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, ...
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