Guernsey gets ready for AIFMD

From 22 July 2013, new regulations will apply to Guernsey alternative investment fund managers (AIFMs) actively marketing alternative investment funds (AIFs) to professional investors in the EEA. Those regulations arise under the EU’s Alternative Investment Fund Manager’s Directive (AIFMD) and under new local rules in Guernsey to be adopted to accommodate the implementation of AIFMD.

This briefing describes how Guernsey has prepared itself to enable Guernsey AIFMs to continue to actively market to professional investors in the EEA beyond 22 July 2013 as anticipated by AIFMD pursuant to continuing national private placement regimes, where available in relevant EEA member states.

The availability of such access is subject to two regulatory conditions: the signing of a regulatory co-operation agreement between Guernsey’s regulator, the Guernsey Financial Services Commission (GFSC) and the home regulator in each relevant EEA member state, in a form negotiated and approved by the central European regulator, ESMA; and Guernsey not being listed as a Non-Cooperative Country and Territory by the Financial Action Task Force…

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