Guernsey has extended market access to EU alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) doing business in Guernsey.
The move follows European Securities and Markets Authority (ESMA)’s advice to the European Council, the European Commission and the European Parliament that the EU alternative investment fund management directive (AIFMD) passport should be extended to Guernsey.
Guernsey’s government has now amended its investor protection regulations for AIFMs and AIFs based in EU member states that have fully implemented AIFMD in order to enable easier movement between Guernsey and EU markets.
Guernsey’s chief minister, Jonathan Le Tocq, commented: “When I met with EU Capital Markets Commissioner Hill in May, I set out Guernsey’s commitment to supporting free movement of capital and trade. Our amendment to Investor Protection regulation extends Guernsey market access to EU AIFMs – a move that is both sensible and is a further demonstration of that commitment.”
Guernsey Finance chief executive, Dominic Wheatley, said industry welcomed both the recent ESMA recommendation and the amendment to the Island’s Investor Protection regulations.
Wheatley added: “This move by Guernsey’s government to reciprocate market access under AIFMD is a clear demonstration of a belief in the benefits of increased trade and competition in the funds sector across the EU that the AIFMD passport facilitates.”
