Guernsey treads down the AIFMD road 12 June 2013St Peter Port Reporter: Georgina Lavers
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Guernsey is now accepting Alternative Investment Fund Managers Directive (AIFMD) applications as marketing rules are implemented.
On 7 June, the Guernsey Financial Services Commission (GFSC), the island’s financial services regulator, issued Guernsey’s domestic AIFMD marketing rules, together with a notification form, and have confirmed it is able to accept applications prior to 22 July.
The GFSC has also provided a set of frequently asked questions (FAQs) that will be updated as the EU-wide implementation of AIFMD unfolds.
This most recent development follows approval from the European Securities and Markets Authority (ESMA) of the bilateral agreements to be signed that will create a formal framework of cooperation on matters of mutual interest between the GFSC and the equivalent bodies in the EU member states, Croatia, Iceland, Liechtenstein and Norway.
Fiona Le Poidevin, chief executive of Guernsey Finance, said: “Together with the ESMA announcement, the approval of Guernsey’s domestic marketing rules demonstrates that Guernsey is well prepared for 22 July, when AIFMD goes live across Europe. Indeed, this gives certainty to those currently using or considering using Guernsey as a fund domicile, in terms of the Island’s approach to the directive."
"The momentum continues as a consultation is expected shortly on the full AIFMD equivalent opt-in rules which Guernsey will introduce in due course. These opt-in rules may allow bilateral marketing of an AIF (alternative investment fund) product to certain EU member states prior to the implementation of a third country passport regime."
The European Commission is expected to implement the full passporting regime for non-EU managers of alternative funds in July 2015.
The directive provides the framework to establish the passporting regime, but until this is implemented and operating effectively, Guernsey managers will continue to market under National Private Placement subject to any additional regulatory reporting under the domestic rules of each member state.
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