The Jersey Financial Services Commission (JFSC) has welcomed the European Securities and Markets Authority’s (ESMA) recommendation to the European Parliament, Council and Commission that Jersey should be among the ‘third countries’ granted an AIFMD passport.
The JFSC has fully engaged with ESMA and has been working closely with member state regulators as part of the assessment process.
Following ESMA’s advice, there is now a period of up to six months for the European Commission to propose appropriate legislation and for the European Parliament and Council of Ministers to agree to the third country passporting rules becoming applicable to Jersey AIFs and AIFMs.
Mike Jones, director of policy at the JFSC, says: “We are delighted with this further announcement from ESMA recommending Jersey be granted a ‘third country’ passport, which positively recognises the Island’s robust AIFMD framework and fully compliant regime which has been introduced.
“Jersey is one of Europe’s leading centres for alternative funds business and the JFSC is committed to supporting the Industry by ensuring we have the right frameworks in place to ensure long term success.”
