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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 09/09 New
Lowtax Editor Column, by Kitty Miv |
| 08/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 07/09
Flaws Uncovered In UK PAYE Tax System, Tax-News.com |
| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| 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. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| Jersey To Amend Banking Law On Reporting And Financial Disclosures |
by Robert Lee, Tax-News.com, London
Wednesday, February 24, 2010
The Jersey Financial Services Commission has released a consultation paper
in respect of an Order – the Banking Business (Reporting and Disclosure)
(Jersey) Order 201-. Among several regulatory changes to reporting requirements
on Jersey banks, depositors will benefit from greater access to information
on the financial standing of bank, and relevant information in respect of Depositor
Compensation Schemes.
According to the consultation paper, the proposed order will bring together
in one Order the existing requirements for Jersey registered banks in respect
of:
- reporting certain financial information to the Commission; and
- the publication of financial accounts.
The Proposed Order will also establish new requirements of banks in respect
of disclosures to the public, depositors and potential depositors.
Certain changes to the Banking Business (General Provisions) (Jersey) Order
2002 (the GPO) and the Codes of Practice for Deposit-taking Business (the Banking
Codes) are proposed that would require disclosures regarding Depositor Compensation
Schemes (DCSs), following the recent introduction of a DCS in Jersey.
Changes are also proposed to the GPO and Banking Codes to reflect the requirements
in the Proposed Order.
The Commission intends to consult with Industry during early 2010 with a view
to amending the Banking Law, and other regulatory Laws, to enable the Minister
for Economic Development to make Orders (such as the Proposed Order) that will
establish:
- requirements in respect of the publication of financial information; and
- powers to object to the appointment of an auditor.
According to the consultation paper, the Proposed Order will bring together
existing regulatory requirements in respect of the provision of financial accounts
and prudential returns to the Commission. The Order will better establish these
as requirements under the Law, set out required timescales for the provision
of reports and establish public disclosure requirements.
In accordance with the Deposit-taking Business Fees Notice, first issued in
January 2008 and last updated in February 2010, a fee of GBP100 per month will be payable in respect of late filing of reports against the
deadlines set out in the Proposed Order.
Existing banks will not be significantly affected by most of these proposals
as the requirements in respect of reporting to the Commission already exist.
The Commission intends mirroring as far as possible the provisions established
by the Financial Services (Trust Company and Investment Business (Accounts,
Audits and Reports)) (Jersey) Order 2007. Approximately 70%
of banks are already subject to the TCB/IB Order, due to their being multi-licensed,
which should reduce the impact on industry.
According to the Commission, the proposals are intended to establish a basis
for introducing financial reporting provisions that are consistent with those
for other sectors of industry, and their coming into force will be dependent
upon the amending Law being adopted by the States and receiving the sanction
of Privy Council, the timescale for which is likely to be in the first half
of 2011.
A comprehensive report in our Intelligence Report series,
analysing the situation on the ground in each of the main offshore banking centres,
is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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