Jersey Finance has welcomed the vote on the compromise agreement for the Alternative Investment Fund Managers EU Directive that was reached by European Parliament.
Geoff Cook, chief executive of Jersey Finance, says Jersey will meet the agreed criteria for ongoing market access into Europe.
“This is fantastic news for our funds industry, and removes any uncertainty that has existed in the market place while the Directive was under discussion. Jersey is also confident that it will be among the first jurisdictions to obtain a passport for non-EU alternative investment funds and managers, when it is introduced in 2015.
“Additionally, the appropriate regulatory regime that Jersey offers means a number of established asset managers have chosen to relocate here in the last twelve months.”
The vote by the EU Parliament has confirmed that national private placement regimes for third country alternative investment funds and managers will be in place for at least five years after the implementation of the Directive, subject to minimum harmonisation obligations.
Passive marketing of funds is not regulated by the Directive, which means that existing funds will be able to continue with their investor groups, and this remains an alternative route available to institutional investors in Europe seeking to access best of breed non-European asset managers.
