Today, the European Securities and Markets Authority
("ESMA") delivered their advice to the Commission,
Parliament and Council of the EU on the extension of Alternative
Investment Fund Managers Directive ("AIFMD") passports to
non-EU jurisdictions. ESMA's initial assessments encompassed
only six jurisdictions - Guernsey, Hong Kong, Jersey, Singapore,
Switzerland and the USA - selected on the basis of factors
including the efforts by stakeholders from these countries to
engage with ESMA's process and the depth of activity and
relationships between the countries and the EU in this area.
ESMA's advice ultimately established that of the six,
Guernsey and Jersey were the only two jurisdictions with no current
barriers to the extension of the passport, whereas the other
jurisdictions either required legislation to be implemented or
further evidence to be obtained in order to make a complete
Collas Crill Head of Commercial, Paul Wilkes commented:
"This is great news for both Guernsey and Jersey. The advice
is a tremendous vote of confidence in the islands and reinforces
the global recognition that we are the best of the best when it
comes to proper regulation of financial services offshore. Both
islands have recognised the huge importance the passporting regime
may have for the funds industry and have made significant efforts
to ensure their already well-regulated funds industries are
positioned to meet EU requirements."
Mark Rawlins, Collas Crill's head of funds in Jersey said:-
"The ESMA advice published today is a clear recognition of the
immense efforts undertaken by the Channel Islands to deliver
regimes that are fit for purpose in the new era of AIFMD and
provides an immediate competitive advantage for Jersey and Guernsey
in the decisions now facing investment managers and their advisors
as to where to domicile their management and investment
Although further work is required before the EU extends the
passport to Guernsey and Jersey, which may not be taken until ESMA
produces final assessments on other non-EU jurisdictions, this is
undeniably a huge boost for the funds industries of both
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).