Guernsey will remain a leading funds domicile despite the European Union's continued steps towards introducing the proposed Alternative Investment Fund Managers (AIFM) Directive, according to the promotional agency for the Island's finance industry.
In recent days, the Economics Committee of the European Parliament and the Economics and Financial Affairs Council of the European Union have considered their distinctly different versions of the Directive.
Peter Niven, Chief Executive of Guernsey Finance, said: "I am confident that no matter which approach is finally adopted by the European Union, Guernsey is well positioned to remain an attractive and competitive jurisdiction for European professional investors.
"Under the latest proposals any third country hedge fund or private equity group will be able to gain an EU passport if it complies with the new rules and its home country applies global standards. We certainly believe that Guernsey meets all the relevant criteria, not least through our long standing commitment to adopt international standards on regulation, transparency and information exchange. This has been recognised by the Island's inclusion on the OECD 'white list' and the findings of the Foot Review however, we have not been resting our laurels but reinforcing these messages through proactive engagement with key individuals and groups both in London and Brussels."
In the coming weeks the European Council, the European Parliament, and the European Commission will enter into discussions to produce a final compromise which is acceptable to both the Parliament and the Council.
Mr Niven added: "Guernsey's government, industry and regulator will be continuing the joint work to understand the implications of the directive, lobby for changes to the proposals and promote a better understanding of our regulatory regime and alternative funds industry to ensure we have the best possible outcome for the Island."
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