Guernsey regulators say they are pulling out all the stops to ensure they'll have the all important passporting procedures in place for its fund industry to market across the EU's jurisdictions in full compliance with the AIFM Directive come 2018.
Addressing over 450 delegates at the annual Funds Forum, Jarrod Cowley-Grimmond, Director of Guernsey’s Finance Sector, confirms that its raft of existing legislation already places the island firmly on the road for full acceptance.
“If you look at the compliance with the FATF standards, Guernsey has the highest compliance of any jurisdiction in the world. That's what the IMF said in January.” He goes on to say that the industry as a whole has yet to see what the regulatory co-operation agreements will demand of third countries as that's a matter for the Directive’s Level 2 discussions, but Guernsey continues its work with ESMA to ensure its readiness of compliance with the next round of implementing conditions.
Carl Rosumek, Director of Investment Business at the Guernsey Financial Services Commission, is equally robust in his defence of Guernsey’s fund industry’s position and reputation. “Following some changes to our investor protection law a couple of years ago, all funds in Guernsey are regulated by the Commission either through authorisation or registration process. In parallel to that we also regulate service providers.
Whether it is the manager, administrator, or the custodian established on the island, they've got to be regulated by the Commission. So we've got both the licences and the products within our regulatory scope.” Find out more about Guernsey and the AIFM Directive http://www.gfsc.gg
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000
Two roles created