BaFin, the German financial services regulator, has granted Gibraltarian funds that operate outside the ambit of the Alternative Investment Fund Managers' Directive the right to 'privately place' freely in Germany.

Non-European funds that wish to 'privately place' in Germany require authorisation from that body. Private placement is a fast-track, preferential procedure. 'Passporting rights' are, of course, also available for funds that operate under the AIFMD.

Hassans, the Gibraltarian law firm behind the development, writes: "Gibraltar is one of the jurisdictions with the quickest potential for speed to market within the European Union because funds may launch before receiving formal approval by Gibraltar's financial regulator."