge funds, the details of which were agreed by the European
Council in May this year, has been further delayed.
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Guernsey Financial Services In Good Health 9/13/2010 Newly-released figures show that Guernsey’s finance industry is in good
health, according to Peter Niven, Chief Executive of Guernsey Finance –
the promotional agency for the Island’s finance industry.
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CFTC Advances Derivatives Reform 9/9/2010 The United States’ Commodity Futures Trading Commission has announced
that it will begin publishing a list of all meetings that it has with outside
organizations regarding the implementation of the Dodd-Frank Wall Street Reform
and Consumer Protection Act.
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Goldman Tries 'Foreign-Cubed' Defence Against Hedge Fund 8/31/2010 The investment bank, Goldman Sachs, is attempting to use a US Supreme Court’s
previous ruling on so-called ‘foreign-cubed’ securities cases to have
an Australian hedge fund’s USD1bn claim thrown out of the American courts.
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Tax Changes To Boost Turkish Derivatives Trade 8/27/2010 Çetin Ali Dönmez, chief executive of TurkDex, Turkey’s derivatives exchange, expects turnover on the exchange to rise significantly after the banking and insurance transaction tax and withholding tax on derivative products are scrapped this fall.
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Full Steam Ahead For German Bank Tax 8/25/2010 Determined to press ahead swiftly with plans to introduce a compulsory bank levy
in Germany, the German cabinet is due to meet shortly to discuss its long awaited
restructuring law.
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IOSCO Produces Principles For Direct Electronic Access 8/19/2010 The International Organization of Securities Commissions has published
a final report containing principles designed to guide intermediaries, markets
and regulators in relation to the areas of pre-conditions for direct electronic
access, information flow and adequate systems and controls.
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Cayman Islands Top For Catastrophe Bonds 8/9/2010 New figures have revealed the Cayman Islands are the leading offshore jurisdiction
for listed catastrophe bonds. More than USD7.7bn dollars in bonds have now
been listed on the Cayman Islands Stock Exchange.
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Doubts Whether US Financial Reforms Will Be Adopted Globally 7/26/2010 Even though President Obama has signed into law the US financial reform bill passed
by the Congress on July 15, it is recognised that it will take up to two years
to put its measures into force and there is some doubt whether similar regulations
will be adopted internationally.
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China Allows Foreign Futures Investments 7/26/2010 China is to allow foreign investors to trade in stock index futures under the Qualified Foreign Institutional Investor (QFII) programme, according to China Securities Journal.
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Congress Approves US Financial Reform Bill 7/19/2010 After a period of delay since its approval by the House of Representatives on
June 30, the US financial reform bill was finally approved by the Senate on June
15 and sent to President Obama’s desk to be signed into law.
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MEPs To Vote On Bank Bonus Curbs 7/6/2010 New rules, aimed at ending bankers' risk-taking culture by placing a cap on bonuses,
have been agreed between the European Council and the European Parliament.
|
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Bank Levy Dropped From US Reform Bill 7/5/2010 The bank levy, which had been proposed in the bill to introduce substantial
reforms to the United States financial system, has had to be withdrawn.
|
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G20 Looks At Financial Regulatory Reforms 7/1/2010 The G20 group of nations, at their summit in Toronto, discussed proposals for
far-reaching regulatory reforms to strengthen the global financial system.
|
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EU Hedge Fund Regulations Delayed 6/30/2010 The adoption of the proposed European Union directive establishing regulations
for alternative investment funds, such as hedge or private equity funds, which
was expected next month, has been delayed.
|
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IoM Prepared For Hedge Fund Directive 6/30/2010 The Isle of Man Financial Services Commission has released comment on the draft
European Union Alternative Investment Fund Managers Directive and its anticipated effect on
the island’s fund industry.
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US Congress Finalizes Bank Reform Bill 6/29/2010 A committee from both the House of Representatives and the Senate has finalized
the terms of the bill that will make considerable regulatory changes to the United
States financial system, and includes a levy on financial institutions to pay
for the additional cost involved.
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US Financial Bill Enters Final Straight 6/11/2010 Negotiators from the United States Senate and the House of Representatives will this week begin their attempt to produce an amalgamated financial regulations
bill from those separately approved by the two chambers.
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Cayman Funds Live To Fight Another Day 6/10/2010 The Cayman Islands Monetary Authority has released the findings of an investigation into the effects of the global financial crisis on the island's funds industry. The report is based on statistics from over 7,000 funds regulated in the islands from 2008 - when the crisis first hit.
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G-20 Shelves Global Bank Tax 6/8/2010 As had been expected, the communiqué issued following the G20 meeting of
finance ministers and central bank governors in South Korea on June 4 and 5 shelved
any commitment to a global banking tax.
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Jersey Finance Industry Rebounds 6/2/2010 The Jersey government has released statistics on economic activity in Jersey during
the first quarter of 2010. Over the period, total banking deposits increased by
some 7.5% to GBP177.6bn (USD258.5bn).
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Hedge Fund Directive No Threat To Guernsey 5/21/2010 Peter Niven, Chief Executive of Guernsey Finance, the promotional agency for the Island’s finance industry,
has asserted that, despite the European Union’s continued steps towards introducing
the controversial Alternative Investment Fund Managers Directive, the future
of Guernsey as a leading funds domicile is not in jeopardy.
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EU Approves Hedge Fund Directive 5/20/2010 European Union finance ministers have reached an agreement on a
mandate for the Spanish Presidency of the EU to negotiate with the
European Parliament on a directive establishing an EU framework for
managers of alternative investment funds, such as hedge or private
equity funds.
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Germany Backs Financial Markets Tax 5/20/2010 Germany’s ruling black-yellow coalition has united on plans to introduce
a Europe-wide financial markets tax. Chancellor Merkel has, however, made known
Germany’s determination to vigorously back an international financial markets
tax.
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EU Unites On Financial Transactions Tax 5/19/2010 During a recent European Union finance ministers meeting, there was overwhelming
support for a plan to levy a tax on financial transactions in Europe.
|
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Austria Supporting Bank Tax 5/13/2010 Following the recent decision by members of the European Union to provide a rescue
package for Greece, Austria’s Chancellor Werner Faymann announced that further
measures are now needed in order to prevent a repeat of events, including the
introduction of a financial transactions tax.
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Singapore To Enhance Fund Management Regulation 5/3/2010 The Monetary Authority of Singapore is reviewing the regulatory regime for
financial intermediaries conducting fund management activities, as well as the
exemption regime for financial intermediaries engaged in leveraged foreign exchange
trading.
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Congress Debates Financial Regulation Reform 5/3/2010 Following three days of blocking any discussion on the bill presented by the Democrat
chairman of the Senate Committee on Banking, Housing, and Urban Affairs, Chris
Dodd, the Republican Party in the Senate has changed its tactics and allowed the
debate to begin on putting together significant reforms to the regulation of the
US financial system.
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Conyers Advises On Impact Of BVI Funds Act 4/21/2010 International law firm, Conyers Dill and Pearman has released guidance on the forthcoming introduction of the Securities and Investment Business Act and its effect on hedge funds domiciled in the British Virgin Islands.
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BlueCrest Relocates To Guernsey 4/15/2010 BlueCrest Capital Management – London’s third largest hedge fund
manager – has relocated to Guernsey, according to a letter sent to investors.
|
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Channel Islands In Good Stead To Attract European Funds 2/25/2010 The Channel Islands swift adoption of International Financial Reporting Standards
makes it better placed to meet the changing needs of the European investment
fund industry, according to a survey by Ernst and Young.
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