Speeches by N. H. Cole Simons

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

500 words

Thank you, Mr. Deputy Speaker. Mr. Deputy Speaker, my colleague is right. At the end of the day, the offshore territories have been targeted by the EU because of their inefficiencies as far as tax management administration. There has been a leakage of tax revenue from each of those countries in the EU to some of the offshore centres, and …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

66 words

I said the Minister of Finance. So just listen. Mr. Deputy Speaker, I am saying that as we are working in unison as a jurisdiction, and we have companies that have interest in other jurisdictions, i.e., Guernsey and Jersey, the Cayman [Islands], the B ahamas, maybe we could pool our resources so we can all have a better outcome in …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

7 words

—the economic substance challenges, Mr. Deputy Speaker.

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

653 words

You know, I know that we have been working on the regulations and the Gui dance Notes. And, quite frankly, I am led to believe that we are 99 per cent there and once this legislation is through we can possibly put it forward. I have not seen those regulations or the Guidance Notes, but I am hoping that they …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

97 words

Yes, I would like to direct the Minister to [clause] 2, MNE Group. Can the Minister speak to us in regard to how he intends to address branches of companies that operated and are taxed in other jurisdictions? So they straddle Bermuda [and] the Cayman [Islands] or Bermuda [and] Jersey. We have a number of companies here that have branches …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

5 words

Thank you, Mr. Speaker [sic].

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

27 words

Sorry, Mr. Chairman. The definition of “holding company.” And I underst and that basically the holding company may hold underlying shares of another company or subsi diary.

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

95 words

So my question is, How does the Minister address the appreciation of value of the underlying companies held in an investment holding company? And how are they going to define contro lling interest of the underlying companies that may fall under an investment holding company, or investment holding entity? Because a holding entity may not r eceive dividend income, but …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

190 words

Thank you, Mr. Deputy Speaker. Mr. Deputy Speaker, as my colleagues have indicated that we have no objections. But I would like to ask the Minister, these specialised collateral vehicles—we know that they are rather unique, Mr. Deputy Speaker, and their business that they underwrite is rather unique. So, my question is, can the Minister share with the House the …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

30 words

Thank you, Mr. Chairman. Mr. Chairman, I am speaking to item 2 as well. My question . . . my question is, yes, the BMA has the ability to —

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

3 words

It is on.

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

204 words

The BMA has the ability to review an issuer’s capital requirements and capital adequacies , and they have done a lot of work to arrive at the capital requirements based on the client’s entity and the nature of their business. So, when an issuer is aggrieved by the new capital adequacy requirement, they may apply to hav e it adjusted. …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

73 words

I would just like to have my question addressed in regard to when there is an appeal and the appeals decision requires the company and the BMA to go back to the drawing board in r egards to the capital requirements [to] build some consensus, does the BMA do it in isolation or does the BMA work directly with the …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

125 words

Thank you, Mr. Deputy Speaker , I will be brief. Mr. Deputy Speaker, I support the legislation and I would like to thank the Minister and his technical team for meeting with our team earlier in the week. The meeting was informative and enlightening, and so I really appreciate and thank them for their efforts. Having said that, I just …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

535 words

Mr. Speaker, I take the view that maybe this legislation that we are debating today should in fact be Investment Funds Amendment Act No. 1 as there is no No. 1 under the current structure because the original Act was withdrawn. So, I would like for the Minister to address that issue and consider making the legislation being debated today …

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

4 words

Thank you, Mr. Chairman.

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

18 words

It is the citation and that should also be amended to read the Investment Funds Amendment Act 2019.

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

14 words

Thank you, Mr. Chairman. May I direct the Minister of Finance to [clause] 8?

13 Dec 2019 House of Assembly

Official Hansard Report - House Of Assembly

366 words

Can I direct the Minister of Finance to [clause] 8, secti on 6, (2B)? It indicates that the open -ended fund shall appoint a custodian with regard to ensuring the saf ekeeping of the fund’s assets. And later on in the legi slation it indicates that you may waive that option to have a custodian appointed to ensure t he …

29 Nov 2019 House of Assembly

Official Hansard Report - House Of Assembly

7 words

I cannot see . . . [Pause]