Capital Treasury Services
Corporate Profile Standard & Poor’s Review - July 2012
Our Vision The Capital International Group exists to improve lifestyles through increased prosperity. Our Values We seek to achieve this through the enduring values of innovation, integrity and excellence. Our Mission At Capital Treasury Services we aim to be the best in our chosen field and compliment the Capital International Group’s vision by creating real value. We are a dynamic, entrepreneurial and visionary subsidiary of the Capital International Group, maximising efficiency by focusing on treasury management, foreign exchange, cash management and payment solutions. We provide an exciting and interactive environment offering a professional, reliable and client driven service through the Group’s enduring values of innovation, integrity and excellence.
Capital Treasury Services exists to improve lifestyles through increased prosperity Capital International Treasury Services
Core Values What they stand for The core values of the Capital International Group form the foundation on which we perform, work and conduct ourselves. We have an entire universe of values, but some of them are so primary, so important to us that through out the changes in society, government, politics, and technology they are still the core values we will abide by. In an ever-changing world, core values are constant. Core values are not descriptions of the work we do or the strategies we employ to accomplish our mission. The values underlie our work, how we interact with each other, and which strategies we employ to fulfil our mission. Our core values are the basic elements of how we go about our work. They are the practices we use every day in everything we do. •
They govern personal relationships
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They guide business processes
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They clarify who we are
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They articulate what we stand for
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They guide us in making decisions
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They underpin the whole organisation
The Capital International Group of Companies has been built over the past sixteen years on the foundations of innovation, integrity and excellence and we are committed to delivering the highest quality of investment services. Our stated aim is to be the pre-eminent provider of investment and business services on the Isle of Man and to play a leading part in ensuring that the Island continues to grow internationally as a centre of investment and business excellence.
Corporate Profile For Standard & Poor’s July 2012
Business Activities Capital International Treasury Services Capital Treasury Services is one of the Island’s highest performing treasury services companies, building upon Capital International’s reputation in its niche market segments; these being Corporate Service Providers, Trust Service Providers, Financial Institutions, Local Government Authorities, Business and High Net Worth Clients. Their operations are in five core areas: •
Treasury Management
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Cash Management
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Foreign Exchange
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Money Market Investment Accounts
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Administration & Support Services
They are more than just another treasury services company; they distinguish themselves from the competition by understanding customers’ needs and adapting their business around them. Their success will always be based upon the skill, professionalism and commitment of their staff. Their principal role is to offer corporate, trusts and high net worth individuals the ability to achieve significantly better foreign exchange and money market rates than their peers and couple this with exceptional service. They achieve this by growing and managing their large existing client base as well as acquiring and developing new client relationships. They take pride in successfully delivering a relationship and solution based service. The exceptional service offered is simply based on the talented and experienced individuals that work for Capital International at all levels. Everyone has an important and influential role to play.
Treasury Management The principal role of our Treasury Services is to offer Institutions, Corporate and Trust Service Providers and High Net Worth individuals the ability to achieve significantly better foreign exchange and money market investment rates than our peers by leveraging off our expertise and experience, coupled with exceptional customer service. We achieve this by growing and managing our large existing client base as well as acquiring and developing new client and business relationships. We take pride in successfully delivering a relationship and solution based service to our clients and business partners. The exceptional service we provide is simply based on the talented and experienced individuals that work for Capital International and Capital Treasury Services at all levels, as everyone has an important and influential role to play.
Capital Treasury Services
Corporate Profile Standard & Poor’s Review - June 2012
Capital International Treasury Services
Capital Treasury Services Limited is licensed by the Isle of Man Financial Supervision Commission to carry on Investment Business - holding licenses for the following regulated activities: Class 2 Investment Business - subclasses (3), (6) and (7) as defined within the Financial Supervision Commission Financial Services Act 2008.
Cash Management We offer an outsourcing service for treasury risk management to Corporate and Trust Service Providers, Intermediaries and Institutions. The Treasury Management team offers a full front-to-back office service that includes the following: Discretionary Cash Management - this service involves implementing pre-agreed investment parameters and executing multi-currency market trades on behalf of clients. The aim is to achieve an enhanced return, subject to maintaining a pre-agreed operating balance. Bespoke Cash Management Solutions - this offers a combination of products and services to suit individual client’s liquidity preferences whilst aiming to provide enhanced returns. We will identify a strategy that best suits client circumstances; in some cases this will involve a combination of products, solutions and services. Foreign Exchange Risk Management - this offers a proactive review of client portfolios from which we formulate tailored hedging strategies. Being proactive, we constantly review the clients hedge-in-place against market movements, exposure amendments and provide input into discussions as to which products could be considered, formulating a range of possible tailored hedging solutions.
