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)…
If you are registered and logged in to the site, click on the link below to read the rest of the Conyers Dill & Pearman briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Conyers Dill & Pearman
Briefings from Conyers Dill & Pearman
The Cayman Automatic Exchange of Information Portal is now open and a user guide is available to help smooth the process of making filings.
This article looks at some common issues which should be considered by a creditor when taking security over shares in a BVI company.