 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| Guernsey Revises Capital Adequacy Rules |
by Amanda Banks, Tax-News.com, London
Tuesday, December 01, 2009
Guernsey’s Financial Services Commission has prepared new Capital Adequacy
Rules mandatory for all entities licensed under the Protection of Investors (Bailiwick
of Guernsey) Law, 1987.
According to the Commission, the Capital Adequacy Rules are the second part
of a process to replace the Licensees (Financial Resources, Notification, Conduct
of Business and Compliance) Rules, 1998 and the Collective Investment Schemes
(Designated Persons) Rules, 1988.
The Licensees (Conduct of Business) Rules,
2009, which will encapsulate the new capital adequacy requirements, are coming
into effect on January 1, 2010.
The Commission has further announced that as the Capital Adequacy Rules are to come into
effect in 2010, licensees should note that they will not
apply for fiscal years ending in 2009.
The highlights of the Capital Adequacy Rules include:
- The introduction of pro formae calculations which take account of risks
to which the business of the licensee might be subject;
- The Board of a licensee will maintain the responsibility for assessing not only
its capital adequacy but also the basis and assumptions upon which this has
been calculated;
- If the Board is of the view that the pro formae do not adequately capture
the risks to which its business is subject, the Commission would expect the
Board to formalize a more stringent level of capital requirement;
- The introduction of a liquidity requirement; and
- The recognition that a licensee should not rely on loan support from another
group company for the purposes of meeting its capital adequacy.
The Commission is eager to receive views on whether, in
particular, the above objectives have been achieved and what problems are foreseen.
.
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
