Lowtax Network

Back To Top

Guernsey In AIFMD Regime Milestone

by Mike Godfrey, Lowtax.net, Washington
25 April, 2014

Guernsey has recently announced the licensing of its first non-financial asset depository under its newly introduced Alternative Investment Fund Managers Directive (AIFMD) rules which came into effect at the beginning of the year.

Gentoo Depositary Services Limited was granted its licence earlier this month. Funds that are marketed to EU investors must have an administrator and a depositary, and Gentoo can now provide both of these roles.

Mark Hooton, Director of Gentoo, said: "Through the continued regulatory development and by continuing to evolve our service offerings we aim to continue the success of Guernsey as the jurisdiction of choice for private equity fund managers."

Whilst funds could alternatively elect to have an EU depositary, Guernsey feels choosing a local depositary will give clients the benefit of having a provider familiar with the local environment as well as reinforcing the fund's residence in Guernsey.

Guernsey is not in the European Union and therefore considered a "third country" for the purposes of the AIFMD. In response to AIFMD, and to cater for its global client base, Guernsey adopted a "dual regime" with two parallel regulatory regimes for investment funds, offering either the existing regime, for managers and investors not requiring an AIFMD-regulated fund, or an opt-in regime which is fully compliant with AIFMD.

See all of today's news


News Archive

Event Listings

Listings for the leading worldwide conferences and events in accounting, investment, banking and finance, transfer pricing, corporate taxation and more...
See Event Listings »