The European Securities and Markets Authority
(ESMA) has recommended to the European Parliament,
Council and Commission that the AIFMD passport be extended to
Guernsey and Jersey.
Commenting on the impact of the recommendation Appleby Corporate
Andrew Weaver said: "The recommendation by ESMA is
significant for both Guernsey and Jersey: when implemented by the
EU institutions both jurisdictions will be able to run fully AIFMD
compliant regimes, with the benefit of the passport, whilst at the
same time giving the option not to participate in the AIFMD if they
are not marketing in Europe."
Andrew went on to say: "The building of such a robust AIFMD
framework is the result of a great deal of hard work with each of
Jersey's and Guernsey's governments, the regulators and the
industry working together in a coordinated approach. This
endorsement by ESMA is the culmination."
ESMA assessed six jurisdictions who were selected based on a
number of factors including the amount of activity already being
carried out by entities from these countries under the national
private placement regimes (NPPRS), EU national
authorities' knowledge and experience of dealing with their
counterparts and the efforts by stakeholders from these countries
to engage with ESMA's process.
ESMA's advice concludes that no obstacles exist to the
extension of the passport to Guernsey and Jersey.
Following ESMA's recommendation, there is now a period of up
to six months for the European Commission to propose appropriate
legislation and for the European Parliament and Council of
Ministers to agree to the third country passporting rules becoming
applicable to Jersey and Guernsey EU Alternative Investment Funds
and by EU Alternative Investment Fund Managers.
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