End of transitional arrangements approaching fast
Transitional arrangements adopted by certain of the EEA Member States, and reflected in the Jersey AIFMD regime, have meant that Jersey's AIFMD regime has not yet applied where the national laws of EEA Member States in which the AIF is marketed or managed have not required compliance with the AIFMD.
However, most transitional arrangements are due to end on 22 July 2014 (although in certain Member States this may be earlier or later).
Accordingly, the next few months represent the 'last chance saloon' for Jersey AIFMs to fully assess and implement changes required for AIFMD compliance.
Becoming AIFMD compliant in 2014
Any Jersey AIFM which has, to date, been relying on transitional arrangements to keep it outside of the scope of Jersey's AIFMD regime should now be planning implementation steps to ensure compliance – both for itself and the AIF(s) it manages - with Jersey's AIFMD regulatory framework. Failure to do so may prevent the AIFM from marketing in the EEA following the expiry of the transitional arrangements until such time as the AIFM and/or AIF has obtained all necessary Jersey regulatory approvals and/or consents from the Jersey Financial Services Commission (JFSC).
Caroline McGrath has recently returned to Bedell Cristin following a ten month secondment to the JFSC's funds policy team where she acted as an adviser in connection with the implementation of Jersey's AIFMD framework. During her secondment to the JFSC, Caroline worked closely with the States of Jersey's economic development team and law draftsman's office, and the legal technical working group, where she focused principally on the preparation and publication of the JFSC's Codes of Practice for Alternative Investment Funds and AIF Services Business and other AIFMD-related documentation (including JFSC consultation papers, press releases, fees notices, guidance notes, feedback papers and application and notification forms).
Emily Haithwaite has, since its inception to date, been an active participant on the industry technical working group established by Jersey Finance Limited to consult on AIFMD and to assist with the design and implementation of Jersey's AIFMD regime, in conjunction with the States of Jersey and the JFSC.
Bedell Cristin's team of highly experienced financial services lawyers, are available to offer help and advice on the practical implications of ensuring full compliance with Jersey's AIFMD regime.
For further information, please contact Martin Paul or Richard Le Liard.
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