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KPMG Hosting Forums for Bermuda Asset Managers Over New Regulations
November 10, 2012
KPMG has warned asset managers that regulators in Europe and the United States are imposing a number of new regulations on the financial industry. These regulations are expected to create a number of financial challenges for financial asset managers.
Craig Bridgewater is the managing director of investments for KPMG in Bermuda. Bridgewater said that KPMG is committed to helping them overcome these challenges in the coming years. They will begin with a few forums next week that will be dedicated to helping financial professionals understand the impact of these regulations and how to address them.
The three regulatory changes that will have the greatest impact the financial industry are FATCA, Form PF and the Directive on Alternative Investment Fund Managers. Both the United States Securities and Exchange Commission and European Commission are ensuring that asset managers are adhering to tax guidelines and managing assets responsibly.
Bridgewater told reporters from the Royal Gazzette that the industry needs time to prepare for these changes. KPMG aims to educate asset managers about these changes now so that they have time to make the necessary adjustments. Bridgewater said that KPMG is always available to provide help to its clients, but believes they should understand the new regulations themselves as well.