Legal & Regulation

The Cayman Islands has indicated to the UK government that it is committed to joining the G5 pilot, recently announced by the UK, France, Germany, Italy and Spain, on multilateral automatic exchange of tax information. »

Jersey Finance has welcomed the signing of a Double Taxation Agreement (DTA) between the authorities in Jersey and Luxembourg. »

The International Organisation of Securities Commissions (IOSCO) has published a consultation paper on Principles for Financial Benchmarks, which seeks public comments on a set of high-level principles for benchmarks used in global financial markets. »

Man Group has confirmed with the Financial Conduct Authority (FCA) the change of its regulatory status from being a Full Scope Group to a Limited Licence Group. »

Alter Domus, a provider of administration services for alternative investment funds and multinational corporations, will be offering depositary services in Luxembourg and expects to be in the first wave of regulatory approvals. »

By Jay Gould, partner, Pillsbury Winthrop Shaw Pittman LLP – In a speech before the American Bar Association’s Trading and Markets Subcommittee on 5 April, 2013, David Blass, the Chief Counsel of the Division of Markets and Trading, put hedge fund managers and private equity fund managers on notice that they may be engaged in unregistered (and therefore, unlawful) broker dealer activities as a result of the manner by which hedge fund managers compensate their personnel and, in the case of private equity fund managers, the receipt of investment banking fees with respect to their portfolio companies. »

ICAP, an interdealer broker and provider of post trade risk and information services, has released its analysis of the potential impact of implementing a financial transactions tax (FTT). »

The Bermuda Monetary Authority is advancing preparations to sign a cooperation agreement with Europe under the Alternative Investment Fund Managers Directive (AIFMD). »

The Australian Securities and Investments Commission (ASIC) has proposed draft rules addressing the mandatory trade reporting obligations for over-the-counter (OTC) derivatives such as interest rate swaps. »

A framework for incorporated cell companies in the insurance sector was created in the Cayman Islands on 25 March, when the Legislative Assembly passed an amendment to allow the registration of portfolio insurance companies (PICs) within segregated portfolio company insurers (SPCs). »