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Vox Populi: How 2024’s Elections Have Precipitated A New Geopolitical Chapter
Paul Marshall
Pragmatix Advisory
Mark Pragnell
Pragmatix Advisory
Alcuin of York could have very well been writing about what we have seen in 2024 when he wrote to Charlemagne in 798 to express his dismay at how the voice of the people had been misinterpreted as the voice of God, and that “the riotousness of the crowd is always very close to madness”.
We have certainly seen a sharp shift towards populist politics in this year’s general elections across the G7 and beyond, but whether that shift leads to the prediction made by Alcuin remains to be seen. What we do know, though, is that the general elections this year are the latest point on a broader set of geopolitical changes that have been in train since the global financial crisis of 2007/08. International financial centres have little control over these changes, and have to continue to adapt and evolve if they are to thrive in what is emerging as a new world order.
Three Scenarios For The Future
In our 2022 report for BVI Finance, Beyond Globalisation, we set out three potential future global economic scenarios: weaker internationalism, the bloc economy, and new economic nationalism. Following the major elections in the United States, United Kingdom, Germany, and France, we’ve revisited our scenarios to see which is likely to predominate over the coming years, and what that could…
Geopolitics
Global Elections Of 2024: A Geopolitical Shift And Implications For IFCs
The global geopolitical landscape has undergone transformational shifts throughout 2024, and as we h…
Global Financial Centres Index
IFCs Drive Ahead In The Global Financial Centres Index
Mike Wardle
Chief Executive Officer, Z/Yen Group Limited
Almost 20 years ago, the Z/Yen Group began work to develop its research on the performance and competitiveness of financial centres. With the support of the City of London, this research developed into the Global Financial Centres Index (GFCI). This index, which has been published every six months since March 2007, provides a dynamic review of the comparative strengths of financial centres. In September 2024, Z/Yen published the 36th edition of the index.
The GFCI is a factor assessment index that combines two distinct sets of data to create a rating for financial centres:
Instrumental Factors: Quantitative measures focused on cities and countries provided by a wide range of organisations including the United Nations, OECD, and World Bank. A total of 143 instrumental factors were used in GFCI 36.
Financial Centre Assessments: Ratings of the competitiveness of financial centres and of their strength in FinTech provided by finance professionals across the world by means of an online questionnaire which has run continuously since 2007. For GFCI 36, Z/Yen used almost 40,000 assessments of centres provided by over 6,000 individual respondents to the survey.
A feature of the development of IFCs has been the growth in the number of financial centres working across borders. In 2007, GFCI 1 provided ratings for 46 financial centres, including just two IFCs – Cayman Islands and Bermuda. GFCI 36, published in September 2024, provides ratings for 121…
Bahamas
Bahamas Report 2024
The Bahamas has solidified its position as a leading international finance centre, navigating an ever-changing global financial landscape with exceptional resilience and forward-thinking strategies. As the global finance industry continues to evolve, the Bahamas continues to set itself apart, offering a seamless blend of regulatory expertise, technological innovation, and world-class financial services.
Niekia Horton, CEO and Executive Director of Bahamas Financial Services Board, showcases the Bahamas’ firm focus on being the Caribbean’s most complete and thriving financial centre, committed to upholding integrity in the financial system.
Antoine Bastian from Genesis Fund Services showcases the transformation of the Bahamas' financial services through legislative reforms, public-private partnerships, and innovative solutions like crypto regulation and carbon credits.
Lakera A. Russell and Dwayne Whylly from GSO Legal explore how AB Capital launched a mixed asset investment fund, utilizing the Bahamas' robust regulatory framework, skilled workforce, and innovative financial services.
Next, Dr Iyandra Smith Bryan from Quantfury Trading shares her advice to traditional financial institutions: to thrive amidst FinTech innovations, they must adapt, prioritize client needs, and embrace technological advancements.
