Guernsey’s Funds Industry Meets Regulatory Changes

Sinéad Leddy, Technical Director at Guernsey Finance, examines how the current European landscape is affecting the funds sector in the island.

HFMWeek (HFM): What are the biggest issues facing not only Guernsey's funds industry, but the funds sector as a whole?

Sinéad Leddy (SL): Without question it's the regulation and legislation coming down the pipeline. This includes the US's 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 Markets in Financial Instruments Directive (Mifid) and Alternative Investment Fund Managers Directive (AIFMD) from Europe.