The Channel Island is not in the EU so, for the purposes of the Alternative Investment Fund Managers Directive, it is considered a “third country” and so will not be immediately directly impacted by the new regulation.
In order to cater for those fund managers which do need to comply with the AIFMD, the Guernsey Financial Services Commission has released a set of new rules, effectively creating a “dual regime” where there are two parallel regulatory regimes – the existing rules and the new AIFMD compliant regime.
Guernsey Finance chief executive Fiona Le Poidevin said: “The introduction of the opt-in regime means that we have another piece of the jigsaw in place to ensure that Guernsey funds can continue to be distributed to both EU and non-EU countries in the future.”
Under the new structure the existing regime remains in place for managers and investors not requiring an AIFMD fund, including those using EU national private placement regimes and those marketing to non-EU investors, and an opt-in regime will be available which is fully compliant with AIFMD.
Le Poidevin added: “Third countries are not required to implement an AIFMD equivalent regime until the third country passport becomes available in 2015, but we felt that it was important to provide Guernsey managers and depositaries with certainty as soon as possible.
“It is therefore very pleasing that we have been able to publish the rules now and will have them effective from the start of 2014.”
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