ESMA has today confirmed its positive advice to the EU Commission regarding the extension of the Alternative Investment Fund Managers Directive (AIFMD) passport to Guernsey and Jersey.
Its advice states: "There are no significant obstacles impeding the application of the AIFMD passport to Canada, Guernsey, Japan, Jersey and Switzerland."
Four other jurisdictions, including Australia, Hong Kong, Singapore and the US, received qualified positive assessments.
There will now be a period of up to six months for the European Commission to propose appropriate legislation and for the European Parliament and Council of Ministers to agree to the third country passporting rules becoming applicable to AIFs and AIFMs.
Mike Jones, Director of Policy at the JFSC, welcomed the move. "This positively recognises the island’s robust AIFMD framework and fully compliant regime," he said.
Guernsey Financial Services Commission Director General William Mason added: "ESMA’s assessment and positive recommendation sends out an encouraging signal on EU market access to third countries."