The UK remains a key market for Guernsey with the ESMA figures,
based on feedback from the National Competent Authority (NCA) in
the UK, revealing that 25 Guernsey AIFs were being marketed under
Article 36 in the three months up to 31 December 2014, while 57
Guernsey AIFMs and 121 Guernsey AIFs were marketing under Article
42 for the same period.
Other figures include seven Guernsey AIFs being marketed in
Belgium under Article 36 in the three months up to 31 March 2015 as
well as two Guernsey AIFMs and eight Guernsey AIFs under Article
42. Four Guernsey AIFs were also being marketed in both the
Netherlands and Sweden under Article 36 in the first quarter of
Financial Services Commission (GFSC) has previously reported
that, in addition to the UK, managers have used Guernsey's
National Private Placement (NPP) regime to market AIFs into other
key markets such as Germany, France, Ireland, the Netherlands,
Sweden, Norway and Finland as well as Belgium, Denmark, Austria,
Luxembourg, Estonia, Portugal and Romania.
Dominic Wheatley, Chief Executive of Guernsey Finance, said:
"What is pleasing about these figures is that Guernsey's
NPP regime is clearly working well and proving to be an attractive
option for fund managers as they target key markets and countries.
As evidenced in KPMG's recent International Capital Flows
report, Guernsey's funds sector plays an important role in
Europe with more than £105 billion of assets of Guernsey
funds deployed into Europe; funds which are then invested in
supporting jobs in businesses of all sizes."
In response to AIFMD, Guernsey introduced a dual regulatory
regime through which it is possible to continue to distribute
Guernsey funds into both EU and non-EU countries: the existing
regime remained for those investors and managers not requiring an
AIFMD fund, including those using EU NPP regimes and those
marketing to non-EU investors; and there is an opt-in regime which
is fully AIFMD compliant.
Guernsey's opt-in equivalent regime which has been in place
since January 2014, is appropriate for funds requiring full AIFMD
compliance. However, Guernsey's position as a third country
means that managers and funds who want to access Europe can
continue to use NPP regimes for the time being.
Mr Wheatley added: "Guernsey's response to AIFMD has
been first class and has ensured the Island is ideally placed to
continue to provide access to Europe. The European Securities and
Markets Authority's July recommendation that Guernsey should be
granted a 'third country' passport under AIFMD was
encouraging and we now eagerly wait to see how the European
Parliament, Council of the European Union and the European
Commission will follow this advice. Extending the passport would
ensure that Guernsey is able to operate on a level playing field
with its European counterparts in the future."
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