As always the pace of regulatory change in the Guernsey
Financial Centre is unrelenting.
In 2013 a lot of work has been driven by international
legislation, namely the European Union's Alternative Investment
Fund Managers Directive (AIFMD) and the Foreign Account Tax
Compliance Act (FATCA). There have been changes in leadership and
reorganisations at two highly regarded Guernsey based institutions
- the Guernsey Financial Services Commission (GFSC) and the Channel
Islands Stock Exchange (CISX). A number of international
co-operation agreements have been signed during the year, further
demonstrating Guernsey's willingness to maintain the very
highest standards of transparency. However, the regulator and
legislature still found time during the course of the year to
implement refinements to existing legislation and accommodate the
introduction of The Foundations (Guernsey) Law 2012 ('the
Foundations Law').
