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Dispute Resolution The world has undergone a seismic shift in the aftermath of the global financial crisis. Through spiralling globalisation and unprecedented investment in emerging markets, a strong demand for alternative dispute resolution techniques has been unearthed. Arbitration is fast becoming the settlement tool of choice. Long standing Arbitral Centres witnessed an unparalleled influx of work in 2009 and this has continued into 2010, a new Arbitral Institution has sprung up in Shanghai, and Dubai established an Arbitral Tribunal to oversee disputes arising from the high-profile tribulations of Dubai World. The claims are far from trivial: shareholders in Yukos, a bankrupted Russian Oil Company chose to have their USD100 billion claim heard by a private panel of three arbitrators in The Hague. Independent from state interference, neutrality is an enticing feature of arbitration. Combined with the private, flexible and expeditious nature of proceedings and increased enforceability under the New York Convention, now signed by more than 150 countries, it is a tempting alternative to courtroom litigation. Offshore Investment provides an exclusive insight into the application of this alternative dispute resolution tool: Steven Friel guides us through arbitration techniques and explores the jurisdictions taking the lead in this area. “Arbitration: an innovative tool for tax dispute resolution” Monique Van Hersken demonstrates why arbitration is proving to be a fast and effective tool for resolving treaty disputes and transfer pricing disagreements. In a special feature on Trustee’s Duties, James Wadham reveals worrying consequences of a recent ruling regarding money-laundering, whereby institutional trustees can find themselves in the invidious position of receiving orders from above to oust loyal clients. He warns that long serving trustees may not always comply with their duty to act in the beneficiary’s best interests. “Torn Between Two Duties - An Invidious Position is no Defence” Charity “Charitable Giving in the EU – a step beyond the border” Recent developments in the EU have sought to eliminate the territorial difference in the tax treatment of charitable donations. Richard Cassell and Jaime Becker-McLemore observe ECJ decisions and legislative measures taken by several EU member states to avoid discriminating against foreign charities. “Evolution of China’s Charity Law” The drafting of legislation promoting charitable giving in China has been in process since 2005 and with the draft in the hands of the Legislative Affairs Office of the State, Blake Bromley illustrates the challenges posed by composing such a complex legal framework.
Comment – Pre-Immigration Planning into the US: Three cases, three outcomes Latin Letter - Tortillas and Turpentine Dubai Digest - Dubai’s Financial Woes in 2009 World Report – Developments from around the financial universe
BRITISH VIRGIN ISLANDS – While the economic crisis has had a negative impact on the offshore hedge fund industry in general, a silver lining is the offshore case law which has emerged. Robert Briant dissects recent cases which, going forward, will only strengthen the offshore hedge fund product. Simon Schilder analyses the workings of the brand new Securities and Investment Business Act 2010 and demonstrates how the BVI financial services sector remains in tune with evolving global regulatory standards. LIECHTENSTEIN - Markus Wanger and Vivien Gertsch guide us through the rapid changes in Liechtenstein tax policy and the principles which have drastically transformed the country into a transparent and co-operative jurisdiction. SEYCHELLES – Simon Mitchell demonstrates why the Seychelles law on foundations was worth the wait, providing for an innovative and robust yet versatile entity, with many attractive features. SWITZERLAND - An examination of the approach of the UK-Liechtenstein Disclosure Facility (LDF) as one possible remedy to the relentless pressure that Switzerland is receiving from its key European neighbours. Switzerland needs to find a way forward with its OECD partners in order to preserve the banking secrecy that so many families crave for non-tax confidentiality reasons. Walter Stresemann scrutinises the various facets of the Swiss debate on the future of bank secrecy and the re-definitions of tax evasion. Furthermore, he ponders the “Rubik” proposal to introduce withholding taxes for foreign undeclared accounts. |
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