Setting up Alternative Investment Funds 2012

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Articles

British Virgin Islands

The British Virgin Islands

By Ross Munro, Harneys - The British Virgin Islands is a leading jurisdiction for the formation of alternative investment funds, having approximately 2,525 funds registered or recognised under the Securities and Investment Business Act 2010 (SIBA). Funds recognised or registered under SIBA are regulated by the Financial Services Commission (the Commission), the financial regulator in the British Virgin Islands.   »


Cayman Islands

The Cayman Islands

By Marco Martins and Patrick Colegrave, Harneys – The Cayman Islands is the leading jurisdiction for the formation of alternative investment funds, having approximately 9,990 registered, administered and licensed funds under the Mutual Funds Law (as amended) of the Cayman Islands (the “MFL”) as at 31 March 2012. »


Gibraltar

Gibraltar

By James Lasry, Hassans – Since 2005 with advent of the Financial Services (Experienced Investor Funds) Regulations 2005, recently updated to Financial Services (Experienced Investor Funds) Regulations 2012 (“EIF Regs”) Gibraltar’s funds industry has experienced positive and qualitative growth. As the majority of Gibraltar’s funds are Experienced Investor Funds (“EIFs”) this article will focus primarily on that regime.   »


Guernsey flag

Guernsey

By Paul Wilkes, group partner, Collas Crill – Introduction: Collective investment funds have been operating in Guernsey for four decades, and Guernsey-based funds are promoted and sponsored by leading institutions in over 38 countries. As a result, there is a healthy choice of experienced fund service providers such as administrators, custodians, auditors, tax and legal advisors.   »


Ireland flag

Ireland

By Dillon Eustace – 1. What, if any, are the investor restrictions? Irish Funds are not required to have a minimum number of investors, however, certain Irish regulated funds must, depending on the category of fund, and the specific wording of the legislation, invest capital raised from “the public” (UCITS), raise capital by providing facilities for “direct or indirect participation by the public” (Non-UCITS investment companies) or must constitute an arrangement made for the purpose, or having the effect, of providing facilities for the participation by “the public” (non-UCITS unit trusts). »


Jersey Flag

Jersey

By Ashley Le Feuvre, Senior Manager Funds/SPV Group, Volaw Trust & Corporate Services Limited – Jersey is an international finance centre for a range of financial services including fund administration. Businesses are attracted to Jersey by the Island’s stable government, its proximity to both the UK and continental Europe, the significant expertise developed by the industry in a wide range of financial services and a competitive, co-operative and well-regulated tax environment. Jersey is a parliamentary democracy that is a dependency of the British Crown. It is a British Island, but is not part of the United Kingdom, nor is it a colony. »


Luxembourg

Luxembourg

By Rémi Chevalier and Olivier Sciales, Chevalier & Sciales – I. Why Luxembourg? The establishment of the European Union’s single market has enabled the Grand Duchy of Luxembourg to become one of the leading global domiciles and service centres for both traditional and increasingly alternative investment funds and related vehicles, ranked as the world’s second-largest fund centre measured by assets under management after the United States. From the establishment of Luxembourg’s first fund in 1959 and a total of 805 at the end of 1990, the industry number has grown to 3,874 funds, comprising a total of 13,412 separate investment portfolios, at the end of May 2012. »


Malta

Malta

By the Malta Financial Services Authority – Investment services regulation: The Investment Services Act provides for the authorisation of investment services licence holders and collective investment schemes operating in or from Malta. »


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