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Guernsey masterclass to weigh up AIFMD NPP and passporting regimes

09 December 2015

Options available to fund managers marketing into Europe under the Alternative Investment Fund Managers Directive (AIFMD) will be the focus of a Guernsey funds masterclass in London next year.

The event, which takes place at the British Museum on Wednesday 3 February, will feature a panel debate among leading figures from the funds industry and a keynote speech from Lord Flight. The panel discussion will examine the benefits and suitability of National Private Placement (NPP) regimes and third country passporting under AIFMD.

In July the European Securities and Markets Authority (ESMA) made its recommendation to grant Guernsey a third country passport after the Island had demonstrated its ability to satisfy the criteria required under AIFMD.

Dominic Wheatley, Chief Executive of Guernsey Finance, said: "Given that both NPP and third country passporting look set to be available in relation to Guernsey Alterative Investment Funds and Alterative Investment Fund Managers for a period of at least three years after the activation of passporting, our masterclass will look to examine which regime will be the preferred option for fund managers operating in the EU.

"It is clear that managers are eager to learn how ESMA's recommendation will impact the industry so our event comes at a very opportune time, particularly as the advice now sits with the European Parliament, the Council and the Commission for their consideration ahead of the activation of the relevant provision in the Directive to extend the passport."

The panel session will have panellists including Cathy Pitt, Corporate Partner of CMS Cameron McKenna LLP; Shane Le Prevost, Chairman and Founder of Liberum; Storm Boswick, Managing Director of Brightwood Capital and Emma Bailey, Director of the Investment Supervision and Policy Division at the Guernsey Financial Services Commission (GFSC).

The event, entitled 'NPP or third-country passport?', commences at 4pm, with registration and coffee and concludes with a networking drinks reception at 6pm.

It is hosted by Guernsey Finance in conjunction with the Guernsey Investment Fund Association (GIFA) and is sponsored by Carey Group, Mourant Ozannes, Ogier and Providence. The event is supported by HFM Week and "unquote.

Mr Wheatley added: "Guernsey's response to the AIFMD regime has been second-to-none and we were extremely pleased to receive ESMA's July recommendation for an AIFMD passport extension. We've had our own opt-in equivalent AIFMD regime fully operational since 1 January 2014 and did this in order to demonstrate the high standards that our funds industry works to."

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