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• W3123276602 abstract "Onshore jurisdictions, such as the United States, United Kingdom, France and Germany, are critical of offshore financial centers (OFCs), such as Bermuda, the Cayman Islands, and the Channel Islands. Arguments against OFCs include claims that their regulatory oversight is lax, allowing fraud and criminal activity. In this article, we present cross-jurisdictional data, showing that OFCs are not lax. We also provide qualitative analyses of regulatory effectiveness, demonstrating that input-based measures of regulation are inappropriate metrics for comparing jurisdictions. Based on both quantitative input measures and a qualitative assessment, we reject the onshore critique of OFCs as bastions of laxity. Offshore financial centers (OFCs) provide significant levels of regulatory and tax competition for onshore jurisdictions. This competition takes many forms, with the various OFCs providing different tax and regulatory regimes and stricter confidentiality rules than are available in onshore jurisdictions. Illustrating this competition, a Citibank official noted that * D. Paul Jones, Jr. & Charlene A. Jones Chairholder in Law & Professor of Business, University of Alabama; Research Scholar, Regulatory Studies Center, George Washington University; & Senior Fellow, Property & Environment Research Center, Bozeman, Montana. A.B. Princeton University; J.D., M.Pub.Aff., University of Texas; Ph.D. (Economics) Massachusetts Institute of Technology. Support from the Cayman Islands Monetary Authority to Morriss is gratefully acknowledged, as is the assistance of numerous officials in both offshore and onshore jurisdictions in providing data. Brian Singer, Matthew Brown, and Justin Cook provided invaluable research assistance in early stages of this project. We thank James Bryce, Susan Dudley, William Henning, Roger Meiners, and Richard Rahn for comments at various stages of the project. ** Adjunct Lecturer, University of Illinois; B.A. University of North Texas; J.D., M.S. (Finance) (expected May 2012), University of Illinois. 1 Prior to the 1960s, some offshore jurisdictions existed but the level of competition they provided was relatively low and competition grew more intense during the 1960s. See Craig M. Boise & Andrew P. Morriss, Change, Dependency, and Regime Flexibility in Offshore Financial Intermediation: The Creation, Collapse, and Return of Curacao and the Netherlands Antilles, 45 TX. INT’L L. J. 377, 404-406 (2009). 2 While criticism of OFCs often focuses on tax issues, OFCs also innovate in the creation of business structures unavailable onshore, such as the segregated cell or structured portfolio company which is often used in the insurance business. These business structures are available in Guernsey, Cayman, Bermuda, Mauritius, St. Vincent and The Grenadines, and BVI. See The Protected Cell Companies (Amendment) Ordinance, 1998 (Guernsey); The Companies (Amendment) (Segregated Portfolio Companies) Law (1998) (Cayman Islands); The Protected Cell Companies Act of 1999 (Mauritius); International Insurance (Amendments and Consolidation) Act of 1998 (St. Vincent and The Grendadines); the BVI Business Companies Act 2004 (BVI) and Insurance Act (1994) (BVI). They allow a single legal entity to manage separate “cells” without a claim against one cell resulting in a loss of assets by another cell. This reduces transactions costs in providing captive insurance services. Innovation in financial services is a relatively recent phenomenon. See YOUSSEF CASSIS, CAPITALS OF CAPITAL: A HISTORY OF INTERNATIONAL FINANCIAL CENTRES, 1780-2005 248 (2006) (“The almost constant arrival of new financial products since the mid-" @default.
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• W3123276602 date "2012-01-01" @default.
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• W3123276602 title "Regulatory Effectiveness in Onshore and Offshore Financial Centers" @default.
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