Hamilton, Bermuda, January 28, 2020
Economic Substance has caused massive changes to the offshore industry as a result of pressure from the EU and the OECD. The investment management industry, in particular, has been overwhelmed with the fast pace of change to meet the deadlines imposed. Some of the impacts include;
- Closed-ended funds are now falling under regulatory oversight
- Private funds are either disappearing or falling under a new class of regulatory funds
- Investment Management companies are re-structuring to implement Substance or utilizing new or existing onshore management entities re-structuring existing flows.
- Additional regulatory reporting and obligations
Krypton is a knowledgeable partner and is engaged in several Economic Substance conversations.