Panellists at a Guernsey funds technical masterclass in London
have praised the jurisdiction for its progressive nature in
tackling international regulatory developments.
Delegates were told that Guernsey's response to initiatives
such as the Alternative Investment Fund Managers Directive (AIFMD),
Markets in Financial Instruments Directive (MiFID) II, the Foreign
Account Tax Compliance Act (FATCA) and Common Reporting Standard
(CRS) had set it apart from many of its competitor
Dominic Wheatley, Chief Executive of Guernsey Finance - the
promotional agency for the Island's finance industry
internationally, said: "It was great to hear that
Guernsey's approach to FATCA and CRS has struck a chord with
international practitioners. Our approach to these issues follows
our established pattern of clarity and transparency of purpose
allied with excellence and pragmatism in execution. This helps
everyone know exactly where we stand and makes implementation as
smooth as possible for the industry.
"Similarly, it was encouraging to hear from the panellists
how efficiently our dual regulatory regime in response to AIFMD is
working. The Guernsey model maintains access to the EU, but also
offers a non-AIFMD product for non-EU investors who don't like
the cost and compliance burden associated with AIFMD. Our early and
pro-active engagement with Brussels on AIFMD and MiFID II
demonstrates the responsiveness of our funds sector and has
garnered a great deal of respect with authorities such as the
European Securities and Markets Authority (ESMA). We continue to
liaise with ESMA regarding third country provisions and the
expected introduction of full passporting for non-EU managers in
respect of AIFMD. Emma Bailey and her team at the GFSC deserve
particular recognition for their ongoing work in this
The event, titled 'Why Guernsey funds will continue to
prosper: a technical analysis', took place at the British
Museum on Wednesday 28 January, and attracted nearly 250
delegates. The debate panel consisted of leading figures from
Guernsey's funds community and the UK marketplace.
Cathy Pitt, Partner at CMS, was one of those in the audience
that appreciated hearing a range of views on how people were
tackling initiatives like AIFMD and FATCA.
"Hearing what everyone is doing was useful and it's no
surprise that the jurisdictions that have made private placement
relatively easy are still getting access to a lot of funds. Hearing
'war stories' on FATCA is always really helpful. That
sharing of experience as we all feel our way through the new world
of developing regulation is very helpful," she said.
Iain Katimbo, Financial Controller at Valiance, said the panel
achieved a good balance with the speakers which made the discussion
"We, from a manager point of view, have a number of
different aspects touching us. It was good to get a diversity as to
what to expect as well as experience of what's happening at the
moment. This forum was useful and I'd like to see more regular
access to these kinds of comments," he said.
Nick Benson, Partner at Latham & Watkins, was similarly
impressed with the make-up of the panel.
"A very succinct and useful summary of where we are in the
regulatory world. I liked the perspectives from a lawyer,
accountant, sponsor and regulator; to get that mix of views is very
useful," he said.
Mr Wheatley added: "This was an extremely successful event.
The content was very popular and the panellists kept the audience
fully engaged throughout by reaching the heart of the matter on so
many of the key issues facing the global investment fund
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).