Money Market Investments We all want our money to earn interest when we're not using it. But we all have different needs. At Capital Treasury Services, we have developed a range of investment products that are designed to meet your requirements. You may not want to see your investments tied up for a long periods of time, yet you still want to earn a competitive rate of interest. We offer two options: A fixed term investment - we agree the interest rate with you in advance and this rate is fixed for the whole period of the investment. A call account - the interest rate is not fixed, but neither is the investment period, you receive interest at a rate that is linked to the money markets. Please note that from time to time, where interest rates in a country are particularly low, we may be unable to pay interest on accounts in the currency of that country.
Foreign Exchange As an international business customer you will most likely need to carry out transactions in different currencies and CTS Isle of Man can cater for all sizes of foreign exchange deals. CTS Isle of Man provides a comprehensive Foreign Exchange Services for business customers in most major currencies with competitive rates available. Key Benefits: All sizes of deals will be accommodated and we are happy to quote on a case by case basis. Customer foreign exchange rates can be confirmed by telephone before a deal is placed. Signed client confirmation of telephone orders is required by fax within 1 hour of deal placement. If funds are remitted to us for the transaction, one return payment may be made free of charge to an account in the name of the remitter. Minimum deal size applies Deals in excess of £50,000 or sterling equivalent exchanged at our market rate will attract a fee of £100 per £100,000 or sterling equivalent with no other fees.
NOTE: Any sums received do not constitute a deposit as defined in Regulated Activities Order 2011, as amended and are not covered by any compensation scheme.
Corporate Profile For Standard & Poor’s July 2012
Internet Payment & Cash Management Giving you control over your cash flow, around the world, we offer a variety of secure services to help you improve the way you manage funds and make payments, whilst maintaining your records and importing data directly into your company’s own accounting system. In today’s global economy, organisations are finding an increasing requirement to be financially agile and responsive, reacting to wherever the business is being taken. Bridge, our Internet Payment & Cash Management service (IPCM) helps make this possible. IPCM enables businesses to access and control cash quickly and efficiently around the world. Our specialist team works closely with you to develop a secure, cost-effective solution to your overseas investment and payment needs. The key benefits • View balances and transactions or issue payment instructions on your Capital Treasury Services accounts • Cut your transaction costs by using a single point of access to local clearing systems in the overseas markets where you operate • Speed up invoice receipts by enabling overseas customers to pay direct into your account through their local bank Features • Upload balance and transaction information directly into your accounting systems – reducing delays and costly mistakes caused by re-keying data • Consolidate bank balances to optimise your return • Help improve your overall cash position using the most up-to-date account information • Free up your team to concentrate on growing your international business
Capital Payments
Capital On-line Service
If you need to make regular payments to the same payees each month, such as for payroll or regular suppliers, our Capital Payments service offers efficient and accurate processing of payment instructions. You can enjoy increased speed when making bulk payments whilst keeping administration costs to a minimum. Capital Payments is available in sterling, euro and US dollar to name a few.
Our Capital On-line Service provides corporate clients with business account balances and statement information on a daily basis. Once you have applied you will be provided with software which is used to import a file that is transmitted to you as an encrypted email attachment. On importing this file it is decrypted providing you with the ability to view, export and/or print the information it contains. The data you can view contains your balance positions at the close of business on the previous day. If you require a more up to date position you can call our Relationship Management team for details over the phone.
