In recent years, financial regulators across the world have introduced amendments to legislation that have affected virtually every area of the markets. These changes have seen significant developments in the financial services sector and as a result the global asset management & financial industry is undergoing unprecedented transformation in a challenging environment.
Tax authorities around the world have responded to the release of the OECD’s final reports, imposing stricter documentation and implementation of reporting requirements like the Common Reporting Standards (CRS) and Base Erosion Profit Shifting (BEPS), and applying penalties for non-compliance. Understanding these changes and adopting them quickly will safeguard survival in an ever evolving landscape and ensuring that you are working with the right advisors and partners puts you at the forefront of industry changes and events.
The future, however, still promises more developments and changes in the international tax landscape. A short recap;
Add to this the current geopolitical uncertainties like Brexit and international trade and currency wars and it is clear that financial institutions, multinational corporations, high net worth individuals & family offices as well as professional service providers are facing the challenge of adapting to a market environment that is evolving quickly, if not revolutionising. More complex client needs, as result of new regulatory requirements, changes in operational risk management, reassessment of place of establishment, shareholder expectations, stricter new regulations and milestone developments in technology, will be driving future business models and shaping their requirements.
These changes in regulation impact every client differently and we see so many new clients coming to us asking for our support, as their previous provider was unable to support them in a way that was compliant, but also helped them to meet their objectives. It is important that you reduce your risk by either knowing about upcoming changes or aligning yourself with advisors that will do this on your behalf and guide you through complex regulatory changes.
We at Hawksford are continuously scanning the regulatory horizon globally and actively engage in dialogue with our clients, regulators and industry bodies to bring you insights about the changing landscape and its impact on your business. We bring deep expertise and an agile approach to solve your most important problems. We see these regulatory developments as an opportunity, an opportunity to show our solution driven approach and an opportunity to build trust.
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