Game-changing ID Register goes from strength to strength with advice from Carey Olsen
One year after launch, the revolutionary Guernsey-based private funds platform, The ID Register (www.theidregister.com), has grown substantially with help from Carey Olsen.
The ID Register is a universal investor onboarding platform created in response to the changing regulatory requirements and frustration in the funds industry at the lengthy paper-based processes for customer due diligence (CDD); it lets users create one complete Know Your Client and FATCA profile and share it securely with their counterparts.
Director of The ID Register, Tim Andrews, said: “The ID Register has doubled in size in less than 12 months by attracting clients from across the world – a great success story for Guernsey,”.
The ID Register worked with Stepstone, KPMG and Ipes to build the platform; Carey Olsen partner David Crosland advised on the register’s set-up and continues to act as counsel for the on-going legal management of the system.
Mr Andrews said: “We rely on David and the Carey Olsen team to help us navigate intellectual property, client contracts and data privacy legislation. Carey Olsen really understands our business, know their stuff and have gone the extra mile to help us.”
“One year on, this platform remains a game-changer for the investor-onboarding process in the private funds market where the usual methods of onboarding are complicated and onerous and costly for those investors who require dedicated compliance teams to manage the flow of information. The ID Register is a straightforward solution to this problem and has proven to be extremely popular,” Mr Crosland said.
The platform is free for investors to publish information while fund managers pay a monthly subscription per profile to which they subscribe. This spreads the cost over the lifetime of the fund and often turns a manager cost into a fund cost.
Carey Olsen was recently the only law firm in Guernsey to be recognised as top tier for Investment Funds advice by the Legal 500, IFLR1000 and Chambers UK. The firm was described as a ‘leading light for Guernsey corporate and finance matters’.
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