The European Securities and Markets Authority (ESMA) published on 19 July 2016 its final advice to the European Commission (the Commission) on the extension of the marketing passport under the Alternative Investment Fund Managers Directive (AIFMD) to 12 non-EEA countries, including the United States. This note is intended to highlight ESMA’s advice to the Commission and set out the steps firms would need to consider when applying for a third country passport.
Dominic Wheatley explains the island’s popularity as a destination for family offices. There is growing appreciation of the products and services that international finance centres such as Guernsey can provide to high-net-worth individuals, particularly as regards family office solutions.
It seems that change is the new norm in many areas of the financial services world, largely as a result of the current challenging economy in which legislation, regulation and risk management are all shaping the way in which we work and advise our clients.
The offshore world is no exception to this and there are a number of developments that are exercising family offices and their offshore providers or partners.
While not the first location that springs to mind when thinking of Islamic finance, Guernsey has developed its legal, tax and regulatory frameworks to a point where many Islamic players are now attracted to the island’s well-developed financial industry. John Richardson discusses the steps Guernsey is taking to encourage this trend.
The drift of funds from offshore jurisdictions to Ireland is continuing, with further asset managers announcing they are to take advantage of Ireland’s streamlined redomiciliation regime to move existing funds to Dublin.
A recent example was the Sarasin Guernsey fund range, which has been active in Guernsey for 20 years but recently announced that it is redomiciling to Ireland in order to enable the funds to be registered as UCITS.