Key Issues and Players in Global Financial Services Centres

Thursday, April 27, 2017



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3 The vital economic role of IFCs
4 London becomes the latest offshore renminbi trading hub
4 World Bank sets up financial hub in Singapore
4 Irish funds fall foul of Chilean pensions regulation
5 Guernsey no 1 QROPS centre in first half of 2011
5 Financial centres reduce economic risk, says City of London report
6 Walkers sets up cross-border insurance linked securities group
6 Financial services the largest contributor to Malta's FDI
6 Irish Government launches five year strategy for its IFSC
7 Close link to the real economy the bedrock of Frankfurt's financial centre
The close link between the financial sector and the real economy is the main reason Frankfurt is emerging well from the financial crisis and the bedrock on which the centre's success is built says HUBERTUS VATH. Frankfurt is now positioning itself as a centre of excellence for risk management and regulation which can be a starting point for Frankfurt to partner with, and advise, up-and-coming financial centres from Asia, South America and Eastern Europe which will lead to further growth for Frankfurt's financial centre he says.
10 Maverick regimes are using the BIS to keep foreign currency reserves from their creditors
The sovereign debt crisis will have a serious impact on banks' ability to meet the new Basel III rules, writes KEITH BOYFIELD. The Bank for International Settlements needs to carry out a root and branch reform of the its legal position to prevent defaulting regimes using it as a safe haven for their foreign currency reserves, he says
13 New licencing regime sets up the Cayman Islands for further growth in insurance
The enactment of the Insurance Law 2010 will create new categories of licences including sub categories for captive insurers depending on the extent to which net premiums written originate from related business of the insurer that will further reinforce Cayman's position as an insurance centre says TIM FRAWLEY. Two new licences categories will cater for structurers of insurance-risk securitisation products and for reinsurers making the centre even more accesible to this type of business he says.
14 Bermuda in the first wave of centres seeking Solvency II equivalence
Bermuda, the world’s third largest insurance centre and the world’s largest captive insurance centre has decided to seek equivalence with the EU’s Solvency II regime. However, the treatment of captives under Solvency II is still unclear, creating uncertainty for the Bermudian captive insurance industry.
15 Captive insurance industry is a significant contributor to Vermont economy
Vermont is celebrating its 30th anniversary as a captive insurance centre in 2011. In this time the centre has grown to become the largest US captive domicile and the third largest captive insurance centre in the world. Much of this success can be attributed to the support that the industry receives from the State of Vermont with the Vermont legislature actively exploring and adopting necessary changes to captive insurance law to respond to the needs of the industry writes PETER J. MCDOUGALL
16 Solvency II the main challenge ahead for Luxembourg's captive insurance industry
Considerable amounts of M&A activity in Luxembourg's captive reinsurance industry highlights the attractiveness of the centre for captive reinsurance companies write CARINE FEIPEL and CHRISTIAN LAMARCHE. As with other EU captive centres the main challenge facing the industry in Luxembourg is Solvency II and in particular the Level 2 Implementing Measures and how that will affect captive insurance companies they say
17 Solvency II opt-out may help Guernsey's captive sector expand
Guernsey's decision to not seek equivalence to Solvency II could see it win business from EU captive insurance centres says FIONA LE POIDEVIN as captive companies look for regulatory certainty
18 Streamlined regulatory structure a major advantage for Isle of Man insurers
As the Isle of Man has a separate insurance regulator, the Insurance and Pensions Authority, the insurance industry benefits from having clear channels of communication to a responsive regulator says SIMON HARDING. The centre has opted out of being part of the first wave of jurisdictions to seek equivalency with Solvency II, a decision that he says suits the centre's insurance sector and could help grow the Island's captive sector