The new funds and fiduciary director at the Jersey Financial Services Commission has warned that “plenty of disagreements” remain over the Alternative Investment Fund Managers Directive, which comes into force in July.
Jersey funds specialist warns of AIFMD challenges
John Everett joined the commission this week after leaving his role as technical specialist, asset management and funds at the Financial Conduct Authority in March.
His new role combines the director of securities and director of trust company business positions at the commission.
At the FCA he was involved with policy and legislative issues around the AIFMD, while at Bovill — which he left in October 2013 — he consulted on the impact of the directive.
He warned that question marks remain over the exact nature of the AIFMD’s impact ahead of its July 22 implementation date.
He said:
- “It’s a massive piece of legislation and it will take some time to bed down. There are bound to be one or two operational aspects that need tidying up.
- “There are still plenty of disagreements and issues between EU countries about how it will work in practice, everyone is still on a learning curve.”
The AIFMD intends to cover alternative investment fund managers such as those who manage hedge funds, private equity funds and real estate funds.
Everett left his position at the FCA just six months into the role after the opportunity in Jersey emerged.
He said the opportunity at the commission was one that he could not turn down. It was his second stint at the FCA having previously worked there for 10 years from 2002 to 2012.
Weighing up the challenge facing him at the commission Everett said:
- “We need to demonstrate not just to the Jersey Government but to people like the European Commission that we are delivering robust supervision.”
- “Like any financial regulator Jersey has a raft of legislation that needs to be implemented,” he said.
- “Although we are not in the EU, what comes out of the EU is very influential and we need to effectively respond to it.
- “The opportunity is there for me to provide some input and help at a more senior level than before.”
Loading...