Lawyers fly offshore flag in New York

(CNS): Lawyers from Conyers Dill & Pearman were promoting the advantages of offshore financial centres and pointing out the main difference between them and tax secrecy jurisdictions last month at an important seminar in New York. Over 100 lawyers and financial executives heard how the leading international financial centres in which Conyers operates have emerged in the post economic melt down world as those able to enact innovative legislation with sound financial regulation meeting the standards of international bodies, including the OECD and G20. (Richard Finlay, Managing Partner Cayman)

The firm said that a panel of Conyers lawyers provided an in-depth look at the state of the market and the impact of the credit crunch on legal systems in the major jurisdictions of the Cayman Islands, British Virgin Islands, Bermuda and Mauritius.

Richard Finlay, Managing Partner of the firm’s Cayman Islands office, discussed developments in this jurisdiction. “Cayman has modernized its partnership legislation in response to the increased use of exempted limited partnerships by private equity and hedge funds,” he told the audience.

“Also, we are pleased to report this quarter that for the first time since 2008, there has been an increase in the number of funds being licensed in Cayman. Another important development is the admission of CIMA as a member of IOSCO, which will allow Cayman funds access to emerging markets like India. The timing could not be better: we are already seeing Cayman funds investing in India through Mauritius subsidiaries.”

Robert Briant, Managing Partner of the firm’s BVI office, drew important distinctions between offshore financial centres and tax secrecy jurisdictions. “The jurisdictions we advise on are tax neutral locations that facilitate international cross-border transactions. Bank secrecy jurisdictions facilitate the confidentiality of one’s affairs. The difference could not be more stark,” he added.

“Each of our jurisdictions plays a legitimate role in global transactions, and all are on the OECD White List.”

Anthony Whaley, partner in the firm’s Bermuda office explained how the company is able to deliver insight on the leading jurisdictions to onshore lawyers, particularly during this time of global economic uncertainty.