The Bahamas leads in sustainable finance with robust ESG regulations, offerin…
Investment Funds
Europe
The Recast ELTIF: Opening Of Private Market Investments For Retail Investors In Europe
Conor Durkin
Pinsent Masons, Ireland
The European Long Term Investment Fund (ELTIF) is a specialised investment fund that provides investors with access to long-term investments such as private equity, infrastructure or real assets. An ELTIF is an alternative investment fund that is subject to the EU's Alternative Investments Fund Managers Directive (AIFMD). ELTIFs have the benefit of an EU marketing passport and they are unique as they are the only type of fund that may be marketed to both retail and professional investors.
An amending regulation to the European Long-Term Investment Funds Regulation (Revised ELTIF Regulation) applies from 10 January 2024. The aim of the Revised ELTIF Regulation is to encourage long-term investments in the real economy, which includes listed and unlisted private companies, infrastructure projects, and real estate that may require long-term capital investment. ELTIFs have the potential to address financing required for environmentally sustainable investments. The Revised ELTIF Regulation provides retail investors in the EU an opportunity to invest in private market investments and infrastructure funds, which to date was not available to the retail market.
ELTIFs In Ireland
The Central Bank of Ireland (Central Bank) has introduced a new chapter in its AIF Rulebook. The ELTIF chapter sets out the domestic supervisory and reporting requirements application to Irish-domiciled ELTIFs. From 11 March 2024, the Central Bank is open to applications for authorisation of closed-ended …
The Rise Of NAV Lending In Asia
The Rise Of NAV Lending In Asia
In recent years, the Asian private equity landscape has experienced significant growth and evolution…
Singapore As An Asian Fund Hub: The Growing Trend Of ‘Onshoring’
Traditionally, private funds have been established in ‘offshore’, tax neutral jurisdictions such as…
Family Offices
The Art Of The Family Office: Effective Oversight
The Art Of The Family Office: Effective Oversight
Family offices have proliferated in the 21st century. They have existed in some form or other for hundreds of years, but it is only during our lifetime that they have become an indispensable appurtenance of serious wealth. They have sprung up all over the world, sometimes small and low-key, sometimes large and public facing. They have been given significant mandates from the world’s wealthiest individuals who, with an eye on future and current generations, give the office a simple instruction: “Feed my sheep”.
Structuring And Jurisdictional Selection For Family Offices
The selection of jurisdiction is a critical decision for family offices serving globalised families,…
Citizenship & Residency
Citizenship and Residency
In the dynamic sphere of offshore finance, citizenship and residency programs have emerged as compelling strategies for individuals seeking greater global mobility, tax advantages, and enhanced personal security. These programs, offered by countries such as Greece, Dominica, Cayman Islands and St. Kitts and Nevis, provide affluent investors and their families with the opportunity to obtain second citizenship or residency through significant economic contributions.
This feature examines the benefits and intricacies of these programs, including the legal frameworks, financial commitments, and strategic advantages they offer. By exploring the burgeoning market for citizenship and residency by investment, we reveal how these initiatives facilitate greater global flexibility and a pathway to a secure, diversified lifestyle.
Investment Funds
Investment Funds
In the realm of offshore finance, investment funds represent a cornerstone for global investors seek…
Around The Jurisdictions
Trusts and Foundations
Trusts and Foundations
In the intricate world of offshore finance, trusts and foundations stand out as pivotal instruments…
Regulation And Policy
Republic Of Ireland: Examining The Individual Accountability Framework
Recognised as one of the most significant legislative reforms to affect the Irish financial sector i…
Regulation And Policy
A Decade of Regulatory Change For Caribbean IFCs
As waves of international initiatives have transformed the regulatory landscape for the major Caribb…
Transparency vs Privacy
Transparency vs Privacy
Delve into the intricate balance between transparency and privacy in the evolving landscape of international finance with our feature. We explore the pitfalls of imposing intrusive surveillance on cryptocurrencies, the shortcomings of anti-money laundering laws, and the UK's experience with beneficial ownership registers.
Uncover the shifting focus of global initiatives like FATF and the nuanced implications of Public Registers of Beneficial Ownership, and stay informed on key legislative reforms shaping the future of economic transparency.
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