Following approval of the Alternative Investment Fund Manager Directive by the European Parliament, the Isle of Man says it welcomes the final Directive and that work is under way to ensure it will meet key regulatory criteria.
The AIFM Directive was first introduced in response to calls for greater regulation of alternative investment fund managers.
Much uncertainty has surrounded the Directive as it has evolved over the past 18 months, but now that consensus has been reached the investment fund management community can prepare for its implementation in 2013.
The Directive has been welcomed by the Isle of Man’s Fund Management Association, which anticipates that a harmonised regulatory framework will provide the opportunity for specific categories of Isle of Man schemes to be passported.
John Aspden, chief executive of the Isle of Man Financial Supervision Commission, says: “The Isle of Man regulatory regime is already aligned with many of the requirements of the AIFM Directive. As a well regulated jurisdiction, the Isle of Man will ensure that it meets the agreed criteria for ongoing market access into Europe”.
David McGarry, chairman of the Isle of Man Fund Management Association Marketing Committee, adds: “The finalised Directive is very good news for our funds industry, removing many of the uncertainties that have existed over the past 18 months in the market place, whilst the Directive has been under review. It is also encouraging to note that the European Parliament has confirmed that national private placement regimes for third country alternative investment funds and managers will continue in place for at least five years after the implementation of the Directive in 2013.”