Benefits at a glance
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No expensive software or maintenance fees Convenient and secure using fully encrypted files Cost effective charges for bulk payments
Capital On-line provides you with the following:
Free payments to RBSI Isle of Man customers
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Previous day (close-of-business) balances
Available in Sterling, Euro and US Dollar
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Email distribution using secure encrypted files
Facilities for BACS, SWIFT and CHAPS Capable of handling large payment files Dedicated Relationship Manager
Capital International Treasury Services
Easy to use Windows interface Ability to print all information Ability to export details to other applications E-mail help desk
Pre-Paid Debit Card Our MasterCard is a branded International Pre-Paid Debit Card will allow you easy access to your funds worldwide, wherever you see the MasterCard symbol. You can apply for our International Pre-Paid Debit Card when you apply to open your account. Alternatively if you are an existing account holder you can complete the application form in our brochure through the link below. Key Benefits • Available in Sterling, Euro and US Dollars • MasterCard branded for worldwide recognition • Access to cash and local currency when travelling abroad (charges apply) • Pay for goods or services wherever you see the MasterCard symbol • Shop online with confidence using Verified by MasterCard • Chip and PIN enabled for added security • 24 hour lost and stolen helpline • Helpline for card queries from 08.00 to 17.00 UK local time excluding UK Bank Holidays • Bank account debited directly. No requirement to settle a monthly bill You will need a CTS Capital Liquidity Account in the currency of the card required. To enjoy the benefits of the International Pre-Paid Debit Card you will need to maintain a specified minimum balance on your account. If your salary is mandated to your account a lower minimum balance requirement applies. See our brochure for details.
Bullion & Precious Metals Via our approved Bullion Brokers it is the safest and easiest way to buy real gold, and we guarantee you won't find anywhere cheaper. When you buy gold through our approved Bullion Brokers, you get outright ownership of professionally-approved bars, stored in three of the safest vaults in the world, so you're completely protected from counterparty risk. You can choose between Zurich, London & New York (Zurich being the most popular offshore option). Your gold will be audited every single working day and reconciled against proven bar lists. While the gold market can be volatile, especially as a short-term investment, in the long term gold holds its value because it is a scarce resource. Gold loses some value when a mining company discovers a sizable new deposit, temporarily increasing the world supply. That accounts for some of the short-term losses. However, even with new discoveries, the supply can never increase enough to diminish gold's relative rarity and therefore its worth as a commodity. Gold is money and is the ultimate safe haven asset and a great way, if not the best way, of ensuring wealth preservation and for passing wealth from one generation to the next. Once the solid base or core holding of gold bullion is achieved in a portfolio then other investments in gold such as mining stocks and mutual funds and other more speculative gold investments can be considered.
Administration & Support We provide specialist, dedicated support to clients and demonstrate a ‘client focused’ approach to compliment that taken by the front office dealing staff. Each client benefits from having access to a dedicated point of contact within the Treasury Management team. We can also provide a full range of back office activities as part of the service, including confirmation matching and settlement. Regular comprehensive reporting and excellent customer service are key features of the service offered by Capital Treasury Services, with trade listings being provided on a daily basis and each client receiving a regular monthly management report, detailing performance over the previous month, performance benchmarking and key market data, in addition to client saving direct access to the Treasury Management team.
Corporate Profile For Standard & Poor’s July 2012
Technology & Training Information Technology The key to the successful administration, automation and development of the Group lies with its modern Information Technology (IT) systems. This has become more and more essential in recent years, particularly as international markets move toward shorter settlement period. From the outset, the Group, initially through Capital International invested heavily in high quality IT systems; the introduction of the Group’s on-line trading facilities in 2002 ensured that Capital International remained at the leading edge of technology in this area. In particular, the implementation in March 1999 of WebTech’s (Marlborough Sterling) Life Policy and Investment Administration system, Genesis Life III, gave the Group the capability to implement fully integrated seamless dealing and settlement facilities. In 2006 the Capital International identified a core strategic need to increase the capacity of its investment administration systems capability and subsequently invested heavily in PULSE; a fully integrated investment administration and investment management system. PULSE is now live across the Group and has significantly enhanced the operational efficiency and capabilities of the business. The scope for growth of Capital’s core business products has been increased significantly and the Group continues to rapidly expand these services. Customers are able to communicate directly with any of the Companies within the Group online from anywhere in the world. For an example of the services available online, a visit to the Group’s in-house developed web site at www.capital-iom.com is recommended.
Investors in People is the most successful framework for business improvement through people in the UK. It is used by more than 30,000 organisations in over 50 countries – from start-ups with two people to major players employing hundreds of thousands. The UK’s leading people management standard, Investors in People provides a simple and flexible framework helping thousands organisations of all sizes and sectors to improve their business performance. Their framework offers a wealth of opportunity to deliver the results we need to improve productivity and take our organisation further. Whether we are planning for growth or facing turbulent times Investors in People can steer everyone to success.
