The Securities and Exchange Commission

[thepennyking]

Cayman Stock Exchange Achieves Recognised Status With Inland Revenue, by Amanda Banks, Tax-News.com, London 12 March 2004

With effect from 4 March 2004, the Board of the Inland Revenue has designated the Cayman Islands Stock Exchange as a ‘recognised stock exchange’ under section 841 of ICTA.

Section 841 ICTA is exclusively concerned with recognition for tax purposes. Its scope does not cover recognition or approval for regulatory or other purposes, nor approval or recommendation of any investments listed or traded on an exchange.

The term ‘recognised stock exchange’ occurs throughout the Taxes Acts and in various tax regulations. For example it is used in the definition of a close company in section 415 ICTA 1988, and in the definition of investments which may be held in PEPs and ISAs. The term is often used in the phrase ‘listed on a recognised stock exchange’ or in similar or related expressions.

The definition of a recognised stock exchange includes the London Stock Exchange and any such stock exchange outside the UK as is designated in an Order of the Board of Inland Revenue.

http://www.tax-news.com/asp/story/story.asp?storyname=15365