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The Commission continues to prepare for the launch of the AIFMD regime on 22 July 2013 and has today published, for consideration and use specifically by Jersey fund industry practitioners:

  • a Guidance Note on Transitional Arrangements, Exemptions and Commission Forms (the “AIFMD Guidance Note”); and
  • a package of new and amended application and notification forms relevant to Alternative Investment Funds (“AIF”), Alternative Investment Fund Managers (“AIFM”) and Depositaries of AIFs, prepared to coincide with the launch of Jersey’s AIFMD regime (together, the “AIFMD Forms”).

Transitional Arrangements
Many of the Member States of the European Union (“EU”) or other European Economic Area (“EEA”) States that have adopted the AIFMD are in the process of defining transitional arrangements (“Transitional Arrangements”). There is no compulsion for EU and EEA States to provide Transitional Arrangements and, where provided, the Transitional Arrangements will be specific to the relevant EU or EEA State.

The specific criteria may vary materially between EU/EEA States and the Transitional Arrangements will not apply to all AIFs and AIFMs. Consequently, the Commission encourages all persons that believe they may be able to take advantage of Transitional Arrangements to consider the relevant requirements of the particular EU or EEA State in relation to their proposed marketing or management of AIFs.

The Alternative Investment Funds (Jersey) Order 2013 (the “AIF Order”) and the Financial Services (Amendment of Schedule 2 to Law) (No. 4) (Jersey) Order 2013 (the “Amendment No. 4 Order”), made by the Minister for Economic Development on 5 July 2013, (together, the “Orders”) take account of how the Transitional Arrangements may impact upon certain AIFs and AIFMs for Jersey regulatory purposes.

The Transitional Arrangements, taken in conjunction with the Orders, will have the effect that Jersey’s AIFMD regime will not apply in certain circumstances. This should ensure that Jersey AIFs and AIFMs will not be put at a disadvantage compared with AIFs and AIFMs from EU or EEA States.

Further details on the Transitional Arrangements are available in the AIFMD Guidance Note, available from the Commission’s Website by clicking here.

Where there are no applicable Transitional Arrangements, the Jersey AIFMD regime includes a number of exemptions under
the Orders from which an AIF or AIFM may be able to benefit.

Guidance in respect of the exemptions is available in the AIFMD Guidance Note, available from the Commission’s Website
by clicking here.

Where there are no applicable Transitional Arrangements or exemptions from which an AIF or AIFM may benefit, Jersey’s AIFMD regime will apply. In such circumstances, the appropriate AIFMD Form(s) should be completed and submitted to the Commission.

Guidance in respect of the AIFMD Forms, and copies of the AIFMD Forms, are available from the Commission’s Website:

- Ends -

For further information please contact: -

David Porter - Lead Adviser, AIFMD
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822018

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