Global Subsidiary Governance Services Focus - Winter 2020
2019, like previous years, has proven to be a busy one for regulators, governance and compliance professionals and corporate secretarial staff alike. Not only has our industry been looking to get to grips with the implementation of GDPR -- especially how this relates to working with third parties – but the year has seen Ultimate Beneficial Owner (UBO) Reporting, Economic Substance Requirements and the amendment of Council Directive 2011/16/EU on administrative cooperation in the field of taxation (commonly referred to as DAC 6) become a further source of complexity.
In this, our Winter Newsletter, we tackle the subject of Economic Substance laws, explaining how firms can ensure they are best positioned for these developments by June 2020 when the reporting requirements will kick in. We also discuss how governance professionals can build an integrated approach to their regulatory compliance planning, create a shared sense of purpose within their companies and leverage available tools and technologies to help deliver compliance for their firms.
A second major theme of 2019 has been the continued impetus of private capital and its impact on the global economy. One important element to this story has been that as more businesses stay private and fewer business list publicly, it means that a significant governance burden is shifting from public markets and their advisory ecosystems to private equity firms, many of whom do not have large in-house compliance resources. It is a fascinating mega-trend, and we examine the governance implications in more detail here.
We also have some exciting GSGS news to share as we begin the roll-out of our new Task Management System to clients in 2020. This system, which has been fully in use internally since the start of 2019, crystallises our workflows and processes into an online experience and will provide clients with a single source of truth for all their global entities and associated obligations.
As we move into 2020, I would like to wish you all a happy New Year and hope that we will see you again, in person or at one of our events.
Kariem Abdellatif, Head of Citco GSGS
Citco GSGS Focus – Winter 2020