Funds masterclass panel praises island's approach

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 jurisdictions.

'It was great to hear that Guernsey's approach to Fatca and CRS has struck a chord with international practitioners,' said Dominic Wheatley, chief executive of Guernsey Finance.

'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.'

He said it was encouraging to hear broad support for the island's approach to AIFMD and Mifid II, which has earned the respect of the European funds regulator Esma.

'This was an extremely successful event,' he added. '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 community.'