Guernsey Update - Alternative Investment Fund Managers Directive ("AIFMD") update15 Jul 2013
On 30 May 2013, the European Securities and Markets Authority ("ESMA") approved cooperation agreements to be signed by the Guernsey regulator, the Guernsey Financial Services Commission ("GFSC"). Under AIFMD (which comes into force on 22 July 2013) one of the conditions required to be satisfied before a Guernsey alternative investment fund manager ("AIFM") can market an alternative investment fund ("AIF") into the EU, or an EU fund manager can manage or market AIFs in the Bailiwick of Guernsey, is the putting in place of such cooperation agreements between each EU member state (as well as Iceland, Liechtenstein and Norway, who are also expected to implement the AIFMD) where an AIF is to be marketed and the GFSC (as supervisory authority of Guernsey).
The GFSC has today announced that it has now signed cooperation agreements with 27 securities regulators for the EU/EEA, applicable from Monday 22 July 2013. The cooperation arrangements include the exchange of information, cross-border site visits and mutual assistance in the enforcement of supervisory laws. For further details please visit the GFSC website.
For further information on AIFMD generally, please see below our briefing or contact Kate Ovenden or Mark Helyar.