GUERNSEY: AIFMD Rules to come into effect 2 January 2014

Tuesday December 3 2013

The Guernsey Financial Services Commission (FSC) has announced that the AIFMD Rules, 2013 (“the Rules”) have been approved by the Commissioners and together with the Forms GAIFM and DAIFM have been placed on the Commission’s website with an effective date of 2 January 2014.

The Rules enable Guernsey fund managers and depositaries to opt in to an AIFMD equivalent regime. Guernsey fund managers and depositaries who wish to be subject to the Rules will be able to apply to the Commission by using Form GAIFM and Form DAIFM. Once the Commission has considered the application, the Rules will be imposed as a condition on the licence of the respective fund manager or depositary.

At this stage it is a commercial decision as to whether or not Guernsey fund managers and depositaries wish to be subject to the Rules. Accordingly, Guernsey fund managers and depositaries should undertake detailed analysis of their business requirements before opting in to comply with the Rules. The Commission would encourage fund managers and depositaries to contact the Commission prior to submitting an application.

Click on the above link for more details.