Training The Group supports a wide range of training initiatives ranging from secretarial support systems provided by local training providers to core professional qualifications. These are moderated by the Chartered Institute for Securities & Investment (formerly the Securities and Investment Institute (SII)) who provide the benchmark qualifications for employees along with continuous professional development opportunities for employees with ambitions to progress their professional qualifications and membership status. Capital recognises that investment in the continuing development of its employees is critical to maintaining high standards of service to its clients. In addition to investment in the training of operational staff considerable resources have been made available to the information technology department. In recognition of these values and principals, Capital International achieved its first Investors in People accreditation in 2003 and has subsequently been twice reaccredited with this converted award. It is Group policy that in-house training be made available to all staff and to this end, there is an ongoing project to provide information on how individual members of staff perform their functions. Beside the statutory requirement to attend annual presentations, particularly on compliance issues, staff members are encouraged to prepare their own specialist presentations in order to share their own knowledge with colleagues. Client advisory staff are also in the process of upgrading their qualifications in-line with the published requirements of the Retail Distribution Review (RDR) in the UK. The Company encourages members of staff to attend Isle of Man Government, professional Institution and Trade Association seminars and tutorials in order to keep abreast of developments within the financial and business sectors.
Capital International Treasury Services
Client Asset Protection Crucially and unlike a typical bank or Prime Broking relationship, the assets and cash of all our clients are never exposed to the balance sheets of either Capital International Limited or any member company. Perhaps the most important principle of the Isle of Man Government's client money and asset regulations is that at no time can client money (or assets) be mixed with company money or assets. All client monies and assets are held in segregated trust accounts in the Firm's legally separate nominee company, Capital International (Nominees) Limited, and by legal definition, our nominee company is not permitted to do anything other than simply hold cash and assets for clients. This means in practical terms that in the unlikely event that Capital International were to go into liquidation, all client money and assets would remain ring fenced within our nominee company and cannot be touched by creditors of Capital International or a liquidator. In order to protect each client's assets and cash from the credit risk of another client, Capital International is not allowed to offset one client's debts against other clients' assets. This is again significantly different from a typical banking relationship. If one of our clients is late in settling a transaction or defaults on an obligation, then Capital International is required to fund the difference to ensure that there is never a shortfall in Capital International (Nominees) Limited. Consequently, client assets cannot be used to fund another client's market exposure or cover their losses.
Audit & Regulatory Oversight Capital Treasury Services Limited is required to perform regular and rigorous checks to verify that investor assets and cash held in nominees are accurately recorded. Capital Treasury Services Limited and all its fellow member companies are subjected to rigorous independent audit on an annual basis.
Audit Assurance Facility In order to support and maintain our core values of Innovation, Integrity and Excellence, the Capital International Group of companies (“Group”) are committed to a strong risk management and compliance environment. We consider this to be a key objective and a vital component, not only in the delivery of quality services to our clients, but also in recognition of our responsibilities in promoting the Isle of Man’s reputation on the international stage. This commitment permeates throughout the Group with the Board of Directors of Capital International Limited (“CIL”) pleased to present its Audit Assurance Faculty 01/06 (“AAF”) report for the period 1st January 2012 to 31st March 2012. The AAF reporting framework provides industry standard benchmarking against which to measure the relative qualities and strengths of the risk management controls in place. The intention of this report is to allow our clients and their auditors to understand the means by which we conduct our business and how effectively we control and manage risk.
Corporate Profile For Standard & Poor’s July 2012
Capital International Group of Companies Capital International Capital International Limited (CIL) delivers offshore investment services to a wide range of institutions, investment professionals, financial advisers and individuals. Our unique capability at the heart of the Isle of Man’s international business and finance centre enables us to deliver powerful solutions from our investment platform both to fulfil individual investment needs and to support the aspirations of our business partners. Their services include: • • • •
Investment Management Global Custody International Stockbroking Investment Administration
Capital Fund Services Capital Fund Services delivers offshore fund services to a wide range of institutions, investment professionals, financial advisers and individuals. Their aim is to provide a professional and efficient approach to the set-up and ongoing administration to a variety of fund structures including: • • • • •
Exempt International Schemes Closed-ended Investment Funds Overseas Funds Qualifying Investor Funds Specialist Investor Funds
Their services include:
Capital International is one of the Isle of Man’s leading financial solutions companies, with it’s friendly, family focused style throughout it’s structure. Its members are integral to the way the company is run, with their ideas and influence being key to Capital International’s success. All have a real sense of responsibility when representing the company at official ceremonies and charity events alike.
