Guernsey FSC consults on opt in AIFMD

The Guernsey Financial Services Commission (GFSC) has launched a consultation
on an opt in Alternative Investment Fund Managers Directive (AIFMD) equivalent
regime for Guernsey licensed fund managers and depositaries.  The
consultation is intended to facilitate the requirements of the AIFMD into the
local regulatory regime thereby providing locally regulated entities with
flexibility in their product strategy with respect to fund management and
enable the marketing of business within the European Economic Area.

It is intended that the regime will become effective from 2 January 2014.  It will be a commercial decision for alternative investment fund managers and depositaries based in Guernsey whether or not to opt into the regime.  For those that do so there will be additional reporting to the Commission.  In the consultation the Commission asks whether to use the template reports in the Level 2 Regulations or create bespoke reports and request feedback on this.

Comments were due by 18 October 2013.

 Related Link:

http://www.gfsc.gg/The-Commission/Documents%20and%20Forms/Consultation%20Paper%20on%20AIFMD%20Rules.pdf