Funds Legal and Regulatory Update — period covered: 30 September 2013 to 31 March 2014

1. Alternative Investment Fund Managers Directive (AIFMD)
The AIFMD and the relevant Jersey-implementing legislation has been in force for more than six months. However, as a result of transitional arrangements in certain member states, a number of fund managers (AIFMs) and their advisers are yet to come to terms with the new regime.

By July 2014 all relevant entities will be required to opt in to Jersey’s AIF regime so now is the time for Jersey AIFMs to consider what steps they must take if they wish to continue to have access to EU markets.

1.1 UK transitional arrangements
The UK government confirmed in December 2013 that it intended to amend the transitional arrangements for UK firms. The proposed arrangements will allow a UK AIFM to manage AIFs after 22 July 2014 without having been authorised or regulated, provided that the AIFM has submitted to the Financial Conduct Authority (FCA) before 22 July 2014 an application for authorisation or registration. Such an AIFM will be able to continue managing AIFs until the FCA has determined the application…

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