Capital International
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Fund Creation Ongoing Administration Provision of Corporate Officers NAV Calculation Shareholder Servicing Accounts Production and Distribution Statutory Records Maintenance Corporate Services
Capital Fund Services
Corporate Profile For Standard & Poor’s July 2012
Capital International is a Member of the London Stock Exchange and is licensed by the Isle of Man Financial Supervision Commission holding licenses for the following regulated activities: Class 2 Investment Business - sub-classes (1) to (7) and, Class 3 Services to Collective Investment Schemes - Sub-Class (5), (6), (7) and (11).
Corporate Profile For Standard & Poor’s July 2012
Board of Directors
Board of Directors
Chairman CEO Directors Company Secretary
Chairman Managing Director Directors Company Secretary
Capital International Treasury Services
Peter Long Anthony long David Long Mark Wilkinson Kirsten Gorry Robert Floate
Anthony Long Jeremy Bridle David Long Paul Moran Robert Floate
Capital Fund Services Limited is licensed by the Isle of Man Financial Supervision Commission holding licenses for the following regulated activities: Class 3 Services to Collective Investment Schemes - Sub-Classes (1), (2), (11) and (12), Class 4 Corporate Services - Sub-Class (1), (3),(5),(6), (7),(8),(9),(10),(11) and (12).
Capital Select Capital Select provides long term, outsourced services in the following areas: • • • • •
Management Services IT & Development Accounts & Payroll Marketing Support & Design Human Resources
Capital Select can help to free up time from the managerial, technical and administrative aspects of running a company and enable the underlying businesses they serve to focus on the specialised skills and business expertise.
Capital Financial Markets Capital Financial Markets Limited, the newest member of the Group, is a subsidiary of Capital International Limited offering specialised investment services a acts as the spread bet counterparty for Kinesis. Their aim is to provide regulated investment professionals and professional financial advisors, and such customers that they may advise or introduce to Capital International, alternatives to direct investments which deliver equivalent returns with substantial additional benefits.
Select’s strategy builds on their expertise in consulting, technology and outsourcing to help companies perform at optimum levels so they can create sustainable value for their stakeholders. Using Select’s industry knowledge, service-offering expertise and technology capability, their objective is to help companies: • • • • • •
Increase revenues and margins in existing markets Enter new markets by providing business incubation and support Improve operational performance Deliver products and services more effectively and efficiently Increase flexibility and mobile access to your management information Provide cost effective property management and infrastructure service support
An outsourced solution for all or part of corporate operational requirements can provide the flexibility and capacity for company growth along with cost-effective support to incubate new business opportunities.
Capital Financial Markets
Capital Select
Capital Financial Markets Limited is licensed by the Isle of Man Financial Supervision Commission holding a license for the following regulated activity: Class 2 Investment Business - Sub-Class (1).
Corporate Profile
Corporate Profile
For Standard & Poor’s July 2012
For Standard & Poor’s July 2012
Board of Directors
Board of Directors
Chairman Managing Director Directors Company Secretary
Chairman Managing Director Directors Company Secretary
Anthony Long Mark Gilson Doug Hornby David Long Robert Floate
Anthony Long David Long Mark Wilkinson Robert Floate Robert Floate
Corporate Profile For Standard & Poor’s July 2012
The Board of Directors Chairman Anthony Long
Managing Director John Cookson
Chartered FCSI Dip IoD
MIoD
Anthony is a founding Director and one of the controlling shareholders of Capital International. He has held offices of Finance, Investment Administration, Operations and Business Development Director, before becoming Chief Executive Officer at the end of 2004.
John began his treasury and foreign exchange dealing career in Johannesburg South Africa in 1984.
He became a London SFA Registered Representative in 1989 and started his Financial Services career in the late 1980’s, spending over ten years with James Capel & Co (a part of the HSBC Group) working in the City of London and throughout the Far East from their head office in Hong Kong. He became a member of the Chartered Institute for Securities & Investment (CISI) in 2001, following his successful completion of the Institutes diploma paper in Global Operational Risk Management. He became a fellow of the CISI in 2005 and was President of the local branch of the Chartered Institute for Securities & Investment in 2006 & 2007.
In 1998, he relocated to the Isle of Man to establish an offshore treasury operation for the Rennies Group which was subsequently taken over by the Bidvest Group. In 2000, he joined Dimension Data, a global IT company in the position of Group Treasurer where he managed over £2 billion following their successful listing on the FTSE 100. He was instrumental in setting up their ‘in-house’ banking operation and implemented their global cash management program. John joined Capital Treasury Services Limited in 2007 and is a founding director and shareholder. John is also a member of the Association of Corporate Treasurers and is a founder member of the Association of Charity Treasurers on the island.
