TORTOLA, British Virgin Islands — The British Virgin Islands Financial Services Commission (FSC) has announced that BVI incorporated companies will now be listed on the Hong Kong Stock Exchange (HKSE).

The decision was reportedly made by the HKSE in recognition of the continual strength of the British Virgin Islands’ regulatory regime and the Territory’s consistent commitment to international standards and transparency.

Managing Director of the FFSC, Robert Mathavious stated, “We are particularly pleased with the Exchange’s decision and its public recognition of the strength of our regulatory framework in the British Virgin Islands.”

This development comes at a time when foreign private equity investment is maturing in China, and many private equity firms that have incorporated companies in the BVI for the purpose of investing into China are now looking for an exit. The ability to list in a well-regulated and cost-effective jurisdiction such as Hong Kong will provide such BVI companies with an exit strategy which has not yet been available without first undertaking a significant restructuring.

In determining that BVI companies were duly qualified to be listed on its exchange, the HKSE cited the strength of the BVI’s common law legal system, the fact that more than 60 BVI-incorporated companies are already listed on major stock exchanges around the world, including New York Stock Exchange, Nasdaq, AIM market of London Stock Exchange, the Toronto Stock Exchange and the Singapore Stock Exchange and that the FSC is a signatory of the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information.

The law firm Maples and Calder played a central role in facilitating this important development by submitting the application to the HKSE for in principle recognition of BVI as a jurisdiction for listing purposes. Maples and Calder also assisted the HKSE in its review of BVI shareholder protection standards, a necessary pre-condition to obtaining recognition.

GEORGETOWN, Guyana, December 7, 2009 – Australia will make some AUS$60 million (US$55.5 million) available over four years to the Caribbean Community (CARICOM) for cooperation in a wide range of areas of special mutual interest.

These include climate change, disaster risk reduction and emergency management; regional integration including trade facilitation; education, including in the fields of science and technology, provision of scholarships and training of diplomats; university co-operation; food security and agricultural co-operation; renewable energy, microfinance; border security and sport, youth and culture.

“The CARICOM Development Fund (CDF) may also benefit from these resources,” a release from the CARICOM Secretariat said.

The CDF was established for the purpose of providing financial or technical assistance to disadvantaged countries, regions and sectors. However, there have been complaints that members of the 15-member regional bloc have not fully honoured their financial commitments to the Fund.

The assistance from Australia follows the signing of a Memorandum of Understanding (MOU) between the two parties by Secretary-General of CARICOM, Edwin Carrington and the Prime Minister Kevin Rudd on the margins of the Commonwealth Heads of Government Meeting in Trinidad and Tobago.

The meeting with the Prime Minister of Australia was one of four bilateral meetings between CARICOM Leaders and other Commonwealth Heads of Government, all of whom are members of the G20.

It was the first formal engagement between the two sides at the level of Heads of Government.