Financial institutions all over the world are currently in a state of flux. They are facing a new and rapidly changing regulatory landscape in the wake of the global financial crisis, with unprecedented volumes of new oversight. Much of the regulatory change that the sector has witnessed in recent years is yet to be digested, and will likely result in new structures and locations being adopted by regulated organisations.
At the same time, these businesses find themselves under scrutiny like never before from the general public, the media, their clients and politicians, putting an increased focus on governance, risk and accountability, tax, executive compensation and capital requirements. On the upside, the downturn created opportunities for banks to acquire new businesses, undertake reorganisations and embrace technology in their service offerings.
Appleby has offices in the world’s leading offshore financial centres, and is at the forefront of representing financial institutions in the jurisdictions driving and upholding international compliance initiatives. All of the markets where we advise institutions are well-regulated and reputable. The Cayman Islands, for example, has 269 licensed banks and trust companies and is among the top five financial centres in the world.
Similarly, Jersey is home to 46 registered banks with deposits of more than £195 billion, all drawn from the global top 500 banks. Guernsey is home to 45 banks and building societies with deposits in excess of £120 billion. The Isle of Man has bank deposits of £53 billion, banking produces one fifth of its gross domestic product. Bermuda, with over 750 aircraft registered has a thriving aircraft registry, this has ensured strong links with the banking sector, as significant numbers of these aircraft have been registered through leasing structures utilised by commercial airlines.
These jurisdictions are the domiciles of choice for registering and financing ships and aircraft, as well as for international real estate finance, project finance and for joint ventures and other structures for property, oil and gas, energy and other infrastructure projects.
Our offices provide easy access for financial institutions looking to access our services and conduct transactions with offshore entities. We advise banks, brokers, insurers, asset managers, investment funds and regulators.