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Funds industry hopeful of level playing field

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Andrew Whittaker, chairman of the Guernsey Investment Fund Association, said the recommendation from European funds regulator Esma, the European Securities and Markets Authority, for the island to be able to secure passport status, was good news for the industry.

'As a non-EU jurisdiction with close proximity and business ties to the EU, it is essential that we are able to comply with AIFMD for those clients obliged to or who wish to take advantage of the regime,' said Mr Whittaker.

'Our opt-in equivalent regime may make commercial sense for a fund manager marketing almost exclusively to Europe and who therefore may require full AIFMD compliance. In being able to offer both EU and non-EU solutions from one location, Guernsey will be ideally placed to serve the global fund industry.'

The Esma announcement has been broadly welcomed by the industry.

Oliver Morris, director and AIFMD lead at KPMG Channel Islands, said that its advice from the European Securities and Markets Authority was 'extremely positive' for Guernsey and Jersey.

'The advice received is welcome positive news for both Jersey and Guernsey and reinforces the position of both islands within the alternative investment funds industry,' he said.

'The recognition of the regulatory framework across both islands provides managers with the continued flexibility and opportunity to use Channel Islands structures when establishing global funds.'

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