December 11, 2017

EU takes tough approach to Brexit as talks enter key weeks

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By RAF CASERT and JILL LAWLESS Associated Press From Richmond BRUSSELS (AP) — The European Union’s top Brexit negotiator on Monday took an uncompromising approach to the Brexit talks over the next few crucial weeks, saying it’s up to Britain to offer solutions on outstanding issues and insisting other EU decision-makers could be more unyielding […]

Colours Cayman Petition to the European Parliament declared Admissible

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GRAND CAYMAN, CAYMAN ISLANDS, 8 November 2017: We refer to our press release dated 15 May 2017 regarding the petition submitted to the European Parliament. We are delighted to announce a very important and positive development for the LGBTI people of the Cayman Islands: the petition has been declared admissible by the Committee on Petitions of […]

Lax Oversight of Swiss Lawyers Blamed in EU’s Panama Probe

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By Joe Kirwin From Bloomberg BNA Switzerland’s lack of regulatory oversight for lawyers, as well as loopholes that allow them to ignore due-diligence rules, came under intense scrutiny at a European Parliament hearing probing Switzerland’s role in the year-old Panama Papers revelations. At the same time, leading French banks Societe General and BNP Paribas faced […]

Minister Panton says to panel: Cayman benefits the EU

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Along with a European Commission tax official, a Member of the European Parliament, and the head of the United Nations Conference on Trade and Development’s investment division, Financial Services Minister Wayne Panton participated on a panel that aired divergent views on global corporate taxation. Organised by the Centre for European Policy Studies (CEPS), the panel […]

Minister Panton in London, Brussels

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Financial Services Minister Wayne Panton is meeting this week with UK and European Union lawmakers in London and Brussels, on subjects including beneficial ownership; the EU screening process; proposed UK legislation; OECD and EU initiatives; Brexit; and to participate on a panel in Brussels on corporate taxation. ‘My Ministry continues to make progress with our […]

Cayman Islands:Truman Bodden Law School lecturer’s research presented in Brussels

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TRUMAN BODDEN LAW SCHOOL Lecturer and Course Leader of the LLM Programme to be introduced in September 2017, Laura Panades-Estruch, an expert in Public-Private Partnerships, has been selected to inform the European Parliament’s policy agenda for 2016-17. She recently presented her latest research paper on labour regulation clauses in public procurement to a conference in […]

ESMA advice extending the AIFMD Passport: Including the United States, Hong Kong, Singapore and Switzerland

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By Michelle Falcucci and Winston Penhall Reed Smith LLP From Private Funds Law Posted in Alternative Investment Fund, Hedge Funds, Private Equity, Real Estate Funds, Regulation, United States On 18 July 2016 the European Securities and Markets Authority (ESMA) published its advice to the European Parliament, the Council and the Commission on the application of […]

Cayman Islands’ minister concerned about initiatives in the EU

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From TPA Global At the European Parliament’s TAXE2 Committee meeting in Brussels, the Cayman Islands Financial Services Minister Wayne Panton defended the position of the Cayman Islands and “enlightened” EU officials about country’s tax system. The minister also expressed concerns about initiatives of some of the EU’s politicians. Explaining the Cayman’s Tax System The minister […]

How Barclays turned a US$10 bil profit into a tax loss

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By Reuters From the Edge Markets LONDON (April 29): When Barclays Plc sold a fund management business to U.S. financial group Blackrock Inc. in 2009, the larger-than-expected US$15.2 billion price tag was not the only good news for the British bank’s investors. The way Barclays structured the sale — by booking part of the proceeds […]

Panama Papers law firm raided as global fallout grows

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From Caribbean News Now  PANAMA CITY, Panama — On Wednesday, Panamanian authorities conducted a 27-hour raid on the offices of Mossack Fonseca, the law firm at the centre of the “Panama Papers” leak of 11.5 million confidential documents, spanning four decades, which reveal how the rich and powerful hide money to avoid taxes. Meanwhile, governments around […]