Panton shores up BOT support over financial sector threats

| 31/05/2021 | 20 Comments
  • Cayman News Service
  • Cayman News Service
  • Cayman News Service

(CNS): Premier Wayne Panton has secured a commitment from leaders of the other British Overseas Territories to seek clarification from the UK on the purpose of the Joint Declaration on Financial Services Regulatory Cooperation between the European Union (EU) and the United Kingdom (UK). Panton met via teleconference with the other eleven BOT leaders ahead of the Joint Ministerial Council meeting, which, pandemic permitting, is expected to take place in London at the end of this year.

He has also scheduled a virtual meeting of financial services ministers as well as an undertaking from the other territories to issue a joint letter on this Post Brexit MOU, which could impact them.

Once signed, the MOU will create a framework for voluntary regulatory cooperation in financial services between the UK and the EU. It will establish the Joint UK-EU Financial Regulatory Forum that is meant to be a platform to facilitate dialogue and cooperation on financial services issues. Given that the UK is no longer a member of the EU, it is expected that their respective regulatory frameworks are likely to diverge. But at this point no one knows what this agreement means for the territories with significant financial sectors.

It is, however, expected to be a key area of discussion when territory leaders and the UK government meets for the annual JMC. In the virtual Pre-JMC meeting between the territories last week Panton and his fellow leaders discussed the agenda for those meetings in London. As well as issues relating to financial services, it is expected to include post-COVID economic recovery and resilience for all BOTs, disaster management and border security.

The Pre-JMC, which takes place annually, also served as the Political Council meeting for the United Kingdom Overseas Territories Association (UKOTA), allowing leaders to make decisions on the operation of the organisation and receive updates on its work over the past year. The UKOTA members approved a memorandum of understanding with the Overseas Countries and Territories Association (OCTA) of the EU, which they plan to sign at a meeting with OCTA at the end of June.

The President of UKOTA, currently Premier of Bermuda David Burt, is expected to shortly issue a letter on behalf of the BOTs to the UK Minister for the Overseas Territories outlining the proposed key agenda items for the upcoming JMC.


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Category: Business, Financial Services, Politics

Comments (20)

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  1. Natybongo says:

    And you and your 11 cohorts think to the core. Explain yourself properly or shut the rats arse up.

  2. Anonymous says:

    Vaccine cards should be the size of drivers licenses. So everyone could carry them in their wallets. Mr. Premier, get us wallet size Vaccine cards A S A P

  3. Miami Dave says:

    Janet Yellen and the Americans hold the key on multilateral financial matters not / not the UK and the EU.

    The days of Apple, Google, Facebook, etc, paying no corporate taxes to Uncle Sam end next year.

    The party will soon be over. Nice for us while it lasted.

  4. Hubert says:

    Cayman’s days as a financial services centre are numbered. We will soon be nothing more than a domicile for hedge funds and tourism so better get ready.

    The game is nearly up. Get ready for a major financial adjustment.

  5. Anonymous says:

    It’s just a simple case of PACT calling a meeting of Parliament and passing the Laws and writing the Regulations they outlined in their Manifesto, all in keeping with the promises made to the people who elected them.

  6. Anon says:

    Brexit was always going to be the front edge of a lot of damage for OFCs.

  7. Anonymous says:

    Have some balls, ditch the U.K. and run your own country

    • Anonymous says:

      Precisely. I will state a fact. He is self-admitted Lodge, so that will never happen.
      It is business as usual in Cayman.

      • Big Bobo In West Bay says:

        Who the hell cares if he is a member of the Lodge? He does not hide this simple fact to his credit. Did you not get accepted into the Lodge? You seem to have a big chip on your shoulder.

        More important is what the Premier knows about the international financial system before we get royally screwed.

        Not sure he can do much as America has decided that a 15% worldwide corporate tax is the way we are going and the UK seems to be inside.

        Oh well, we will still have hedge funds and tourism.

  8. Anonymous says:

    The look on their faces says it all. What the XXXX are they talking about? We have not had time to read any of these hundreds of reports. “Sorry sir we are new and a bit lost”

  9. Anonymous says:

    Skip the 5 day quarantine for vaccinated people if you want overnight tourism to begin. Every other country is accepting the CDC vaccination card. Check what other islands are doing successfully and follow.

    • Anonymous says:

      they are all going back into lockdowns, no thank you.

    • Anonymous says:

      Nope. “In Florida, your personal choice regarding vaccinations will be protected, and no business or government entity will be able to deny you services based on your decision,” DeSantis said of the law, which codified executive orders he had already issued.

      • Anonymous says:

        When since is this Florida? Yes we have a lot of trade there but for Christ’s sake understand we are a British Overseas Territory. Florida being a part of the USA is no longer a British colony. Have you ever heard about the War of Independence, the US fought to no longer be British?

    • Anonymous says:

      Its 10 days. 5 days is a “soon come” promise.

  10. Anonymous says:

    Can’t tell if everyone is dead serious, or just really, really annoyed.

    Smile, ffs.

    • Anonymous says:

      Dead serious because our Premier knows that the problems are immense.

      He learned a lot during all those years at Walkers.

  11. Anonymous says:

    Guaranteed at the end of this meeting, it won’t be the UK or the EU that have made concessions toward screwing over our financial industry.

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