Jersey says it is on track to meet AIFMD deadline

Jersey remains on track to meet the requirements of the EU Alternative Investment Fund Managers Directive and will introduce new fund regulations in April, a conference in London has heard.

More than 350 practitioners including leading lawyers, fund managers and other finance professionals were given an update at the event – which was organised by promotional body Jersey Finance.

The island’s plans for new regulations also pave the way for the creation of a passport regime for alternative investment funds as soon as it becomes available to ‘third countries’ in 2015.

Meanwhile, Jersey continues to report a growing alternatives funds sector, which accounts for some 70% of all Jersey funds business. The net asset value of funds at the end of 2012 stood at £192bn.

The conference also heard that a number of manages are considering increasing their presence or opening new offices in Jersey to take advantage of the jurisdiction’s position as a non-EU state. This means the island can run a separate funds regime besides AIFMD for alternatives, which managers can use to market to investors elsewhere in the world who do not need access to EU capital.

Geoff Cook, CEO of Jersey Finance (pictured), said: “We are confident that we will satisfy the criteria to comply with the AIFMD and remain attractive both for ongoing ‘business as usual’ activity with Europe and also the increasing volume of business targeting markets outside the eurozone. At the same time, there is also evidence of an uptake of new entrants from the fund sector having an enhanced presence and in some cases opening new offices in Jersey.”

Currently, Jersey is developing the following:

   • Creation of an opt-in regime for managers wishing to market to European investors by mirroring EU requirements, through private placement arrangements with individual EU countries

   • The introduction of its own set of AIFMD regulations which start to come into effect from next month

   • A process to enable individual agreements to be signed between Jersey’s regulator and the regulators of EU Member States

 

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