He currently sits on the Board of Junior Achievement Isle of Man and is a Member of the Treasury Isle of Man Finance Steering Group. He continues to serve as a Committee Member of the FMA.
Business Development Director David Long
Company Secretary Robert Floate
Chartered MCSI BSc (Hons) IMC Dip IoD
Chartered MCSI ACoI BA (Hons) Law Dip IoD
David began his investment career in the Isle of Man in 1996 and became a founder member of Capital International.
After graduating in 1977, Robert qualified as a Solicitor in 1980 and was admitted as a member of the Law Society in England and Wales. He worked in Private Practise in the Thames Valley with Charsley Harrison Solicitors spending a total of eighteen years with them and was made Partner in 1984.
In 1997 he relocated to London to pursue an investment management career, joining Mercury Asset Management Limited which was subsequently taken over by Merrill Lynch. David spent two years managing private client bond portfolios before moving to a specialist asset allocation team within the institutional equity division. There he managed the asset allocation for over $1.5 billion of client assets including eight unit trusts. He reached the rank of Vice President in 2001 before returning to Capital International in August 2002. David became an Associate Director in August 2002 and Head of Investment Management in September 2003. He then joined the Board in November 2005 as Business Development Director. Further developments led to David being appointed Chief Investment Officer in early 2008. David is an Associate Member of the Chartered Institute for Securities & Investment, the Institute of Directors and holds the UK Society of Investment Professionals Investment Management Certificate.
Capital International Treasury Services
Robert joined Capital International Limited in 1996 as Company Secretary and in 1997 became the firms Compliance Officer. He joined the Board in 2001. In 2008 Robert became a Non-Executive Director. In addition, Robert continues to provide, on a consultancy basis, ‘in house’ advice to the firm and all group companies on all legal matters. Robert is a Member of the Chartered Institute for Securities & Investment (formerly the Securities and Investment Institute (SII)) and holds the Institute of Director diploma in Company Direction and is an Associate of the Compliance Institute.
Capital Treasury Services Limited Registered Office Capital House, Circular Road, Douglas, Isle of Man, IM1 1AG Switchboard: Facsimile: Website:
+44 (0) 1624 654290 +44 (0) 1624 654291 www.capital-cts.com
The Board of Directors Capital Treasury Services Limited Chairman Managing Director Directors
Company Secretary
Anthony Long Chartered FCSI Dip IoD John Cookson MIoD David Long Chartered MCSI BSc (Hons) IMC Dip IoD Robert Floate MCSI ACoI BA (Hons) Law Dip IoD Robert Floate MCSI ACoI BA (Hons) Law Dip IoD
Professional Advisors & Bankers Advocates
Auditors
Bankers
Cains 15/19 Athol Street Douglas Isle of Man IM1 1LB
PWC Sixty Circular Road Douglas Isle of Man IM1 1SA
HSBC Bank Plc HSBC House Ridgeway Street Douglas Isle of Man IM99 1AU
Royal Bank of Scotland International Royal Bank House 2 Victoria Street Douglas Isle of Man IM99 1NJ
www.cains.co.im
www.pwc.com
www.hsbc.co.uk
www.iombank.com
Professional Indemnity Insurance Policy Capital International Group has a £10,000,000 Professional Indemnity Insurance Policy in place, which has been arranged through Novae Insurance Company Limited.
Disaster Recovery The Group has a comprehensive disaster recovery capability. The key components are detailed below but further information can be provided on request: •
All primary systems are fully replicated
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The Firm utilises a state-of-the-art document imaging system providing electronic filing of all client files, correspondence and key data.
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Full daily backup of all electronic data
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All key members of staff have secure remote access capability, giving full access to systems remotely from anywhere in the world.
