Guernsey Update - Alternative Investment Fund Managers Directive ("AIFMD")

31 May 2013

On 30 May 2013, the European Securities and Markets Authority ("ESMA") announced that it has 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 for Guernsey).

Receiving such approval from ESMA is an important step forward in the introduction of Guernsey's proposed dual regime, which will allow Guernsey funds to continue to be distributed into both EU and non-EU countries after the implementation of the AIFMD in July this year and which will help to preserve the Island's position as a leading investment fund jurisdiction.

For further information on AIFMD, please see below for our briefing, or contact Kate Ovenden or Mark Helyar.