ESMA has published its advice to the European Parliament, the Council and the Commission on the application of the AIFMD Passport to non-EU (“third country”) AIFMs and AIFs. The following offers some back ground The ESMA advice is of particular interest to the UK, which may or may not become a “third country” for AIFMD […]

ON the 19th July the JFSC issues a Press Release as follows The Jersey Financial Services Commission (JFSC) welcomes the recommendation that the European Securities and Markets Authority (ESMA) has today made to the European Parliament, Council and Commission, that Jersey should be amongst those ‘third countries’ granted an AIFMD passport. The JFSC has fully […]

The European Securities and Markets Authority (“ESMA”) has published its final guidelines on the remuneration requirements of the UCITS V directive. http://bit.ly/229d2IN The key issue addressed by ESMA is the ability for smaller or less complex managers to disapply certain of the more onerous remuneration requirements (including the “Pay Out Process Rules”) on the basis […]

On 06 October 2014, the Financial Conduct Authority (FCA) published an updated version of its Q&As for Alternative Investment Fund Managers (AIFMs) on reporting transparency information under the Alternative Investment Fund Managers Directive (AIFMD) to the FCA. The updated version, which was first published on 01 October 2014, includes a new Q&A (no 37), on […]

The Financial Conduct Authority (“FCA”) has published its policy statement on Changes to the use of dealing commission rules PS 14/7, which covers the issues arising from the FCA’s consultation paper CP 13/17, published in November 2013 and also includes the final revised rules which are made by way of changes to COBS 11.6 of […]

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 […]

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 […]

The AIFMD has now been in force for over two months and funds and their advisers are coming to terms with the new AIFMD regime in Jersey. Some interesting themes that have been noted in this quarter include: The new AIF Codes contain provisions regarding the disclosure of side letters. This represents a departure from […]