EU funds regulator backing welcomed by Gifa chairman

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The island has been recommended for a 'third country' passport under the European Union's Alternative Investment Fund Managers Directive by Esma, the European Securities and Markets Authority.

The report confirmed advice issued a year ago and would allow the island to apply for a 'passport' to market local funds across the EU.

'Esma's advice assures continued marketing access to the wider EU market for Guernsey domiciled funds, which provides fantastic stability for investors and managers,' said Andrew Whittaker, pictured, chairman of the Guernsey Investment Fund Association.

Since AIFMD came into force in 2013, Guernsey has adopted a 'dual regime' whereby there are two parallel regulatory regimes for investment funds – the existing regime remained in place for managers and investors not requiring an AIFMD fund, including those using EU national private placement regimes and those marketing to non-EU investors, and ran parallel with an opt-in regime which is fully compliant with AIFMD.

The island was one of only five jurisdictions to receive an unqualified and positive assessment from Esma in this most recent advice, alongside Jersey, Canada, Japan and Switzerland.

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