Transitional arrangements adopted by certain of the EEA Member States, and reflected in the Jersey AIFMD regime, have meant that Jersey’s AIFMD regime has not yet applied where the national laws of EEA Member States in which the AIF is marketed or managed have not required compliance with the AIFMD.

However, most transitional arrangements are due to end on 22 July 2014 (although in certain Member States this may be earlier or later).

Accordingly, the next few months represent the ‘last chance saloon’ for Jersey AIFMs to fully assess and implement changes required for AIFMD compliance.

Becoming AIFMD compliant in 2014

Any Jersey AIFM which has, to date, been relying on transitional arrangements to keep it outside of the scope of Jersey’s AIFMD regime should now be planning implementation steps to ensure compliance – both for itself and the AIF(s) it manages – with Jersey’s AIFMD regulatory framework.  Failure to do so may prevent the AIFM from marketing in the EEA following the expiry of the transitional arrangements until such time as the AIFM and/or AIF has obtained all necessary Jersey regulatory approvals and/or consents from the Jersey Financial Services Commission (JFSC).