The latest news for the Channel Islands' funds sector
Welcome to the first Collas Crill Funds Update. Following the
merger of Guernsey's Collas Day and Jersey's Crill Canavan
on 4 April 2011 our updates will now have a pan-Channel Islands
focus and this first update from our merged firm is no
From Guernsey we bring you a review of a
proposed change to UK Partnership regulations and why it could be
positive for Guernsey, as well as some news from the GFSC's
annual report. Our funds team in Jersey have news
of a regulatory consultation and thoughts on how Jersey can appeal
to India. News on the AIFM Directive will, we're sure, be of
interest to readers in both islands.
Guernsey Partnerships Qualify For PE Success As A Result Of UK
The UK's proposed Partnership (Accounts) Regulations 2010
(2010 Regulations), are intended to remedy a loophole created by
the Partnership (Accounts) Regulations 2008 (2008 Regulations),
which may catch out many private equity structures using Scottish
and English LPs.
overview, Wayne Atkinson considers how Guernsey has the
opportunity to strengthen its position in the alternative funds
market by maintaining an industry-driven regulatory environment
coupled with legislative innovation.
AIFM Directive Finally Published
The AIFM Directive will finally enter force on 21 July having
been published in the Official Journal of the EU on 1 July. As
a consequence the timetable for the directive's development now
looks like this:
22 July 2013 Date by which member states
should give effect to the directive through transposition into
22 July 2015 Deadline for ESMA report on
passporting and 3rd country fund passports.
We will keep you updated with changes or amendments as they
Jersey Code Of Practice Consultation
Jersey has issued a Consultation Paper, the proposals of which
have the potential to simplify and, to the extent feasible codify,
the Codes of Practice governing the seven finance activities,
including Fund Services Business.
The main idea is to clarify, align and augment the seven Codes
of Practice. A positive spin-off would be that regulated
bodies which are governed by more than one Code of Practice would
be subject to a single set of requirements in place of service or
product specific requirements. The Consultation Paper is currently open for
comment and you may find the draft codes of practice for
investment business and funds services business useful.
GFSC's Annual Report Contains Positive News For Funds
On 17 June 2011 the Guernsey Financial Services Commission
published its annual report, which contained a number of positives
for those in the funds sector in Guernsey.
Particularly of note were a number of key objectives the
Investment Business Division set out for 2011. These
"Engage with the European Securities and Markets
Authority, as well as HM Treasury and the FSA, on Alternative
Investment Managers Directive and access of Guernsey funds to EU
"Continue to communicate with the FSA in respect of
designation of Class A schemes for marketing in the UK";
"Review and consider the existing Class B and Class Q
open-ended fund rules with a view to updating and amending them to
reflect current experience".
Further positive news was contained in the statistics published
in the report. The GFSC noted that in 2010, 48 new POI licences
were granted and 89 new funds were authorised or registered.
Meanwhile closed-ended funds and non-Guernsey schemes
have significantly broken previous records for funds under
management in Guernsey and the total net asset value of
Guernsey-domiciled open-ended funds increased 14.2 per cent in 2010
to £57.9 billion.
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.
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