Guernsey Holds AIFMD Event

By Editorial 13 November, 2013

A Guernsey event exploring practical aspects of implementing the Alternative Investment Fund Managers Directive (AIFMD) was held in London on November 05, 2013, attracting nearly 200 fund managers and advisers.

Fiona Le Poidevin, Chief Executive of Guernsey Finance, the promotional agency for the Island's finance industry, said: "AIFMD has dominated a large proportion of the coverage relating to the European funds industry over the past couple of years but the deadline for EU and EEA Member States to transpose the provisions of AIFMD into national law was July 22 this year.

"Now we are able to look at the practical aspects of implementation, including examples of the types of structures that are emerging. However, there remains a degree of uncertainty and many investment houses, especially those not required to act yet, are hanging back and waiting to see how the environment surrounding AIFMD develops.

"The event clearly demonstrated that many managers and their advisers are well aware of Guernsey's unique position as a third country which has developed a regulatory regime that allows us to service our global client base, both business which does and does not touch the EU, in a very bespoke and pragmatic manner."

Panelists for the event were Cathy Pitt, Partner at Norton Rose Fulbright; Phil Bartram, Partner at Travers Smith; Carl Rosumek, Director of Investment Supervision and Policy for the Guernsey Financial Services Commission; and Justin Partington, Commercial Director at Ipes.

Ben Morgan, Partner at Carey Olsen, moderated the panel session and also provided an overview of AIFMD and how it relates to Guernsey.

As well as discussing the most appropriate route to market and summarizing Guernsey's AIFMD offering, other topics covered at the event included portfolio and risk management, bilateral discussions on private placement and Guernsey as a depository center of excellence.

Nik Hood, Head of Investment Funds in London at BC Partners, which has an operation in Guernsey, said: "It reinforced how undefined everything is. It was quite useful to hear that the professionals are also uncertain of all the details. It's just a case of being patient."

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