Leaders from Guernsey’s funds industry have revealed that the island is aiming to achieve equivalence with the EU in light of the proposed Directive on Alternative Investment Fund Managers.
Guernsey’s determination to maintain access to EU markets in the face of the directive was highlighted by speakers from the island at a debate in London on Tuesday evening assessing the future of the funds industry following the credit crunch and subsequent global economic downturn.
Horace Camp, a member of the Guernsey Investment Funds Association, said: “While it is unclear at the moment exactly what form the directive will ultimately take, it is certain to be enacted. Our intention is that if anybody gains equivalence so that they continue marketing into the EU then Guernsey will be included on the list. We have a united effort in place led by our government and industry so that we take the steps necessary to ensure that this happens. We are not a lone voice and we are certain sense will prevail.”
Guernsey hosted “The Big Debate: Investment Funds in the post G20 world – threats and opportunities for the Island’s funds industry” at the Grange St Pauls Hotel.
The keynote speaker and chair of the debate was BBC Radio 4’s financial reporter and presenter Adam Shaw.
The debate tackled key issues such as the credit crunch and new fund industry trends; beyond G20 white listing; the changing face of Guernsey as a home for administration and management; an update on Guernsey’s legal framework; the EU’s AIFM Directive; and the future of the 50 year relationship between Guernsey and London.