Asset managers are about to be hit by a wave of regulation - and few of them are fully prepared.That is the view of Craig Bridgewater, managing director and head of investments at KPMG in Bermuda, who is spearheading his firm’s hosting of a series of forums on regulatory issues starting next Tuesday.Among the hot topics on the agenda will be the Foreign Account Tax Compliance Act (FATCA) and Form PF, the Securities and Exchange Commission form related to systemic risk, both of which are being introduced by the US, as well as the European Commission Directive on Alternative Investment Fund Managers.Mr Bridgewater said the regulatory update session was the first the firm had held to be aimed specifically at asset managers and advisers. So is the industry ready for the new rules?“If it happened tomorrow, no,” Mr Bridgewater said. “Most people have a ways to go, but there is still preparation time.“For example, FATCA has been developing for a long time. Some people have been procative in trying to deal with it. Others are waiting until the dust settles and that’s probably not a good place to be. If they keep waiting, they’re going to be behind, when it’s time to be ready.”Asset managers could do three things to help them deal with FATCA, Mr Bridgewater suggested: understand it; understand how it will impact them; and understand what they have to do to comply.FATCA is intended to help the US authorities combat tax evasion by keeping track of assets owned by US taxpayers overseas, and puts reporting obligations on financial institutions. It is intended to implemented by 2014.The Form PF has been introduced to help prevent a repeat of the systemic risks which emerged during the global financial crisis of 2008. Mr Bridgewater said that fund managers would be expected to be ready by the end of March next year.The European directive is further away, with a deadline of 2018. Bermuda is considered a “third country” for the purposes of the directive and Mr Bridgewater said it remained tio be seen what third-country rules would be.David Harper, senior manager at KPMG in Bermuda, said while fund administrators gave asset managers and advisers a lot of support in dealing with regulation, it was important for managers themselves to understand the rules.“This is intended to promote collaboration and to share knowledge,” Mr Harper said. “Regulatory compliance is not thought of as an area of competition, so sharing knowledge in this area can benefit everyone and Bermuda as a jurisdiction.”The session on Tuesday, November 13, from 3pm to 5pm, is free and open to the first 50 registrants. More details are availavble at www.kpmg.com/BM.