Jersey Financial Services Commission Logo

PRESS RELEASE 30 July 2015


The Jersey Financial Services Commission (JFSC) welcomes the announcement that the European Securities and Markets Authority (ESMA) has today 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, JFSC commented:

“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, Assistant Chief Minister, added:                                                                                

“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.”

- Ends -

For further enquiries, please contact:

Emma Martin
Head of Communications
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822166

Notes to Editors:


On 7 November, 2014, in preparation for providing its advice and opinion, ESMA issued a ‘Call to Evidence’ to gather input on:

  • the functioning of the passport under the Alternative Investment Fund Managers Directive (AIFMD);
  • the functioning of the marketing of non-EU/EEA (EU) AIFs by EU AIFMs in the EU and the management and/or marketing of AIFs by non-EU AIFMs in the EU; and
  • whether the passporting regime should be extended to the management and/or marketing of AIFs by non-EU AIFMs and to the marketing of non-EU AIFs by EU AIFMs.

Following ESMA’s consideration of the separate responses to the Call to Evidence from the JFSC and Industry, and ESMA’s follow up discussions with the JFSC, ESMA has now opined that there are no obstacles regarding investor protection, market disruption, competition and the monitoring of systemic risk impeding the application of the passport to the marketing of Jersey AIFs by EU AIFMs in the Member States and the management and/or marketing of AIFs by Jersey AIFMs in the Member States in accordance with the rules set out in Articles 35 and Articles 37 to 41 of the AIFMD. 

What next?

Following the issue of ESMA’s positive advice and opinion, the European Commission will, within three months, adopt a delegated act specifying when the third country passport rules (Articles 35, 37 to 41 of the AIFMD) will become applicable to Jersey AIFs and Jersey AIFMs and notify the same to the European Parliament and to the European Council who may, in turn, object to the delegated act within a period of three months from the date of the notification.

However, the institutions may wish to consider waiting until ESMA has delivered positive advice on a sufficient number of non-EU countries, before introducing the passport in order to avoid any adverse market impact that a decision to extend the passport to only a few non-EU countries might have.

To read the press release from ESMA re extension of AIFMD passport to non-EU jurisdictions - click here.

<< Back to contents

< Back to contents