Jersey’s current system for marketing alternative funds into Europe, which uses national private placement regimes, will stay in place until at least 2018.
According to latest figures from the Jersey Financial Services Commission, 84 fund managers have received private placement authorisation this year, up 40% compared to December 2014.
Dominic Wheatley, chief executive of Guernsey Finance, also welcomed the news.
“Guernsey’s response to the AIFMD regime has been second to none, so to receive ESMA’s recommendation for an AIFMD passport extension is extremely pleasing.”
Wheatley said Guernsey has had its own opt-in equivalent AIFMD regime in operational since 1 January 2014. “We did this in order to demonstrate the high standards that our funds industry works to and are now ideally placed to continue to provide access to Europe.”
Andrew Whittaker, chairman of the Guernsey Investment Fund Association, said ESMA’s recommendation would enable Guernsey to operate on a level playing field with its European counterparts in the future.
There are more than 50 fund managers, administrators and custodians in Guernsey servicing assets valued at £222.3bn.
