Komfie Manalo, Opalesque Asia:
Bermuda’s market regulator, the Bermuda Financial Authority (BMA) is finalizing details of an agreement with Germany that will allow alternative fund managers from the island to market their products into Germany, according to a report by the Royal Gazette, which also disputed an earlier story filed by the Financial Times that claimed Germany did not want to sign alternative investment cooperation deals with Bermuda, Cayman Islands and the British Virgin Islands.
The BMA was quoted as saying that it is "currently in discussions with Germany regarding the signing of a bilateral agreement, with a view to confirming arrangements with the German regulator Bafin. Bafin has indicated that such bilaterals with non-EU countries will reflect the content of the AIFMD MMOU that Bermuda has already signed with 26 EU member states."
According to the FT report, Germany’s alleged "political distaste for the offshore hedge fund industry" has forced Bafin to block the entry of Caribbean-based alternative funds from selling their products into Berlin.
On Tuesday, it was reported that Germany had signed a similar agreement with the Cayman Islands Monetary Authority in pursuant to the Alternative Investment Fund Managers Directive (AIFMD).
To view our full article Click here