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CORIATS
News Archive
Date of last
Update: 06 August 1998
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This page contains certain older news items previously
published..
Topics:
- Notification Service
- If you would care to be notified automatically when
announcements in our Reception Area
change and new information is made available, this
service is available from URL-Minder
without any charge. Simply enter the E-Mail address below
to which you wish such notifications to be sent. The
service may be terminated at any time.
(3 May 97)
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- Summer Time
- TCI moved to Daylight Savings Time on Sunday 6 April
1997, along with the United States. The Islands will
officially be on Eastern Daylight Time for the Summer.
Distinctive resort properties (The Meridian Club on Pine
Cay, and Club Med on Grace Bay) keep Daylight Time all
year long, even in Winter, to give their guests longer
days. Dealing with two time zones in one country can be
challenging! However during Summer, everybody is ad
idem on what time it is...Eastern Daylight Time
(GMT+4).
Although on rare days regular office hours of 0900 to
1700 may be observed, telephones are generally answered
at the Trust Company from 0830 until 1800 or later.(20 Apr 97)
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- Sixth Annual Forum on Offshore
Trusts
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- The Institute for International Research, in conjunction
with the Society of Trust
and Estate Practitioners, held its sixth annual
conference on Offshore Trusts for Private Clients at the
historic Biltmore Hotel from 14 to 16 April. The
conference is primarily aimed at bankers, lawyers,
accountants, trust officers and investment managers whose
responsibilities include the provision of trust and
private banking services to international clients. This
year's event was most successful, drawing well over 100
attendees from the various disciplines.
Presentations
included updates on recent US and Canadian legislation;
money-laundering compliance; marketing and investment
strategies; forced heirship; administrative concerns; the
use of purpose trusts and private trust companies; and a
wide range of wealth preservation concepts, as well as a
popular case study and analysis workshop by a panel of
experts on offshore structural and planning challenges.
Mr. Christopher Coriat
delivered a new session at the conference entitled
"Trustees Toward 2000", looking ahead at the
essential use of information technology to provide
improved service for trust clients. Concentrating on
Internet and Intranet connectivity, he dealt with various
legal and security issues. The presentation was made
using the "Nashville" technology of Microsoft
Internet Explorer 4.0 (released only a matter of days
before). In the course of his talk on trust work, he
demonstrated the new browser's capability to act as a
presentation platform, word processor, file manager and
spreadsheet editor, in extension of its traditional role
as a viewer of web pages. For those interestsed, a page
showing available online resources
for trust companies and practitioners has been added to
our Library area.
Additional workshops were held before and after the
main conference, by way of introductory training on
offshore trusts, and a discussion on trust/private
banking services for Latin America.
Further details of this successful event (which is
held once or twice a year in different locations) are
available from the Institute for International Research,
EMail us002506@interramp.com,
Telephone (800) 999-3123 or +1 (212) 661-8740, or Fax +1
(212) 661-6677.
(20 Apr 97)
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- Fourth Annual Information
Security Survey
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- The accounting firm of Ernst & Young, in
collaboration with Information Week magazine, recently
published the results of their latest survey on Computer
Security. Nearly 80% of company information officers
reported security lapses experienced during the past two
years and resulting in damage.
- 63% came from viruses
- 32% were caused by malicious acts by company insiders
- 25% were from natural disasters
- 18% were caused by malicious acts by outsiders
6% of the losses were attributed to industrial espionage,
but the compilers believe that figure understates the actual
incidence of such problems.
The survey represents another reminder that vigilence is
vital. Speaking of which, we note that the figures above add
up to 138%. On the assumption that Big Six accounting firms
can add too, there must be an explanation ....which we will
pass on if and when we are able to obtain it!
(11 Mar 97)
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- New Legislation under
consideration by TCI Government
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- As part of its ongoing programme of Law Revision, the
Turks and Caicos Islands Government has several new
measures under active consideration. Legislation
affecting the offshore financial industry is typically
discussed in depth between the Attorney-General's
Chambers, the Financial Services Commission and the
private sector, before being forwarded to Executive and
Legislative Councils.
-
- Presently under debate are proposals concerning Voidable
Dispositions (Creditor Protection), Mutual Funds and
Collective Investments, regulation of the Legal
Profession, and strengthened sanctions to keep
Money-Laundering away from TCI. Government has also
announced its intention to introduce regulation of
Company Agents during 1997.
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- Innovative technical legislation to enhance facilities in
TCI is continually under discussion, but details are not
generally released until the relevant provisions are
ready for enactment.
(2 Feb 97)
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C/LAA Conference in Miami
- 8 to 12 December
Caribbean/Latin
American Action hosted the 1996 Miami
Conference on the Caribbean and Latin America at the
Hyatt Regency Miami. Now in its 20th. year, this annual
conference has become a major event for the hemisphere,
including presentations by numerous heads of government and
leaders in the private sector. A Trade and Technology
Exposition ran simultaneously, and there were many collateral
events including presentations by the Republic of China and
Gateway to Russia. Registration information for the Miami
Conference is available from mc@claa.org.
On the evening of Monday 8 December, the
Government of the TCI hosted a seminar at the Conference on
the nation's economic, commercial and investment outlook. The
event and following reception were well attended..
