Guernsey Finance's Fiona Le Poidevin explains how Guernsey
can be an attractive place to run business amidst the introduction
of AIFMD.
The next 12 to 18 months will be crucial in determining the
implementation of the Alternative Investment Fund Managers
Directive (AIFMD) and therefore, the implications for investment
houses. That said, already, research has indicated that a
significant number of investment houses are considering taking
steps to put themselves beyond the potentially onerous requirements
of AIFMD by establishing their funds in non-EU jurisdictions, such
as Guernsey.
However, this can only be achieved if there is sufficient
substance in the jurisdiction to demonstrate that not just the fund
but also the manager can be genuinely considered to be based
outside the EU. So called 'letter box' entities cannot
claim to be managers and substance will be required where a manager
is claiming to be domiciled. As such, this might encourage
investment houses,
