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/