The number of Jersey-based funds intending to privately place into Europe under the Alternative Investment Fund Managers Directive (AIFMD) has increased substantially since the transitional phase of the directive has come to an end.
As of July 22, a total of 164 funds have told the Jersey Financial Services Commission (JFSC) they intend to use Jersey’s private placement route into Europe. A further 57 alternative investment fund managers have confirmed their authorization under Jersey’s AIFMD private placement regime, and there are plans for a further three Jersey-based depositaries to offer AIF Depositary services.
The U.K. remains a key market for Jersey managers, according to the JFSC’s figures, which show that as of June 30, 28 managers out of a total 32 notifications intend to market in the U.K. Those remaining will be split across Sweden, Belgium, the Netherlands, Ireland, Denmark, France, Germany and Luxembourg.
Subject to the relevant EU/EEA Member State requirements, Jersey’s AIFMD framework allows managers to gain regulatory approval to market into Europe via a number of different options. Depending on the type of fund being established, private placement under AIFMD in this manner involves minimal additional AIFMD disclosure and reporting requirements.
Jersey has already prepared for the introduction of the EU third country manager marketing passport by establishing the option of a fully-compliant AIFMD regime for asset managers in the region.
Jersey Funds to Increase Their Private Placements Into Europe
As of July 22, a total of 164 funds have told the Jersey Financial Services Commission (JFSC) they intend to use Jersey’s private placement route into Europe.