Jersey will be well positioned to grow its alternative funds business when the Alternative Investment Fund Managers' Directive (AIFMD) comes into place.
Whilst there is still some clarity required around the AIFMD, Jersey is moving forwards with implementing a new regime that would allow regulated fund businesses and funds in Jersey wishing to avail themselves of AIFMD ‘passport’ provisions.
The Directive’s banning of ‘letterbox arrangements’ was also discussed by panellists, whereby fund managers are prevented from delegating large portions of their duties to entities in other jurisdictions. Whilst it was agreed that this may have some implications for the structuring of offshore funds, it was stressed that the Jersey model will be far removed from any kind of such arrangement, giving promoters, managers and investors added confidence in Jersey.
According to Geoff Cook, chief executive, Jersey Finance: “The clear message to come out of this conference [organised recently by Jersey Finance in London] was that Jersey is taking compliance with the AIFMD very seriously indeed. We want to be at the front of the queue when it comes to signing the agreements required to comply with the Directive, something that should send out the strong message that Jersey is keen to embrace new regulatory benchmarks. With the moves Jersey is making, it will be ideally positioned to provide certainty in relation to continued access to EU institutional capital from 2013 under the private placement regime, and from 2015 under the passport regime.
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