Corporate Profile For Standard & Poor’s July 2012
Background The Isle of Man The Island is an internally self-governing dependent territory of the British Crown, separate and distinct from the United Kingdom. A self-governing British Crown Dependency, it is a Member of the British Commonwealth and of the OECD. Although the Island is not a member of the European Union it is within the EU’s Common Customs Tariff area. Tynwald, the Manx Parliament, is over a thousand years old and has the distinction of being the longest continuous parliamentary assembly in the world - with it’s own currency and making its own laws and overseeing all its internal administrative, fiscal and social policies. Tynwald makes its own laws and oversees all internal administration, fiscal and social policies. By long-standing convention and with the specific consent of the Manx Government, the UK Government administers external issues such as defence and foreign policy. As a Crown dependency, the ultimate responsibility for the government of the Island is vested in the Crown and so the UK does not legislate for the Island except with the specific consent of the Tynwald. The Island has its own Income Tax and Customs & Excise services and is an established low tax area enjoying total independence from the UK on matters of direct taxation, with low corporate and personal tax and no capital transfer or inheritance tax. As a consequence the Island has developed into a flourishing and internationally respected offshore business centre. The Isle of Man is centrally situated within the British Isles being under an hour’s flying time by jet from London, Edinburgh and Dublin, with many other routes available by plane or boat. This, together with regular and frequent services to the rest of Europe, makes the Island an attractive international business and finance centre right on your doorstep.
Financial Services As a reputable international financial centre with full access to global markets, it is essential that the Island retains the confidence of its counterparties through the adoption and implementation of high regulatory standards. The Financial Supervision Commission, the regulatory body within the Isle of Man, therefore attaches great importance to making sure that its policies and procedures conform to internationally accepted best practice. The Island is a member of the Offshore Group of Banking Supervisors, of the Basel Committee on Banking Supervision, and of IOSCO. The Basel Committee and IOSCO are the main bodies responsible for the setting of international standards in the banking and securities sectors respectively. The Island has also worked closely with the United Nations Office for Drug Control and Crime Prevention, particularly in support of its Offshore Initiative. The Island has received confirmation that it has been moved to a list of countries approved by the US Internal Revenue Service under its Witholding Tax legislation. Broadly, the legislation requires local financial institutions to apply for Qualified Intermediary Status if they wish to invest in US securities and claim exemption from US Witholding Tax for their clients. More recently the Island has been included on the OECD ‘white list’ of countries complying with the global standard for tax co-operation and exchange of information. The list, produced following the G20 summit in London, places the Isle of Man in the top tier of jurisdictions – along with nations such as the UK, USA, Germany, France, Sweden and Ireland – that have ‘substantially implemented the internationally agreed tax standard.’ The Isle of Man has also announced that it will move to automatic exchange of information within the EU in its application of the European Union Savings Directive (“EUSD”), putting it at the forefront of international tax cooperation and transparency allowing for free exchange of information between countries. This new tax policy will take effect from 1 July 2011 and will mean that the withholding tax option currently available to customers having accounts with Isle of Man banks by virtue of transitional arrangements in the EUSD will be withdrawn.
The Isle of Man’s strategy to enhance its national identity at home and abroad is rooted in the promise shown above. It is a strategy approved by Tynwald to promote, protect and improve the Isle of Man. It has been developed after extensive research across our community, government, businesses and customers. It is intended to:
Capital International Treasury Services
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Protect our unique identity and heritage.
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Ensure that everyone who lives here feels a part of our supportive community and able to reach their full potential.
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Ensure we continue to have a strong economy by raising both the awareness and image of the Isle of Man internationally.
Further Information For more information go on-line to our web portal at www.capital-cts.com or alternatively contact us at the details below: E-mail: Telephone: In writing:
info@capital-cts.com +44 (0) 1624 654299 Capital Treasury Services Limited Capital House, Circular Road, Douglas, Isle of Man, IM1 1AG
Capital Treasury Services Limited is licensed by the Isle of Man Financial Supervision Commission holding licenses for the following regulated activities: Class 2 Investment Business - sub-classes (3), (4), (6) and (7) and Class 8 Money Transmission Services - sub-class (2)a as defined within the Financial Supervision Commission Financial Services Act 2008.
Corporate Profile For Standard & Poor’s July 2012
Capital Treasury Services
www.capital-cts.com T : +44 (0) 1624 654299 F: +44 (0) 1624 654291 E: info@capital-cts.com Capital Treasury Services Limited is a member of the Capital International Group Capital Treasury Services Limited is licensed by the Isle of Man Financial Supervision Commission Registered Address: Capital House, Circular Road, Douglas, Isle of Man, IM1 1AG
Winner 2010 Company of the Year
Capital International Group Isle of Man Newspapers
awards for
excellence
CTS - Corporate Profile - V1.01-07.12
Capital Treasury Services Limited Capital House Circular Road Douglas Isle of Man IM1 1AG