The AIFMD debate on third country passports is moving from the theoretical towards discussion about how passporting will work in practice for third countries, London delegates at Guernsey funds event heard last week.
Guernsey was endorsed as a leading fund domicile at the Guernsey Finance masterclass at the British Museum, jointly sponsored by Ogier.
"The consensus was that national private placement was working well for Guernsey. But the real interest was that the AIFMD debate on third country passports is moving from the theoretical towards discussion about how third country passporting will work in practice," said Ogier partner Frances Watson, who was among the 300 delegates.
She is among those anticipating the activation of the Island's third country passport.
The Guernsey Finance-hosted masterclass, held in conjunction with the Guernsey Investment Fund Association (GIFA), heard a panel of funds experts debate the current market landscape as it relates to the Alternative Investment Fund Managers Directive (AIMFD) and National Private Placement (NPP) regimes.
'NPP or third-country passport?' – considered the European Securities and Markets Authority's (ESMA) advice in July 2015 that there were no obstacles to extending the passport to Guernsey and how the industry generally was utilising NPP in relation to AIFMD.
Delegates heard that once the Island receives its third country passport Guernsey's offering will become even stronger.
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