The European Securities and Markets Authority (ESMA) has made a recommendation to the European Parliament, Council and Commission, that Jersey should be amongst those ‘third countries’ granted an AIFMD passport.
This recommendation follows ESMA last year issuing a ‘Call to Evidence’ for them to consider whether to extend the AIFMD passporting regime beyond EU Alternative Investment Funds (AIFs) managed by EU Alternative Investment Fund Managers (AIFMs). Separate responses were submitted to ESMA from the JFSC and local industry to this ‘Call to Evidence’ in this respect.
The JFSC is fully engaged with ESMA and has been working hard behind the scenes with Member State regulators.
Following ESMA’s recommendation today, there is now a period of up to six months for the European Commission to propose appropriate legislation and for the European Parliament and Council of Ministers to agree to the third country passporting rules becoming applicable to Jersey AIFs and AIFMs.
Mike Jones, Acting Policy and Strategy Director, Jersey Financial Services Commission, says: “We are delighted with this announcement from ESMA recommending Jersey be granted a ‘third country’ passport, which positively recognises the Island’s robust AIFMD framework and fully compliant regime which has been introduced.
“Jersey is one of Europe’s leading centres for alternative funds business and the JFSC is committed to supporting the industry by ensuring we have the right frameworks in place to ensure long term success.”
Senator Philip Ozouf (pictured), Assistant Chief Minister, adds: “ESMA's announcement is further confirmation that Jersey remains at the forefront of professional services for the global funds industry. This kind of endorsement does not happen by accident; building such a robust AIFMD framework is the result of a great deal of hard work and of the joined-up approach adopted by government, the regulator and the industry.”
