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Robert Milner Benedicte Gravrand, Opalesque London: The Channel island of Jersey, which has allegiance to the British Crown but yet is not part of the UK, should not be greatly affected by Brexit, the UK’s recent referendum vote to leave the European Union. And it may be a vanguard for the asset management industry in the City of London.
Jersey’s early implementation of equivalent legislation to the AIMF Directive on an opt-in basis was recognised by the EU and allows Jersey-based funds to play in Europe and to access European-based investors using the National Private Placement Regimes. In 2015, ESMA, the Paris-based European financial regulator, advised the European Commission on the extension of AIFMD passport to non-EU jurisdictions, and their advice concluded that there are no obstacles to the extension of the AIFMD passport to Jersey, putting Jersey at the front of queue of third countries waiting for the AIFMD passport from ESMA (third countries include all countries outside the EU).
In fact, ESMA has just published its Advice in relation to the application of the AIFMD passport to non-EU managers and funds in twelve countries: Australia, Bermuda, Canada, Cayman Islands, Guernsey, Hong Kong, Japan, Jersey, Isle of Man, Singapore, Switzerland, and the United States. The regulator confirmed "there are no significant obstacles impeding the application of the AIFMD passport to Canada, Guernsey, Japan, Jersey and Switzerland."
Obviously, managers can also opt ...................... To view our full article Click here
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