Sat, Dec 20, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Jersey retains flexibility as it extends its funds regime to be AIFMD compliant

Tuesday, April 19, 2011

Geoff Cook
Opalesque Industry Update - Following confirmation of the AIFM Directive at the end of 2010, Jersey has announced that it is working to deliver a range of flexible options, including a fully AIFMD compliant regime and to retain existing complementary regimes for asset managers that have no wish to access EU institutional capital under an AIFMD passport.

The island has taken a joined up approach to AIFMD, with commercial representatives of its funds industry working in partnership with Jersey Finance, the central promotional body for the international finance centre, to ensure that Jersey’s strategy offers certainty for existing managers and a highly competitive platform moving forward.

The decision to work towards a fully AIFMD compliant regime and retain the existing flexible regime for alternative asset managers follows a detailed survey of existing clients to understand their requirements and expectations as level II implementation measures are developed and announced.

Jersey is confident that it will satisfy the ongoing requirements of the AIFMD as adopted. This view has been determined through the funds industry and Jersey Finance jointly funding and operating a dedicated AIFMD working party, which has engaged PwC to act as coordinating consultants as Jersey develops the details of its AIFMD compliant regime.

A key piece of work currently being undertaken by the working party is an impact and gap analysis and central to that is the survey among existing clients, details of which have been developed by PwC, Jersey Finance and the Jersey Financial Services Commission, with industry representatives and Jersey Finance working together to collect data.

Geoff Cook, CEO of Jersey Finance, said:

“Jersey is exceptionally well placed at a strategic level to move forward with development of its AIFMD compliant regime and we are very pleased with the progress of our working party. We have a thriving alternative funds industry and the message to intermediary partners, and managers, in London, Europe and across the globe is that Jersey is open for business and on track to be one of the leading international finance centres in the development and adoption of a flexible regime that provides genuine choice, including full AIFMD compliance.”

The timetable for development of Jersey’s regime will be driven by details of level II implementation measures, which are expected to gather pace between now and the end of 2011.

Brendan McMahon, Private Equity Leader within the Investment Management Group of PwC LLP, and lead consultant for the working party, commented: “It is important to remember that Jersey already has an appropriate regulatory regime in place and existing managers working under the national private placement (NPP) regime will be able to continue operating as normal until at least 2018. The programme that is underway to shape and develop Jersey’s future AIFMD compliant regime, including work to participate in the passport programme that is due to come into effect in 2015, can therefore take place in parallel with existing business. In addition, we will be exploring enhancement of existing options for those asset managers whose main source of institutional capital is outside the EU, thus ensuring that Jersey has a flexible and appropriately regulated offering for all managers, globally.”

In addition to its own working party, Jersey Finance has liaised with AIMA and EVCA, participating in their technical working groups and feeding comments into their submissions to the Committee of European Securities Regulators’ (CESR) call for feedback and evidence on level II implementation measures, including the content of cooperation agreements between regulators. Jersey’s regulator, the Jersey Financial Services Commission, has also made a direct submission to that consultation.

Source

(press release)

bc

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Big hedge funds win again on PetSmart, Riverbed, RBS sells real estate loans to hedge fund Cerberus, Talisman energy speculation: Which hedge funds could benefit?[more]

    Big hedge funds win again on PetSmart, Riverbed From CNBC.com: Another week, another set of wins for activist investors. On Sunday, pet supply retailer PetSmart agreed to the largest leveraged buyout of the year at $8.7 billion. Hedge fund firm JANA Partners had been pushing for a sale a

  2. Outlook - Hedge fund manager who remembers 1998 rout says prepare for pain, Bond guru Bill Gross predicts U.S. economic growth to dip to 2%[more]

    Hedge fund manager who remembers 1998 rout says prepare for pain From Bloomberg.com: Stephen Jen landed in Hong Kong in early January 1997 as Morgan Stanley’s newly minted exchange-rate strategist for Asia. He was soon working around the clock when investors began targeting the region’s

  3. Investing - Hedge funds get boost from healthcare in 2014, Paulson & Co takes stake in Salix on heels of inventory issues[more]

    Hedge funds get boost from healthcare in 2014 From Valuewalk.com: The healthcare sector started the year on a turbulent note, as stocks of many major biotechnology companies were battered. However, most of the players in this sector have bounced back. The BarclayHedge Healthcare & Biotec

  4. Opalesque Exclusive: U.S. legal receivables fund launched in August[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Investing in asset-backed receivables is a strategy that has been an integral part of the alternative investment space within the overall fixed income asset c

  5. Comment - High fees and low performance hit hedge funds[more]

    From FT.com: Disenchantment over high fees and lackluster performance may finally be turning the tide against hedge funds, fresh data suggest. Despite generally weak returns since the global financial crisis, hedge funds have enjoyed positive net inflows every year since 2010. This helped assets und