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
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
"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."
For more information about Guernsey's finance industry
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