Funds Legal and Regulatory Update — 21 October 2013

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The Alternative Investment Fund Managers Directive (AIFMD) has now been in force for more than two months and funds and their advisers are coming to terms with the new AIFMD regime in Jersey.

The new AIF codes contain provisions regarding the disclosure of side letters. This represents a departure from market practice in certain sectors (e.g. hedge funds). The Jersey Financial Services Commission (JFSC) has confirmed that it intends to issue formal guidance on the disclosure of investor side letter terms in due course. This should bring some welcome clarity for advisers.

The JFSC has issued a consultation paper recommending that the pro forma reporting template set out the Level 2 AIFMD regulations be used for the purposes of preparing reports to the JFSC required under the AIF. The European Securities and Markets Authority has recently published the final guidelines on the reporting obligations for EU AIFMs, which may be of assistance for Jersey AIFMs when considering their reporting obligations to the JFSC…

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