For cross border fund distribution into both EU and non-EU counties, there is a Dual Regulatory Regime in Guernsey for those that ‘do’ and those that ‘do not’ need to comply with the AIFMD.
Between now and July 2015 – when the new passporting regime for third countries is due to be implemented, there are 2 options for investment funds in Guernsey who may or may not wish to access the EU market.
Those managers using the EU National Private Placement regime or those marketing to non-EU investors will continue with the existing investment fund marketing route.
For those requiring an AIFMD compliant fund there are full AIFMD equivalent rules for Guernsey fund managers and depositaries. Be aware of the increased capital requirements, remuneration rules, appointment of a depositary and associated costs of these as well as the additional reporting requirements.
The Guernsey Financial Services Commission are on hand to help managers deal with all the practical aspects of implementing the rules and welcome any questions on their application process which is designed to be very straightforward.
Private Equity Administrators welcomes our clients and readers to get in touch and to discuss the options available to you around the AIFMD. Please call James in Guernsey or Peter in Denmark for any technical help:
+44 1481 730988
+45 70 20 40 61