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Jersey Welcomes AIFM Compromise

by Amanda Banks,, London

16 November 2010

Jersey Finance – the promotional agency for the island's financial services industry – has welcomed the vote on the compromise agreement for the Alternative Investment Fund Managers Directive that was reached in European Parliament on November 11.

Welcoming the official adoption of the agreement, Geoff Cook, Chief Executive of Jersey Finance commented:

“Following the vote by the European Parliament on the AIFM Directive, Jersey is pleased to confirm that it will meet the agreed criteria for ongoing market access into Europe.”

“This is fantastic news for our funds industry, and removes any uncertainty that has existed in the market place while the Directive was under discussion. Jersey is also confident that it will be among the first jurisdictions to obtain a passport for non-EU alternative investment funds and managers, when it is introduced in 2015.”

“Additionally, the appropriate regulatory regime that Jersey offers means a number of established asset managers have chosen to relocate here in the last twelve months.”

This important vote by the EU Parliament has confirmed that national private placement regimes for third country alternative investment funds and managers will be in place for at least five years after the implementation of the Directive, subject to minimum harmonization obligations.

Passive marketing of funds is not regulated by the Directive, which means that existing funds will be able to continue with their investor groups, and this remains an alternative route available to institutional investors in Europe seeking to access best of breed non-European asset managers.

TAGS: tax | investment | banking | investment funds | Jersey | offshore | offshore banking | alternative investment

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