EU countries obtain market access to Guernsey

Guernsey has recently amended The Investor Protection (Designated Countries and Territories) Regulations in order to allow the promotion in the island of Alternative Investment Funds within EU Members States that have fully implemented the EU Alternative Investment Fund Managers Directive (“AIFMD”).

The move follows the advice issued by the European Securities and Markets Authority (“ESMA”) to the European Council, the European Commission and the European Parliament at the end of July regarding the extension of the passport to third countries. ESMA concluded that no obstacles exist to the extension of the passport to Guernsey, Jersey and Switzerland (subject to the enactment of some pending legislation).

Guernsey’s Chief Minister, Deputy Jonathan Le Tocq, said: “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: “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.”

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