Existing National Private Placement Regimes to allow funds to be
marketed into the EU by investment managers continue to work well
in the run-up to the implementation of the ESMA passport regime,
says Ogier partner Craig Cordle.
Craig, who works in Ogier's top-tier ranked Guernsey
Investment Funds team, is currently attending SuperReturn
International in Berlin – the leading private equity and
venture capital conference attended by around 2,000 professionals
from the PE sphere.
Craig said: "One of the big themes to emerge as we talk to
more and more people is that the existing NPPR regime is still
working well in terms of marketing investment fund opportunities
into the EU from outside.
"That's a hot topic because although ESMA reported last
July that there was no obstacle to an AIFMD passport being extended
to Jersey and Guernsey – and although a similar verdict is
expected in respect of BVI and Cayman once legislative amendments
have been enacted – there is no indication yet on when, or
even if, the new regime will come into force, particularly in the
light of the Brexit negotiations over the coming years.
"The overall message here is that the private equity
industry is relaxed about the ESMA passport timeline because the
existing NPPR route will be in place until at least 2018."
Under the NPPR system, non-EU Alternative Investment Fund
Managers and Alternative Investment Funds must comply with each EU
country's national regime when they market funds in that
The extension of the AIFMD passport regime, which is currently
only available to EU entities, would allow non-EU jurisdictions to
seek a "passport" through which they can market and
manage throughout the EU.
Craig is attending the SuperReturn event as part of the We Are
Guernsey delegation alongside representatives from Vistra, Langham
Hall and JTC Group.
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Now that the United Kingdom has served notice to leave the European Union under Article 50 of the Lisbon Treaty, managers of offshore funds have a clearer timetable for when Brexit will happen, with the UK scheduled to leave the EU in March 2019.
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