Guernsey’s AIFMD Regime – Moving With The Times

Stuart Lawson, head of regulatory change and market development at Northern Trust in Guernsey says the introduction of AIFMD has resulted in asset servicing undergoing significant change.

Asset servicing is witnessing significant and sustained change. New European fund regulation with The Alternative Investment Fund Manager Directive (AIFMD) a key example, enhanced tax reporting triggered by the United States' Foreign Account Tax Compliance Act (FATCA), and the ongoing drive to de-risk banks are all converging in 2014.

Individually, they present fund administrators and custodians with major technology and process changes. Combined they require an unprecedented development programme. How are offshore service providers responding?