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Из всей мировой практики инвестиционного законодательства самые совершенные нормативные акты были разработаны и поддерживаются SEC, опыт которой финансовые власти других стран настойчиво пытаются повторить. В частности, европейские регуляторы практически подготовили пакет дополнительных мер по повышению прозрачности операций индивидуальных инвесторов. Пакет панъевропейских регулирующих мер базируется на инвестиционном законодательстве стран-участниц разработки мер плюс действующих наднациональных нормативных актов, повышенное внимание в которых уделяется также регулированию развития финансовой инфраструктуры. Что касается Азиатско-Тихоокеанского региона, то широкая диверсификация рынков, бурный экономический рост и сложная структура экон
Offshore firms have their own specific set of challenges. Key developments include diversification of investment business across geographies and exploration niche specialisms. Regulation from Europe (eg. AIFMD) and America (eg. Dodd-Frank, FATCA), will have notable implications for offshore centers.
Pensions are also under increased scrutiny, with requirements being set globally to improve transparency and consumer protection. Population growth and emerging demographic trends continue to re-shape pensions markets. Governance, remuneration and taxes
‘The financial sector should pay for the crisis it created’ seems to be part of the thinking of politicians and regulators. In Europe, rules on asset manager remuneration have been introduced in AIFMD and Undertaking for Collective Investments in Transferable Securities (UCITS), with harsh sanctions foreseen in UCITS 5 and Packaged Retail Investment Products (PRIPS).
Tax has been particularly prominent where authorities are facing unprecedented deficits. The avoidance of tax fraud has led to the ominous FATCA regulation in the US, which has potential implications for all global firms, not just those based in the US. It will be interesting to view which of the jurisdictions impose their own legislation globally.
Europe will see a revision of the Savings Directive and new exchange of information clauses in a wide range of bilateral double-tax treaties. At the same time, additional taxation of the financial sector is being debated – for example, the proposed Financial Transaction Tax (FTT) is a controversial political issue throughout Europe and South Africa faces additional national tax challenges in the guise of a new Dividends Tax (DT).
The volume, variety and complexity of tax regimes throughout Asia-Pacific continues to prove challenging for firms across the region, with a focus on additional taxation of non-resident investors and companies. Numerous cross-border challenges
Investment managers today face multiple challenges and regulatory reforms across jurisdictions – in addition to further demands from both local and international regulators. Firms must adapt to survive and thrive in this re-shaped industry. To stay on top of the full regulatory change agenda, firms must ensure that their business models and compliance functions take into consideration the full suite of regulatory requirements and the associated strategic implications, both for their business and the industry as a whole.