Appleby acted as Seychelles counsel to African Development Bank
in its €8.4m loan to Seychelles Cable Systems Company
Limited and the associated security package, for the development of
the Seychelles Eastern Africa Submarine Cable System.
Internet connectivity in the Seychelles is set to be
significantly enhanced during the course of 2012 thanks to the
arrival this week of the Seychelles Eastern Africa Submarine Cable
System, an undersea fibre optic cable system connecting the
countries of eastern Africa to the rest of the world. The system
replaces the existing satellite connection. The 2000km cable links
the Seychelles directly to a landing station in Dar es Salaam,
Tanzania from where other international fibre systems can be
This is a significant development for the Seychelles. The
increased bandwidth and stability that will result from the arrival
of the Seychelles Eastern Africa Submarine Cable System is expected
to significantly enhance the Seychelles' offshore financial
services offering and pave the way for an inf lux of other business
sectors for which internet connectivity has proved a barrier to
entry to date.
The project is a joint venture between the Government of
Seychelles, Cable & Wireless (Seychelles) Limited and Airtel
(Seychelles) Limited and has been funded in part by equity from the
joint venture partners and development loans from African
Development Bank and the European Investment Bank.
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The Miami-based Offshore Alert Conference has become a regular draw for representatives of Cayman’s financial services industry in recent years, and this year’s event is no exception with the Cayman Islands lending strong support through the provision of speakers from both the financial services industry and Government’s Ministry for Financial Services.
The Organisation for Economic Co-operation and Development recently published a report in which the Cayman Islands was commended for the "streamlined, efficient and responsive procedures it has is in place to facilitate the exchange of information for tax purposes".
On 1st April the new UK "Twin Peaks" regulatory regime was launched. The much criticised FSA was replaced with the Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA"). Martin Wheatley, the FCA’s chief executive has publicly criticised the approach of the former FSA as "robotic" and a more challenging UK regulatory climate is widely anticipated.
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