Dual regime to handle AIFMD in Guernsey

Guernsey has decided to offer two regulatory regimes for fund managers and investors seeking to implement both AIFMD compliant and non AIFMD compliant business.

Under the plans, announced by Fiona Le Poidevin (pictured), CEO Guernsey Finance – the promotional agency for the Island’s finance industry – the island will offer a regime that is fully AIFMD compliant, while maintaining existing regulations for those not requiring AIFMD funds.

Additionally, Guernsey Finance said that with dealys to Level 2 rules for implemenation of the Directive, there is ongoing speculation that the July 2013 deadline for transposing the Directive into local legislation could be put back, however, “this remains unclear”.

Le Poidevin said: “As a leading international funds centre, Guernsey has been closely following the development of AIFMD, has been active in the debate in Brussels and is well advanced in its preparations to offer an AIFMD compliant regime from as early as July 2013. With the continued delay to the publication of the rules, it is important for existing clients that Guernsey is clear on its intentions now.”

“It is our intention that Guernsey will operate a full AIFMD equivalent regime for those EU investors and managers who are obliged to take this route or any investors or managers who choose this as their preferred option. For non-EU investors and managers, investing in the EU and globally, there will remain a parallel regime with its own appropriate set of regulations. This will also be available to EU investors who are able to take advantage of the national private placement regime in the immediate term or those who fall outside the scope of AIFMD.

“What we are planning to do is provide clients with the flexibility to choose a regime which best suits their needs from a jurisdiction that has always regulated managers and funds across all sectors to leading international standards. We believe that this proposition will prove very attractive and as such, will ensure that Guernsey remains a leading global fund domicile in the future.”

 

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