Mac needs UK help with EU

| 28/09/2012

(CNS): At a time when the premier’s relationship with the UK Foreign and Commonwealth Office is not at its best, McKeeva Bush has revealed that he is seeking the British government’s support for his lobbying to change what he says is a damaging article in an international treaty. The premier and leaders of other territories have concerns about Article 70 of the draft Overseas Association Decision (OAD) document of the European Union. The paper governs the relationship between the EU and the overseas territories and the new draft is said to be at an advanced stage. But Cayman and other territories with financial services interest hope they can stop the goal to converge financial services regimes in the territories with the EU.

Speaking at the 13th meeting of the Overseas Countries and Territories Association (OCTA) in Greenland this week, the Cayman premier said there was a pressing need to change Article 70 of the draft Overseas Association Decision (OAD) document of the EU. Article 70 calls for the "convergence" with EU legislation of the financial services regimes of the Overseas Countries and Territories (OCT).

A release from the premier’s office stated that this would require Cayman bringing its legislation relating to financial services in line with EU legislation.

Bush has reportedly opposed this measure since it was initially introduced in the draft OAD and is the reason why he travelled to the icy location this week. During his speech to the members of the European Commission he called for recognition that if this provision were enacted, it would seriously damage the financial services industry in Cayman and other OCTs.

"Cayman's current regulatory regime is compliant with robust international requirements, providing a strong foundation element to attract investment that is safe in our jurisdiction," Bush said. "Those investments in turn fuel growth of the world economy."

Bush and other leaders are now hoping that the UK government will offer support for changing the article, which, according to the premier’s office, it has promised to do, as the matter goes forward to the Council of the EU for finalization.

The OAD is a legal instrument governing the EU and OTs relationship which is currently undergoing a revision process which will lead to a new OAD coming into effect in January 2014.

Related article:

Mac may reject some of FFR

Print Friendly, PDF & Email

Category: Politics

Comments (45)

Trackback URL | Comments RSS Feed

  1. Truth says:

    You sent a fool to do a mans job.  Instead of trying to change him maybe you should work on changing what your qualifications for leadership should be.  Raise you standards or lower your expectations.

  2. Anonymous says:

    Why do we need the help from EU, has Mac seen or aware of the massive mess of some of the EU member states probably following the same legislation that they want Cayman to adopt.  We're already in a deficit scenario here we don't want to follow the clowns in the EU or we'll end up even worse.

    • Anonymous says:

      How about you read the article…thsi is about regulating the Financial Services Industry, not state finances!

      • Anonymous says:

        Isn't there a circular argument here though?  Who approved the legislation in the EU states that regulated the financial service industry in those particular jurisdictions – at a guess I would imagine the respective governments of those states were responsible for passing those rules/bills. 

        So who is now responsible for a) the huge bail out of public cash to these financial services companies in those states due to the inadequate regulation enacted and b) the major deficits now faced by those nations as a consequence?

        Surely the respective governments are partially to blame for enacting the legislation in the first place, and obviously not to mention the key fact that the banks were historically just handing cash out to anybody who could never repay it in a million years!

  3. Anonymous says:

    Now he wants help from the UK – the same people he despises and insults constantly.  I wish they would help us and take him off to the Tower of London and keep him there.

    • anonymous says:

      Brittania does not and will never never rule the waves again. So stop ya imperialist MOnarchist BS

  4. Dennie Warren Jr. says:

    See section 31(3) of the Cayman Islands Constitution Order 2009. Smh!

    • Pit Bull says:

      So what you are wanting is the Governor to take decisions which are against the interests of the United Kingdom?  In this territory of the United Kingdom?   S.31(3) merely reflects what the Courts have already stated that when the Crown exercising powers over overseas territories it is acceptable to act in the the interests of the UK even if that is inconsistent with the interests of the local region.  The only basis that the Governor or more accurately CIG could act deliberatley contrary to the UK's interests is with independence.  Good luck with that one, it is available for you guys any time. 

  5. Anonymous says:

    Mac needs help, would have been sufficient.

  6. Whodatis says:

    Once again we see the masses have missed or chosen to ignore the bigger picture due to the dislike of one individual.

    Apparently many of us don't care if certain changes within EU legislation could negatively impact upon the overall economy and lifeblood of the Cayman Islands.

    Learn to weigh each issue on its specific terms folks – quit being so immature and emotional.

    As it stands (in this instance), Mac may actually be fighting to ensure you have a job down the line … yet so many are criticising his every move.

    And no … I am not a 'Bushite' – I am simply a Caymanian who understands that emotional responses are often unwise and illogical.

