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Alternative Market Briefing

Private funds contend with blacklisted jurisdictions

Thursday, May 20, 2021

Bailey McCann, Opalesque New York:

As fund managers and investors consider which jurisdiction to use as a fund domicile, the issue of blacklisting has come into renewed focus. Governments will blacklist jurisdictions if they are viewed as tax-havens or are too loose with governance standards.

As Brexit and growing global financial regulations put pressure on some locales, investors are responding with ever more detailed diligence requests. Delegates at the recent Opalesque Jersey Roundtable discussed the impact blacklisting is having on where funds ultimately choose to domicile.

"The impact from blacklisting and graylisting of jurisdictions isn't binary nor immediate, but it's on the horizon. What I mean by that is other jurisdictions are likely to require enhanced due diligence on the investors and entities using structures established in the impacted IFCs," says Philip Pirecki of Jersey Finance. "Information that will be demanded from investors is likely to be outside of the norm. That is going to have a direct impact on the quality of experience that your investors are going to have to manage."

Richard Perris an independent consultant to fund managers agreed. "No one can really know how governments in the EU and US are going to manage their relationships with offshore jurisdictions in the future," he said. "Their decisions will inevitably be driven by their own domestic agendas. So, you have to be realistic and accept you can't really have absolute 'st......................

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