Archive for September, 2013

New listing rules for equities and investment funds introduced by CSX

Monday, September 30th, 2013

New listing rules for equities and investment funds have been issued by the Cayman Islands Stock Exchange (CSX) as a further step to upgrade to the Deutsche Boerse’s Xetra trading platform.

The existing rules of the CSX have been updated and new rules have been introduced for specialist companies including investment funds, mineral companies, and shipping companies. New rules are aimed at providing adequate transparency for the inclusion of retail investors, or those who invest less than USD 100 000 in listed companies.

Nick Small, head of listings, commented: “We have issued new rules for equity securities that will benefit those specialist products that have specific listing needs and where Cayman has significant regional expertise, such as investment funds and shipping companies.”

Cayman Islands to be included in OECD Tax Convention

Friday, September 6th, 2013

The Government of the Cayman Islands announced that it has formally asked the UK to extend its membership in the OECD/Council of the Europe Convention on Mutual Administrative Assistance in Tax Matters (the convention) to the Cayman Islands.

Wayne Panton, Minister for Financial Services, said: “Our formal request to join comes after many months of substantive discussions between Cayman and the UK, and it underscores our continued commitment to proactive participation in matters related to international tax cooperation”.

The convention provides co-operation between states in the assessment and collection of taxes in order to combat tax avoidance and evasion. This co-operation ranges from the information exchange to the recovery of foreign tax claims.

According to the press release from Cayman Islands Financial Services (CIFS), the jurisdiction will not handle isues related to requests for the recovery of foreign tax claims, or information exchange regarding local taxes, and social security contributions.

CIFS fully supports the Minister and the Government of the Cayman Islands in joining convention.