    • The "Honorable" Magic Dragon says:

      Me thinks this is the best idea ole bush has ever had. If you believe that the likes of France and Germany (Big E.U Players) are going to roll over and make way for our finance industry, then you have another thing coming. The EU is in desperate need of its own  European investors, and logically will not take kindly to our islands reputation of housing a tax free escape. Think of it this way, would you make it easy for for your countries wealthy to harbour its value elsewhere depriving you of taxes(especially in this economic climate)?! I wont even bother with the moral flip to this scenario.

      As to the most important point. Neither, PPM nor UDP are prepared to discuss, debate and ultimately sway the EU without the expert advice from a big brother. In this case the UK.  I'd say us Caymanians are pretty lucky in this way.

       

       

    • Anonymous says:

      Cayman's only hope is that bankers in the UK still want to do what they have been doing (running shell companies and funds through Cayman) and refuse to agree to the German/French proposals to tie up banks, hedge funds, exchanges etc with regs and transaction taxes. Your premier has no influence on this and will have to wait to find out the decision like the rest of us.

      • Whodatis says:

        This may come as a surprise, but I am 100% in agreement with you, poster.

        The long-standing success of "Cayman's" financial industry is not primarily on our behalf and increasingly not in our interest. It is amazing how many people fail to realize this fundamental point.

        Interestingly, I am not very concerned about the threats of the proposed EU legislation as I have "faith" in the ever constant spirit of greed, corruption and illegality that exists within the elite (politicially and economically) of the UK, EU and rest of the western world.

        We see the proposals being brought forward by countries like France (75% tax on million dollar incomes) and its subsequent fallouts (e.g. France's richest man denounces his citizenship and registers as a Belgian).

        The irony is that the more the politicians try to appease the masses and squeeze the rich of their countries, the more appealing jurisdictions like the Cayman Islands appears.

        Granted, one may not fully understand the above if one truly believes that it is the democratically elected MP's and politicians that calls the shots in this western world.

        The truly rich and connected people of the western world are always one step ahead of the political game … after all, it is them that generally select and organize the politicial game in the first place. Otherwise, we would have never arrived at this point in history.

    • Dred says:

      Again you miss the BIGGEST picture.

      Who helps people who do not help them??? Let me help you on that NO ONE DOES.

      Until the tyrant is removed we have a hope in hell of getting the UK to flush the toilet let alone stand up against it's peers.

      We need Mr Bush to do what he says he is going to do to make the UK know we are abiding by our word. What can he possibly say to them now? He has failed on numerous ocassions to live up to ANYTHING he has promised.

      It's not that we do not need the deed done we just have the wrong bafoon at the helm to get it done. So the bigger picture is this. It makes no difference if we are alongside him, behind him, in front ofhim or standing on top of him (although the latter sounds interesting) there is no faith by the UK in anything he says anymore and it's no one fault but his own. He's too hung up on destroying the Cayman Islands before he leaves office.

  7. Polly Tricks says:

    The next UK government will sign up to this provision without hesitation. 

  8. Anonymous says:

    I would like to help by voting him out

  9. SANDFLY says:

    It's too late. Where was our Premier when this first started, asleep at the wheel as always? Reason number 305 why he should not be in leadership of this country. Failure is not an option or qualification for Preimer of the Cayman Islands. Most thinking people know that he only cares about himself. The truth is seldom kind my fellow citizens.

    • Erik the Fish says:

      lets face it, Mr Bush needs help with a lot of stuff 

    • Anonymous says:

      > Where was our Premier when this first started?

      Vegas, UK, Miami, Panama, Washington DC etc etc.

    • anonymous says:

      XXXX  Think about the OECDs Tax agreements that were signed by Bush and not by Mr. Mclaughlin.  we would have remained blacklisted if Bush had not taken the initiative and yes travelled to the various countries to sign.  XXXXX

      • Anonymous says:

        I see you need some help with the facts:

        1. The first TIEA (with the U.S.) was negotiated in 2001 when Mr. Kurt Tibbets was LOGB. 

        2. The UDP Govt. 2001-2005 did not sign a single TIEA.

        3. PPM Govt. 2005-2009 signed 8 TIEAs.

        4. UDP govt. 2009-  completed the signing programme started by the PPM.  

        5. We were never black-listed but in fact were grey-listed along with practically all of our competitor jurisdictions. Had the UDP Govt. signed as many TIEAs in the 2001-2005 period as the PPM did in the 2005-2009 period we would never have been even on the grey list.  

