The Exchange's Listing Committee has formally approved
Guernsey as an acceptable overseas jurisdiction for the purpose of
companies incorporated in the Island seeking to list on the
The decision was made at a meeting on Thursday 24th
March and the news was officially confirmed through a statement on
the Exchange's website on Wednesday 18 May.
Peter Niven, Chief Executive of Chief Finance – the
promotional agency for the Island's finance industry
internationally, said: "This is a very positive development
for Guernsey's finance industry. Our service providers are
seeing continued growth in terms of the numbers of clients from the
Far East and there has been particular interest in being able to
list Guernsey incorporated companies on the Hong Kong Stock
"Receiving this approval is very much welcomed because it
means that now we will be able to meet this demand and indeed,
there are opportunities already in the pipeline. It was
particularly important that we received this approval because some
of our competitor jurisdictions have this agreement in place
already. Now our service providers can offer the same
benefits through the use of Guernsey companies."
Mr Niven added: "Hong Kong is well-recognised as an
important gateway for inward and outward flows of capital to China
and other financial centres in Asia and so this approval provides
us with another platform for doing business in the region. Later
this year the Chief Minister will be leading a delegation to Hong
Kong not only to enhance relationships with government and
regulatory officials but also to put forward the case to the local
industry for existing and potential clients to use Guernsey
companies to list on the Exchange."
Caroline Chan, Guernsey-based Partner of Ogier which also has an office in Hong Kong,
said: "I'm delighted to have been able to assist the
Commerce & Employment Department on this project. By obtaining
approval from the Hong Kong Stock Exchange to list Guernsey
companies, our finance industry will be able to continue to build
on the work being undertaken in the Asia region to raise
Guernsey's profile and develop new sources of business and
opportunities for the Island."
The Miami-based Offshore Alert Conference has become a regular draw for representatives of Cayman’s financial services industry in recent years, and this year’s event is no exception with the Cayman Islands lending strong support through the provision of speakers from both the financial services industry and Government’s Ministry for Financial Services.
The Organisation for Economic Co-operation and Development recently published a report in which the Cayman Islands was commended for the "streamlined, efficient and responsive procedures it has is in place to facilitate the exchange of information for tax purposes".
On 1st April the new UK "Twin Peaks" regulatory regime was launched. The much criticised FSA was replaced with the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA"). Martin Wheatley, the FCA’s chief executive has publicly criticised the approach of the former FSA as "robotic" and a more challenging UK regulatory climate is widely anticipated.
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