Sun, May 26, 2013
A A A
Welcome Guest
Free Trial RSS
New! Family Office and Investor Database with 11,750 contacts
Industry Updates

Latest EU report on Funds Directive is positive for Jersey

Monday, November 21, 2011
Opalesque Industry Update - Jersey Finance says it is encouraged by the contents of the European Securities and Markets Authority (ESMA) report on the Alternative Investment Fund Managers Directive (AIFMD) which was published last week and contains its final recommendations to the European Commission.

There has been a change in the wording between the earlier draft and the final report in one important aspect in respect of ‘third countries’, the term used to describe jurisdictions outside of the EU. Though the regulatory standards remain high and robust, the change is positive for ‘third countries’ since it makes it less onerous to achieve compliance. The Directive will require supervisory co-operation and exchange of information agreements between the authorities of EU member states and non EU countries.

Heather Bestwick, Technical Director of Jersey Finance, comments:

‘It is broadly positive throughout and Jersey remains on track to meet the criteria necessary for the funds industry to continue to participate when the new EU regime for funds is implemented. We are studying the detail but our first impressions are that there is nothing new in ESMA’s final report to give us concern.

‘Naturally there is still considerable work to do but it remains our intention to offer investors an ‘opt in’ AIFMD compliant regime while retaining flexibility for managers whose primary source of institutional capital is outside of Europe.’

EMSA’s latest document is the final technical recommendations to the European Commission who are expected to prepare the implementing measures on the basis of the report’s advice.

Source

Press Release

bc

Article link

What do you think?
   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Banner
Today's Exclusives Today's Other Voices Banner More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Endurance Series Trust launches first mutual fund, multi-series trust[more]

    Bailey McCann, Opalesque New York: Endurance Series Trust, a multi-series trust, is launching with Gator Capital Management, LLC as the adviser for the Trust’s first mutual fund series. Endurance Fund Services, LLC, an independently owned and operated fund administration company will serve as t

  2. Morgan Creek Capital Management to acquire Signet Capital Management[more]

    Bailey McCann, Opalesque New York: Investment firm Morgan Creek Capital Management has acquired Signet Capital Management a UK-based credit fund of funds with $700M in assets under management. Under the agreement, Signet will contribute its funds and senior investment management team to Morgan Creek

  3. North America – Students are launching hedge funds on colleges across America[more]

    From Valuewalk.com: …From Cornell, whose student-run hedge fund beat Wall Street returns to the University of Michigan, which allows its students to manage as much as $250,000, student hedge fund are becoming a more prominent part of financial education. Their success has attracted the attention of

  4. Comment – Can hedge funds survive Bernanke?[more]

    From Bloomberg.com: …The biggest reason for the market tranquility might be the Federal Reserve's repeated assurances that it will maintain zero interest rates and provide monetary stimulus until the economy recovers, and unemployment ebbs. That may just account for the recent flurry of storie

  5. Opportunities Ahoy!: For a relative value, sector specialist fund trading in physical and futures bulk shipping - this backdrop has provided us with opportunities … disparities have emerged between the physical and derivative market - and we are positioned to take advantage of the ensuing volatility and mispricing betwe
Click here for More about Opalesque Tracking
- A new, unique Premium Service -
  1. MGH
  2. NZARA
  3. 36 South
  4. Cultivar
  5. New Zealand
  1. Anchorage
  2. ubs
  3. MS
  4. people
  5. hedge funds