A technical showcase of Guernsey’s funds offering and how the island is positioning itself amid the latest regulatory pressures will be the focus of a funds masterclass in London at the start of next year.
The event, which takes place at the British Museum on 28 January, features a panel debate comprising leading figures from Guernsey’s funds community and the UK marketplace. Their discussion will examine how regulation such as the Alternative Investment Fund Managers Directive (AIFMD), Markets in Financial Instruments Directive (MiFID) II, Foreign Account Tax Compliance Act (FATCA), Common Reporting Standards (CRS) and Base Erosion and Profit Sharing (BEPS) is creating an ever-changing landscape for the funds industry.
Fiona Le Poidevin (pictured), chief executive of Guernsey Finance – the promotional agency for the island’s finance industry, says: “The high quality of experts speaking at this event means that I am extremely confident we will get to the very heart of the important issues and latest developments affecting the funds industry.
“Guernsey is not alone in having to deal with the increased amount of onerous regulation we are seeing, but the Island’s industry and how it is positioning itself amid the latest regulatory pressures will be at the heart of our discussions in London. We believe Guernsey’s position ‘offshore’ and outside of the EU, coupled with our regulatory regime, infrastructure and expertise means the domicile offers tailored optionality for the international fund community.”
The panel session will be moderated by Barney Lee, partner at Mourant Ozannes in Guernsey, while panellists include Guernsey practitioners Grant Cameron, managing director of Investec, and Emma Bailey, director of the Investment Supervision and Policy Division at the Guernsey Financial Services Commission (GFSC). UK experts comprise Steve Darrington, partner and chief financial officer of Phoenix Equity; Debbie Anthony, tax partner at Deloitte; and Kate Downey, partner at Kirkland & Ellis.
The event will also look at the impact of the Volcker Rule, the evolution of the Channel Islands Securities Exchange (CISE) and substance requirements in the funds arena.
Le Poidevin says: “The post-crisis environment, including AIFMD, has brought about greater scrutiny of structuring arrangements and in particular, issues of substance – something we will cover in detail at this event. Indeed, unlike some competitor jurisdictions, Guernsey has the advantage of significant substance already being present within many existing structures, while corporate governance is enhanced by having a considerable pool of experienced non-executive directors with a deep knowledge of investment funds.
“The interactive nature of the event will provide an opportunity for delegates to not just hear from the panellists but also raise questions and put across their views, as well as take advantage of the networking opportunities available.”
The event, titled ‘Why Guernsey funds will continue to prosper: a technical analysis’, takes place from 4pm, starting with registration and coffee and concluding with a networking drinks reception at 6pm.
