Mon, Sep 20, 2021
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Bermuda takes steps to satisfy third country requirements of Europe’s Alternative Investment Fund Managers Directive

Thursday, August 06, 2015
Opalesque Industry Update - The European Securities Market Authority is currently considering which non EU jurisdictions or ‘third countries’, may be granted passport rights under the Alternative Investment Fund Managers Directive (AIFMD).

Non-EU fund managers covered by the passport will be allowed to register in one European state and market their products across other member states. Last week, ESMA issued positive advice with respect to Guernsey, Jersey and Switzerland and has indicated it intends to finalise the assessments of further groups of non-EU countries until it has provided advice on all the non-EU jurisdictions that it considers should be included in the extension of the passport. The jurisdictions to be assessed will include Bermuda, the Cayman Islands, the British Virgin Islands amongst others.

Bermuda has a long history of being a robust and highly respected jurisdiction that continuously works to meet international regulations and standards. The Bermuda Monetary Authority is highly respected internationally as a strong, effective and sensible regulator. A draft bill has been introduced which will help to facilitate Bermuda’s compliance with the requirements of the AIFMD and further strengthen the Island’s ties with Europe. The bill, once in force, will amend the Investment Business Act 2003 to provide an opt-in framework for the licensing and regulation of alternative investment fund managers (AIFMs) who wish to market their alternative investment funds via the passport in accordance with the terms and conditions set out under the AIFMD.

Currently, Bermuda funds can be marketed to professional investors in EU countries under national private placement regimes and investment managers wishing to market Bermuda funds into the EU are required to comply with certain requirements. The national private placement regime is set to remain in place until 2018.

The amendments are expected to be debated in the House in Bermuda in August when MPs are recalled early, and will add further evidence of Bermuda’s strong and effective regulatory base for investment funds and international business acumen.

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. SPACs: The fall of the SPAC market has digital media companies in disagreement about best path forward, Cannae Holdings: SPAC bloodbath provides a good entry point, British car startup Cazoo raises $1bn from SPAC merger, Europe's incoming SPAC boom will create a demand for talent[more]

    The fall of the SPAC market has digital media companies in disagreement about best path forward From CNBC: The digital media industry has reached a strategic crossroads. Earlier this year, special purpose acquisition vehicles (SPACs) appeared to be the long-awaited savior of digital me

  2. Property: Real estate's new moneymaker is not design-driven, it's alternative, Two Sigma building quant tools to hunt real estate bargains[more]

    Real estate's new moneymaker is not design-driven, it's alternative From Forbes: There has been a recent shift of attention in the real estate market as to the types of investments which make the strongest returns. In the past, it's always been a combination of good design, prim

  3. PE/VC: Private equity GPs, LPs alike working on diversity and inclusion, Chinese regulator vows to crack down on private equity, venture capital funds, The VC playbook for portfolio companies: learning from the Covid-19 crisis[more]

    Private equity GPs, LPs alike working on diversity and inclusion From Private equity general partners and limited partners are doing more to increase diversity in private markets, according to a report released Tuesday by the Institutional Limited Partners Association.

  4. PE/VC: Private equity continues to lead fund closings, Venture capital firms are fighting to throw money at cleantech[more]

    Private equity continues to lead fund closings From Among private fund closings, private equity funds have led the pack starting in 2011, based on data collected by Pensions & Investments. During those years, private equity's share has ranged from 56% to 72% of the total

  5. PE/VC: Climate tech is hot, but VCs can't forget about water, Five top trusts to tap into the private equity boom[more]

    Climate tech is hot, but VCs can't forget about water From Crunch Base: "It is unequivocal that human influence has warmed the atmosphere, oceans, and land." These fiery words come from the latest landmark U.N. report detailing intensifying, universal climate change impacts. They cover