Are You Ready To Take Your Commercial And Financial Expertise To The Next Level?

By Author: Dylan Anderson
Total Articles: 18
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Established in 2001, Quest Recruitment is the premier Irish resource consultancy when it comes to specialised sector knowledge, impeccable standards and conscientious service quality. Our reputation for expert provision of consistent delivery and extensive industry knowledge is unquestionable. We work closely with many of the leading Irish and European Fund, Banking, and Accountancy organisations and are proud to maintain our trusted status as a preferred & conscientious talent broker. We are continually striving to improve on our quality of service and passion for delivery with the support and recruitment expertise of our highly skilled Quest team.

What Regulatory Changes in the Financial Services Markets Mean for AIFMs

Difficulties in today’s financial markets have, without doubt, underlined that many AIFM strategies are potentially vulnerable to one or indeed, several significant risks relating to investors, other market participants and markets. In order to provide comprehensive and common arrangements for supervision, it is necessary to establish a framework which is capable of addressing those risks ...
... taking into account the diverse range of investment strategies and techniques employed by AIFMs. The AIFMD affects AIFMs that have assets under management in AIFs above the thresholds of €100m if the AIF uses leverage, or €500m if the AIF does not use leverage.

By establishing a synchronised, EU-wide framework for regulation of alternative investment funds, the recent EU directive known as AIFMD (Alternative Investment Fund Managers Directive) endeavours to further increase investor protection and reduce systemic risk by establishing a harmonized EU framework for regulating alternative investment funds.

Following the 2008 global market downturn, provisions of the AIFMD include increased transparency by AIFMs and assurance that all required information to monitor financial systems within the EU is made available to national supervisors, the European Systematic Risk Board (ESRB) and the European Securities and Markets Authority (ESMA).

Are You FATCA compliant?

The Foreign Account Tax Compliance Act (FATCA), America’s global tax law was introduced into U.S. legislation in 2010 and carries a considerable global impact for its citizens, regardless of where in the world they reside. This statute was enacted to combat U.S. tax evasion by improving exchange of information between tax authorities in relation to U.S. citizens and residents who hold assets off-shore. Non-compliant institutions could be frozen out of U.S. markets, so, with few exclusions, everyone seems to be complying.

To date, more than 80 nations including 77,000 financial institutions and also a number of purported tax havens have joined up. Legislation for FBARs has been around since 1970 and submitted FBAR filing by 30 June each year for any U.S. persons with foreign bank accounts totalling more than $10,000 is still a requirement along with FATCA.

On 21 December 2012, the Minister for Finance, Mr. Michael Noonan signed an intergovernmental Agreement with the U.S. on behalf of the Irish Government enacting FATCA in Ireland. The Statutory Instrument implementing this Agreement is included in Part 3 of Schedule 24 to the Taxes Consolidation Act, 1997. This Statutory Instrument together with the Financial Accounts Reporting (United States of America) Regulations 2014 (S.I. No 292 of 2014) (the Regulations‘) and section 891E of the Taxes Consolidation Act gave legislative effect to the Agreement.

The Agreement provides for the automatic reporting and information exchange on an annual basis in relation to accounts held in Irish Financial Institutions by U.S. persons, and the reciprocal exchange of information regarding U.S. Financial Accounts held by Irish residents. The Agreement and the Regulations implement FATCA in Ireland. Under the Agreement, Irish Financial Institutions will be treated as FATCA compliant and will not be subject to the 30% withholding tax on US source income/proceeds as long as they comply with the requirements of the implementing Irish legislation.

Whether you are looking for a suitable candidate with the right spectrum of financial expertise that your company requires, or are an employment seeker who wants to progress your career to the next level and beyond, please contact the Quest Recruitment Experts who will use their professional, in-depth sector knowledge so you can truly achieve what you need. As winner of the coveted National Recruitment Federation (NRF) Best in Practice Accounting and Finance Awards in both 2012 and 2013, Quest Recruitment is, without question, the premier choice when it comes to finding that perfect job in Financial Recruitment, IT Recruitment, Fund Administration & Compliance!

Quest Recruitment #1 company offers the best Alternative Investment, Fund Managers Directive services. Hire our experts today!