Transitional arrangements adopted by certain of the EEA Member
States, and reflected in the Jersey AIFMD regime, have meant that
Jersey's AIFMD regime has not yet applied where the national
laws of EEA Member States in which the AIF is marketed or managed
have not required compliance with the AIFMD.
However, most transitional arrangements are due to end on 22
July 2014 (although in certain Member States this may be earlier or
Accordingly, the next few months represent the 'last chance
saloon' for Jersey AIFMs to fully assess and implement changes
required for AIFMD compliance.
Becoming AIFMD compliant in 2014
Any Jersey AIFM which has, to date, been relying on transitional
arrangements to keep it outside of the scope of Jersey's AIFMD
regime should now be planning implementation steps to ensure
compliance – both for itself and the AIF(s) it manages - with
Jersey's AIFMD regulatory framework. Failure to do so may
prevent the AIFM from marketing in the EEA following the expiry of
the transitional arrangements until such time as the AIFM and/or
AIF has obtained all necessary Jersey regulatory approvals and/or
consents from the Jersey Financial Services Commission
Caroline McGrath has recently returned to Bedell Cristin
following a ten month secondment to the JFSC's funds policy
team where she acted as an adviser in connection with the
implementation of Jersey's AIFMD framework. During her
secondment to the JFSC, Caroline worked closely with the States of
Jersey's economic development team and law draftsman's
office, and the legal technical working group, where she focused
principally on the preparation and publication of the JFSC's
Codes of Practice for Alternative Investment Funds and AIF Services
Business and other AIFMD-related documentation (including JFSC
consultation papers, press releases, fees notices, guidance notes,
feedback papers and application and notification forms).
Emily Haithwaite has, since its inception to date, been an
active participant on the industry technical working group
established by Jersey Finance Limited to consult on AIFMD and to
assist with the design and implementation of Jersey's AIFMD
regime, in conjunction with the States of Jersey and the
Caroline and Emily, together with the rest of Bedell
Cristin's team of highly experienced financial services
lawyers, are available to offer help and advice on the practical
implications of ensuring full compliance with Jersey's AIFMD
Using their unrivalled knowledge and expertise of Jersey's
AIFMD requirements, Caroline and Emily are providing assistance
with the assessment of AIFMD compliance requirements, the planning
and implementation of an AIFMD compliance plan, as well as
providing training and general advice and guidance on Jersey's
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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