Top 10 Finance and Banking Headlines from Offshore In a culture where gossip is news, where questions are met with indignation instead of answers, and where, by law, the Ministers' definition of "public good" cannot be questioned, facts and fiction are readily and frequently intermingled in the Government's announcements and news releases. In 2007, as a result of HMRC receiving information from five major UK banks with offshore subsidiaries, HMRC offered an Offshore Disclosure Facility (“ODF”) which was designed to allow those people holding offshore accounts to declare those accounts and put their tax affairs in order. Much has been published on the newly proposed Alternative Investment Fund Directive (‘AIFM’) which if materialises in its proposed form would affect all fund managers in Europe who manage or market a fund which is not regulated in Europe as suitable for retail sales (effectively, any non-UCITS fund). On 1 November 2009, the Grand Court of the Cayman Islands is due to open its Financial Services Division. The operation of the FSD will be governed by the Grand Court (Amendment) Rules 2009. On 10th June 2009, the European Communities (Assessment of Acquisitions in the Financial Sector) Regulations 2009 (the “Regulations) came into effect in Ireland implementing Directive 2007/44/EC into domestic law. There are a number of clear advantages that Malta offers as a jurisdiction in which to set up a fund. The main reason is the tax treatment of funds in Malta. Frank Chetcuti Dimech and Frank Caruana of CDF Advocates explain the investment regime in Malta, a jurisdiction where registered funds are on the increase. An Exchange Traded Fund (“ETF”) is an investment vehicle that, in its typical form, is designed to enable investors to track a particular index through a single liquid instrument that can be purchased or sold on a stock exchange. There has been a great deal of attention focused on the CaymanIslands these past few months, more so than usual. Much of thedebate as to what to do about the so called "taxhavens" has ranged from the White House, the G8, the G20to the Organisation for Economic Co-operation and Development("OECD"). The recent decision of In the Matter of Stanford International Bank Limited and Others [2009] EWHC 1441 (CH) raises important considerations for liquidators of offshore investment vehicles who seek recognition and assistance from the English Courts pursuant to the Cross-Border Insolvency Regulations 2006 (the “2006 Regulation”). | 
