Guernsey’s Government has amended its investor protection regulations for the EU AIFMs and AIFs to enable easier movement between Guernsey and EU markets.
The move follows the recommendation by European Securities and Markets Authority (ESMA) to the European Council, European Commission and European Parliament that Guernsey should be among the first wave of to get access the EU AIFMD passport.
Guernsey Finance chief executive Dominic Wheatley welcomed the news, saying the reciprocal market access demonstrated clear support of the AIFMD passport and the increased trade and competition in the funds sector it facilitates.
Citing a KPMG report, International Capital Flows, he said the Guernsey funds sector was a “well-regulated conduit” for €130bn (£95bn) of funds into the EU, of which half was being drawn from outside Europe.
He said: “These funds are invested in supporting economic growth and supporting jobs in businesses ranging in size from small and medium-sized enterprises up to multi-national businesses. Guernsey infrastructure funds, including a hub of renewable funds, assist with supporting key EU government objectives by facilitating the construction and management of €6.5 billion of key infrastructure assets across Europe, as well as investing in renewable energy projects.”
