Guernsey Financial Services Commission (GFSC) has said that it now accepting application under new domestic Alternative Investment Fund Managers Directive (AIFMD) marketing rules.
The agency has set 22 July 2013 as last date to submit the applications.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Guernsey has amended its domestic rules to be able to continue to offer access to EU markets in view of the AIFMD coming into force on 22 July this year.
By virtue of not being in the EU, Guernsey managers strictly do not need to comply with the AIFMD and the main route to the EU market will continue to be under National Private Placement (NPP). However, post 22 July 2013, in order to continue under this route, AIFMD imposes certain regulatory obligations, which must be fulfilled.
Therefore, the forms are for Guernsey-based managers to apply to the GFSC – essentially a notification process – outlining in which EU (and wider EEA) countries they will market each fund.
This most recent development follows approval from the European Securities and Markets Authority (ESMA) of the bilateral agreements to be signed which will create a formal framework of cooperation on matters of mutual interest between the GFSC and the equivalent bodies in the EU Member States, Croatia, Iceland, Liechtenstein and Norway.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataLatest figures from the GFSC show that the net asset value of investment funds under management and administration in Guernsey reached £296.5 billion at the end of March 2013 – up £19.7 billion (7.1%) in the first quarter of the year.
