West Palm Beach (HedgeCo.net) – The Organisation for Economic Cooperation and Development (OECD) added the Cayman Islands to its ‘white list’ of jurisdictions that  implement international tax standards for investors such as hedge funds and other alternative investors.

Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration, welcomed the signing of the Cayman Islands’ twelfth Tax Information Exchange Agreement (TIEA) with New Zealand, on 13 August 2009 putting it “alongside other countries that have substantially implemented the internationally agreed tax standard.”

In response, the Cayman Islands Government summarized: “For over four decades the Cayman Islands has steadily earned its place as a world-class international financial  services centre. The Cayman Islands Government sees the OECD’s recognition as a  natural outcome of the country’s substantial commitment to uphold an equally worldclass international cooperation regime in the exchange of tax information.”

Alex Akesson

Editor for HedgeCo.net

alex@hedgeco.net

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Tags: accredited-investors, cayman island, cayman islands government, development oecd, economic cooperation, exchange agreement, financial services centre, information exchange, international cooperation, ubs

Independent – A new EU directive aimed at tightening up the regulation of hedge funds could be counter-productive and cause a mass exodus of business from the International Financial Services Centre, a Dail committee was told yesterday.

The directive, being prepared under the supervision of EU Commissioner Charlie McCreevey, has run into opposition from almost every EU country and is unlikely to be finalised before the end of the current Swedish presidency, the Dail Committee on European Scrutiny was told yesterday.

The draft Alternative Investment Fund Managers Directive has been the subject of submissions from every EU member state, Colm Breslin of the Department of Finance told the committee.

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Tags: alternative investment, dail, department-of-finance, financial services centre, hedge funds, international financial services, investment fund managers, mass exodus, member state, opposition, scrutiny, submissions, supervision, swedish presidency