Figures revealed for Jersey-registered alternative investment
fund managers (AIFMs) show a continuing rise in
the six months to 30 June 2016. 115 AIFMs have been authorised by
the Jersey Financial Services Commission (JFSC) to
market funds in Europe through national private placement regimes
under the Alternative Investment Fund Managers Directive
(AIFMD), a rise of 11% on the December 2015
figures. The JFSC also confirmed that 251 Jersey alternative
investment funds were being marketed in Europe, a 9% rise. The
value of Jersey's investment funds sector rose to its second
highest since 2008 with significant increases in the private equity
and real estate sectors.
The release of these figures follows the publication of advice
by the European Securities and Markets Authority
(ESMA) to the European Commission confirming that
there are no obstacles to Jersey AIFMs obtaining a passport to
market their funds into Europe. The advice reiterated ESMA's
opinion expressed in July 2015 that there were no obstacles
regarding investor protection, market disruption, competition and
the monitoring of systemic risk in the Channel Islands impeding the
application of the passport in Jersey or Guernsey. The advice also
provided ESMA's positive assessment of the capacity of the JFSC
(in Jersey) and the Guernsey Financial Services Commission (in
Guernsey) and their track record in ensuring effective enforcement
and the expected inflows of funds by type and size into the EU from
either of the Channel Islands.
In addition to Jersey and Guernsey, ESMA also gave positive
assessments of the extension of the AIFMD passport to Canada, Japan
Article first published by Appleby in August
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