Nearly 200 fund managers and advisers attended a Guernsey event in London this week to hear the practical aspects of implementing the Alternative Investment Fund Managers Directive (AIFMD).
The event, “AIFMD: Practical aspects of implementation”, was held on 5 November at the recently refurbished Rosewood London.
Fiona Le Poidevin (pictured), chief executive of Guernsey Finance, the promotional agency for the island’s finance industry, says: “AIFMD has dominated a large proportion of the coverage relating to the European funds industry over the past couple of years but the deadline for EU and EEA Member States to transpose the provisions of AIFMD into national law was 22 July this year.
“Now we are able to look at the practical aspects of implementation, including examples of the types of structures that are emerging. However, there remains a degree of uncertainty and many investment houses – especially those not required to act yet – are hanging back and waiting to see how the environment surrounding AIFMD develops.
“The event clearly demonstrated that many managers and their advisers are well aware of Guernsey’s unique position as a third country which has developed a regulatory regime that allows us to service our global client base – both business which does and does not touch the EU – in a very bespoke and pragmatic manner.”
Panellists for the event were Cathy Pitt, partner at Norton Rose Fulbright; Phil Bartram, partner at Travers Smith; Carl Rosumek, director of investment supervision and policy for the Guernsey Financial Services Commission; and Justin Partington, commercial director at Ipes.
Ben Morgan, partner at Carey Olsen, moderated the panel session and also provided an overview of AIFMD and how it relates to Guernsey.
As well as discussing the most appropriate route to market and summarising Guernsey’s AIFMD offering, other topics covered at the event included portfolio and risk management, bilateral discussions on private placement and Guernsey as a depositary centre of excellence.