The AIFMD and Bermuda — implementation update
The Bermuda Monetary Authority, the Bermuda regulator, has recently made an important announcement by confirming that Bermuda is now able to satisfy the three core conditions that are required of a so-called ‘Third Country’ under the Alternative Investment Fund Managers Directive (AIFMD). Complying with these conditions is necessary for Bermuda if its investment funds, and investment funds managed by its investment managers, are to be allowed to be marketed in Europe under the private placement regimes of EU member states after the 22 July 2013 transposition date of the AIFMD, and following this, under the anticipated extension of the passporting regime to Third Countries in 2015.
The three core conditions are as follows:
- There are in place appropriate cooperation arrangements, which take the form of agreements between the Third Country supervisory authority and the regulators of the relevant EU member state(s);
- Third Countries are not on the Financial Action Task Force list of noncooperative jurisdictions; and
- Agreements for exchange of information for tax purposes are in place with the relevant EU member state(s)…
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