Sun, Dec 21, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

The AIFMD and Bermuda – implementation update

Tuesday, April 02, 2013
Opalesque Industry Update: The Bermuda Monetary Authority (BMA), the Bermuda regulator, has recently made an important announcement by confirming that Bermuda is now able to satisfy the three core conditions that are required of a so called “Third Country” under the Alternative Investment Fund Managers Directive (AIFMD). Complying with these conditions is necessary for Bermuda if its investment funds, and investment funds managed by its investment managers, are to be allowed to be marketed in Europe under the private placement regimes of EU member states after the 22 July 2013 transposition date of the AIFMD, and following this, under the anticipated extension of the passporting regime to Third Countries in 2015.

The three core conditions are as follows:

  1. There are in place appropriate cooperation arrangements, which take the form of agreements between the Third Country supervisory authority and the regulators of the relevant EU member state(s);
  2. Third Countries are not on the Financial Action Task Force list of non‐ cooperative jurisdictions; and
  3. Agreements for exchange of information for tax purposes are in place with the relevant EU member state(s).

Whilst satisfying conditions (2) and (3) have never been an issue for Bermuda, negotiations between the BMA and the European Securities and Markets Authority (on behalf of the EU regulators) relating to condition (1), namely the form of cooperation agreement, which provides for the consultation, cooperation and exchange of information between the BMA and EU regulators, had been ongoing for sometime. The BMA is now working to confirm details under the cooperation agreement.

This is an important breakthrough for Bermuda, demonstrating the jurisdiction’s commitment to its managers and investment funds in the context of the AIFMD.

Bermuda is now well‐placed to meet its requirements as a Third Country by the July 2013 deadline.

Conyers Dill & Pearman, LLP

Press Release

BM

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