Offshore centres brace for the impact of substance legislation
各境外中心正為實質立法的影響做好準備
As jurisdictions across the globe rushed to implement economic substance legislation in order to avoid being put on the EU's blacklist, the financial sector is getting ready for the impact those new rules will have on the offshore industry.
為避免被列入歐盟黑名單，全球各地的司法管轄區急於實施經濟實質法案，金融部門正為這些新法令對境外企業所帶來的影響做好準備。
The BVI government has estimated that the substance legislation will lead to a 10% to 20% reduction in financial services business, which accounts for more than half of the territory's public revenue.
BVI當局估計，實質立法將導致金融服務業務減少10% ~ 20%，該業務佔該地區公共收入的一半以上。
"Why do we keep trying to please these people?" opposition member Archibald Christian asked, referring to the European Union, according to local news outlet, The BVI Beacon. "But we have no choice. If our children and their children and their children are to survive, this is the road we have to travel for now."
“為什麼我們一直試圖取悅這些人?”據當地新聞媒體”BVI燈塔報”報導，這是反對黨成員Archibald Christian對歐盟意有所指的提問。”但為了我們後代子孫的生存問題，這卻是惟一的一條路。”
"Why do we keep trying to please these people?"
為什麼我們一直試圖取悅這些人?
The Beacon reported that opposition Leader Ronnie Skelton described the EU and the OECD as bullies.
據BVI燈塔報報導，反對黨首領Ronnie Skelton指稱EU歐盟和OECD經合會是惡霸。
"You get the feeling that this is another form of slavery - economic slavery, which has been here for a while - but this one is basically one to send you back into the dark ages," Skelton said.
“讓人有感的是，這是奴隸制的另一種形式-經濟奴隸制，已經存在了一段時間，但這個基本上是讓人重新陷入黑暗時代的一種形式”Skelton說。
As the Cayman Journal writes, another jurisdiction not eager to give into the EU's demands is Bermuda. That jurisdiction initially tabled its substance legislation on Dec. 7, but reportedly had it rejected by EU officials.
正如開曼日報所寫，另一個不急於迎合EU要求的司法管轄區是百慕達。該司法管轄區於12/7首度提出了實質立法，但據報導，EU官員拒絕了該法案。
"Three sources have claimed that the European Code of Conduct Group said last week it was not satisfied with the Economic Substance Act 2018 tabled in the House of Assembly on December 7," The Royal Gazette reported. "One source, who declined to be named, told The Royal Gazette: ‘The Code of Conduct Group met on December 11 and they flat out rejected Bermuda's proposals.'"
“三位消息人士聲稱，歐洲行為準則小組上周表示，它對12月7日眾議院提交的2018年經濟實質立法案不滿意”據皇家公報報導。”一位不願透露姓名的消息人士告訴皇家公報: “行為準則小組於12月11日舉行會議，但他們否絕了百慕達的提案。””
When Bermuda legislators debated the bill, the territory's opposition leader, Craig Cannonier, made similar statements as those made by BVI legislators, saying that the international community wants Bermudians to "go back to fishing."
當百慕達立法者對該立法案進行辯論時，該領地的反對派領導人Craig Cannonier也發表了類似於BVI立法者的聲明，稱國際社會希望百慕達重操舊業。
"Bermuda, someone's trying to take your lunch and we need to stand up and say, ‘That's not going to happen,'" he said.
“百慕達阿，有人想拿走我們的午餐，我們必站出來說，’這不會發生在我們身上’”
The EU wants offshore jurisdictions to implement legislation encouraging brick and mortar institutions, rather than the "shell companies" that comprise a large portion of the jurisdictions' financial industries.
EU希望境外司法管轄區能立法鼓勵的對象是實體企業，而不是構成大部分司法管轄區金融產業的”空殼公司”。
Along with the British Virgin Islands and Bermuda, Cayman, Jersey, Guernsey, and the Isle of Man have also passed such legislation.
除了BVI 和百慕達外還有開曼，澤西島，根西島和馬恩島也通過了此類立法。
Andy Sloan, deputy chief executive of strategy at promotional agency Guernsey Finance, said in October that substance rules were of the kind that "what doesn't kill you, makes you stronger."
一家銷售代理商，根西島金融的策略副總裁Andy Sloan在10月份表示，實質法令是會”讓你越挫越勇”的法令。
He said, in the long term, the requirements could bolster the offshore industry by giving jurisdictions like Guernsey "a clean bill of health," the Guernsey Press reported.
根據根西島出版社的報導，Andy Sloan說，從長遠來看，這樣賦予司法管轄權的法令，能強化境外公司體質，就像根西島為人民健康而制定的清潔法案。
Jersey, which was the first offshore jurisdiction to publish its economic substance legislation, said last month that it was "delighted" to introduce the new law.
上週提到的，澤西島是第一個公佈經濟實質立法案的境外司法管轄區，很高興能公告此新法令。
"As well as meeting the commitment made in 2017, the lodging of this legislation demonstrates Jersey's well-deserved reputation as a jurisdiction of substance," said Jersey External Relations Minister Ian Gorst when the bill was introduced.
“除了履行2017年的承諾外，這項立法的提出也展現了澤西島實至名歸地成為一個實體司法管轄區，”澤西島對外關係部長Ian Gorst在公告該法案時表示。
An updated version of the EU's blacklist is expected to be released this February.
預期在今年二月EU會更新黑名單。
