Post on 08-Nov-2015
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Are You Ready To Take Your Commercial and Financial
Expertise to The Next Level?
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 todays 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), Americas 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!
For more information Visit at http://www.questrecruitment.ie/