Offshore laws glide through LA

| 13/07/2020 | 11 Comments
Financial Services Minister Tara Rivers presenting the bills to the LA

(CNS): Financial Services Minister Tara Rivers has steered another batch of legislation through the parliament with the backing of the opposition as well as the government benches. The changes regarding private funds clarified the rules and are expected to help Cayman get off the EU blacklist. Speaking in the Legislative Assembly, Rivers said government had found some areas in the law that was creating uncertainty.

The legislation was passed just a few months ago in February and the minister stated at the time that the industry had been consulted and contributed to the legislation. Nevertheless, it needed to be changed to eliminate “ambiguity” over registration and Rivers said that these changes has also been run by the industry.

The ministry and the regulator believe there could be thousands more funds that should be registered before the end of next month but the ambiguity of the legislation appears to have led those running some funds to believe they can dodge this latest regulation.

As Rivers presented the bills, MLA Chris Saunders, the opposition spokesperson for financial services, was the only person to raise any concerns. He said that consultations with the industry is not always working and suggested that government could not depend on the fox writing the rules for the hen-house and get off those blacklists the jurisdiction is on.

But Rivers said that there was “no shadow of a doubt” that government’s intention was to have a robust regulatory framework that can withstand scrutiny and that Cayman would be removed from the EU list at the earliest opportunity.

In response to the legislation, Cayman Finance, the industry body representing offshore, said it welcomed the amendments. The changes would provide clarity on the interpretation of the application of the law and “assist in enabling the consistent application of the requirements”, Cayman Finance stated.

See the LA session on CIGTV below:

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Category: Business, Financial Services, Laws, Politics

Comments (11)

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  1. Anonymous says:

    At least Apple pushes back against the never ending EU tax grab.

    We just go along.

  2. Anonymous says:

    Should have focused on their obligations instead of strutting off to Hollywood…hope they haven’t spent the allocated two million already.

  3. Billie says:

    Tara is completely and utterly clueless and dangerously advised by Dan Scott on behalf of the accountants who seek an extra dollars 400 million a year from the local audit sign off for private equity funds. It is something of a tragedy that not one member of the LA recognizes this is no more than the accountants jumping on the EU bandwagon their blatant self interest prevails. Cayman Islands financial services revenues will be damaged as Roy McTaggart has already indicated. The EU agenda is to put the Cayman Islands out of business completely and for the auditors to see this as a pathway to greater personal riches at the expense of the long-term prosperity the Cayman Islands is nothing short of a national disgrace. No other competitor jurisdiction in the world now has legislation as hostile as that of the Cayman Islands in the private equity area.

  4. Anonymous says:

    Please retire Tara for the love of country

  5. Anonymous says:

    Tara is proving herself to be a proper mess as minister of financial services. What a waste of a vote. Never again

  6. Anonymous says:

    I don’t see us getting off this list. The elephant in the room…

    • Noname says:

      I don’t think we will either , the EU and some of its member states are hell bent on Cayman Island’s case and Covid-19 only made matters worse since they will be in dire need of new taxes (France with their wealth tax , Belgium with the project of the smae andd a tax on investment accounts and a specific tax for fidiuciaries settled on island among others). While I don’t think racism is involved they definitely are going after the smaller jurisdictions.

      What is really at stake though isn’t the CRS issue but the Registry of Beneficiaires that the EU insititutions would love to foce upon us and make accessible publicly emptying out the rights to privacy and confidentiality.

  7. Anonymous says:

    As Alden had alluded during his “list of worries” briefing gaff, that the EU was still on it, no doubt their having found the defects in Unity Cabinet’s rushed law and weren’t going to release us from the list. Unity are really not adding value by continuing this ruse that their wholly-owned months-late first attempt had to be rewritten due to material defect. It’s par for this course.

  8. Anonymous says:

    And still large numbers of lawyers appear to openly practice Cayman law illegally and the regulators refuse to do anything about it. The proceeds of that illegal conduct make their way into the coffers of law firms and into bank accounts around the world. The money is the proceeds of crime, and our government continues to claim we are serious. Good luck persuading others.

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