Fund Distribution Increasingly Impacted By Regulation

Since the global financial crisis there has been a plethora of new regulation and legislation coming down the pipeline which is impacting international asset management. This includes the US' Foreign Account Tax Compliance Act (FATCA), measures from the Organisation of Economic Cooperation and Development (OECD), such as the Common Reporting Standard (CRS) and the Base Erosion and Profit Shifting (BEPS) project, and the European Union's Markets in Financial Instruments Directive (MiFID) and Alternative Investment Fund Managers Directive (AIFMD). How has Guernsey responded to the inevitable challenges presented by this phalanx of regulation? Sinéad Leddy, Head of Technical at Guernsey Finance, outlines the strategy.