The following evening, Tuesday 9 December, His Excellency
the Governor of the Turks and Caicos Islands hosted a seminar
on Financial Services and Investment Opportunities in this
jurisdiction, at the law offices of Holland and Knight. This
event was co-sponsored by the International Law Section of
the Florida Bar, the Latin American Law Committee of the ABA
Business Law Section, and the Caribbean Basin
& Central American Law Institute.
More than 70 lawyers and others attended the evening. TCI
is most grateful to Holland and Knight for providing an
excellent venue, with outstanding views from their 30th.
Floor conference rooms and first-class catering. Thanks are
also due to the Co-Sponsors for helping to make the event a
resounding success.
(14 Dec 96)
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- New Superintendent of
Trustees
CORIATS welcome Mr. Michael Constantine to his new post as
Deputy Superintendent of the TCI Financial
Services Commission and Superintendent of Trustees. He
took up office in Grand Turk on Monday 18 November.
A qualified Chartered Accountant, he has spent much of his
career as a partner in a medium-sized professional firm. He
joined the Gibraltar Financial Services Commission in 1991 as
Inspector of Financial Services Business and was responsible
for the authorisation of all those conducting such business
at the time Gibraltar first implemented its Financial
Services Ordinance. He then served as Acting Commissioner in
Gibraltar for just over a year (pending appointment of a
permanent Commissioner), before moving to Mauritius as Chief
Officer of the Financial Supervision Unit in their Offshore
Business Activities Authority.
Mr. Constantine's regulatory experience has accordingly
covered most aspects of Trust and Company Management, as well
as the authorisation and supervision of Collective Investment
Schemes. He becomes responsible not only for oversight of
Trust Companies in TCI, but also conduct of the proposed
regulatory regime for Company Managers and Mutual Funds. In
addition, the Companies Registry falls within his area of
responsibility.
We wish Mr. Constantine every success in his new post.
(18 Nov 96)
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- Shorex '96 and Offshore 2000
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- These simultaneous events were held in London from
Wednesday 20 November to Friday 22 November 1996. Shorex
'96 was an Exhibition featuring presentations by most
major offshore financial centres, as well as by a broad
range of financial and professional service-providers
specialising in international business. Offshore 2000 was
a Conference running alongside the Exhibition, at which
leading speakers are addressed key current issues in
offshore finance.
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- Mr. Coriat delivered a presentation at Offshore 2000
dealing with "Confidentiality, Security and Due
Diligence on the Internet". His address on this
topic formed part of the Wednesday afternoon symposium on
"Offshore and the Internet". Visitors may browse an abstract of the
Presentation.
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- TCI exhibited at Shorex '96 with several senior
practitioners in attendance.
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- Further details regarding Shorex '96 and Offshore 2000
are available from the Organisers, Offshore World
Publishing: Telephone +44 (0)171/482-1000, Fax +44
(0)171/482-1100 or EMail 100607.303@compuserve.com.
Similar
events will be held for 1997, in Monaco June 10-12 and in
London November 25-27.
(26 Nov 96)
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- New Governor takes up
appointment in TCI
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- His Excellency Mr. John Kelly, LVO., MBE recently assumed
office as Governor of the Turks
and Caicos Islands. As is usual, he is appointed by Her
Majesty the Queen on the recommendation of the Secretary
of State for Foreign and Commonweath Affairs. Mr. Kelly
replaces Mr. Martin Bourke in this office.
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- His Excellency, who is 55, was formerly Deputy Governor
of Bermuda. We wish him every success in his new post.
(15 Oct 96)
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- CORIATS Domain now active
worldwide on the Internet
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- The Trust Company is delighted to announce the activation
of its own worldwide Domain, CORIATS.COM, on the
Internet. However the Intenet Domain is entirely separate
from our internal information systems network, and no
operational or client data is accessible to or from the
Internet. Whilst research is being conducted into secure
reporting for limited purposes, no online connection
between the Internet and the Trust Company's private
systems will be allowed until and unless sufficient
technology is available to maintain security.
-
- Visitors interested in further information on Internet
security are referred to the comprehensive Computer
Operations, Audit and Security Technology
("COAST") web site at
Purdue University.
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- The Reception page for our public Web Site is accessible
at www.coriats.com, and the
following new EMail Addresses are in use:
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- Departmental Addresses -
Financial Services - trust@coriats.com
Information Technology - it@coriats.com
Personal Addresses -
- Please use departmental addresses whenever
possible, since these receive attention
regardless of individual availability. Further
addresses will be advised as they are added.
- PGP Encryption is supported for the security of
legitimate correspondence to and from the Trust
Company via Internet EMail.
(26 Nov 96)
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- US Foreign Trust and
Expatriation Rules
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- On 26 August 1996, US President Clinton signed
into law new tax measures targeting US Citizens
who give up their nationality, foreign gifts to
US Citizens, and foreign trusts with US
beneficiaries. These changes had been expected
since 5 February 1995, when the President
announced plans to introduce the reform, and
they are generally retroactive to that date.
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- Specific details and text of the law (H.R.3103)
are available by reference to the Health
Insurance Portability and Accountability Act of
1996; the new tax and reporting provisions
are contained in that statute.
(12 Sep 96)
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Revised: 06 August 1998.
Please see the Legal Notes
posted in Reception.