  10. Anon says:

    PLEASE everyone get out and vote this May. “All that’s necessary for the triumph of evil is for good men to do nothing.” Sir Edmund Burke. And shame on all UDP members who KNOW this governments policies are a white hot mess and do nothing to stop it!

    • Anonymous says:

      I am tired seeing  my country in so many embarrassing situations

      • Erik the Fish says:

        Feet off telly, stop stuffing face, out of the armchair and do something for once…procractinating will not suffice anymore.

  11. Anonymous says:

    Mac needs help period

  12. Morse says:

    Help with EU. I think he needs more help with his IQ.

  13. Anonymous says:

    Do Caymanians really expect anyone to take our Premier serious while he is under three criminal investigation two of which relate to the Financial Services industry.

  14. Anonymous says:

    Ofr course we could just remove ourselves from being subject to the decisions of OCTA as Bermuda, perhaps wisely, did. I was waiting for the other shoe to drop after the EU grants received for Hurricane Paloma etc.  

  15. Anonymous says:

    If Mac refuses to pass legislation that the British Government says he must pass, who is going to believe that he is worried about legislation the EU says he should pass?

  16. Anonymous says:

    Why would the overseas territories think Mr. Bush a good representative to request assistance from the target of his continued rhetoric attacks.  And is Mr. Bush delusional?  It reminds me of when he, an elected public official, said he only needs to answer to himself and God…welll I think he's talking to himself as God sure aint takin his calls.

  17. Anonymous says:

    I believe we are already compliant with the exception of countries having an effective "schedule 3" classification.  The EU for example considers EU countries to have sufficient AML regimes.  I can only assume the reason for opposition to the measure would be it must have regulation against corruption.

  18. Anonymous says:

    Is it just me or is there something not quite "right" as regards the behaviour of our premier?

    "one short of a full load" and "a slate loose" are phrases that come to mind but I'm sure our readers have others that also serve to sum up this totally bizarre behaviour.

    Kick people in the teeth, repeatedly, and then run to them crying for help and fully expecting them to provide it – it's just plain weird (along with the singing and preaching).

    Is there a mechanism in place to remove a premier who has lost thebalance of his mind, I wonder.

    • Anonymous says:

      I may be wrong, but I believe it would require a Constitutional change to institute a recall mechanism for tossing out incompetent or maladroit elected officials before their term is up.

      It could also just keep the L.A. in a state of perpetual politics.

      I don't think the Premier is mentally ill as you imply, but has a personality disorder. It would be interesting to see an analysis based on his behavior over the years. 

      Whatever the Premier's schtick might be, he has become emboldened over  years of successful hoodwinking.

      The Pemier displays willful and reckless ingnorance and has developed his own personal and misguided notion of the rules. He is not just ignorant, but proudly so. He is belligerent, uninformed, inadvised, and unwilling to even momentarily consider that his interpretation of things may be in error.

      The gambler part of his personality in terms of risk-taking and narcissim is probably part of this…

      • Anonymous says:

        We can't have a "recall" because that might suggest that somebody wants him back.

  19. Anonymous says:

    Mac needs to XXXX resign. No one on earth has done more damage to our financial services industry than our beloved Nation building, Cohen kissing, CHEC loving, Fridge vote buying, Police investigating, For Cayman Alliance, Mr. Stan Thomas, Can't produce a budget, No audited financials, Tax increasing, No financial expert, Fifth grade education, Ezzard hating, Double pensions, Never at home, Auditor General enemy, FOI enemy, and CNS enemy, than our Eternally Honerable and beloved Mr. McKeeva Bush.

  20. SKEPTICAL says:

    Suspect that this is just more smoke and mirrors, to justify the trip. Someone has recently commented that there cannot be a serious threat to the OTs from the proposed EU legislation, because Cameron and/or the UK government have already said they do not intend to accept this kind of conformity with EU laws – so there is no need for bush to seek UK assistance, or protection. Apparently more BS.

    • Anonymous says:

      SKEPTICAL

      Your comments regarding statements already made on this topic sounds very much like the comments I've made on the Caycompass forum under my psuedonym, Firery.

      The Coalition Govt, under David Cameron, has totally rejected these EU edicts at the last major conference on further British involvement in the EU and compliance with any further EU financial laws that impact Britain's financialindustry.

      Remember..the City of London is an international financial centre as well, similar to the Cayman Islands and Britain's other offshore territories that provide financial services.

      With this moron McKeeva Bush continually accusing the UK of attempting to destroy Cayman….and his political career, its no wonder that he now has to come grovelling to the UK for protection from the EU.

      Maybe he's just remembered that Cayman is still a British Overseas territory ?