The Guernsey Financial Services Commission has released a new set of opt-in rules, equivalent to the measures of the Alternative Investment Fund Managers Directive.

The Guernsey Financial Services Commission has released a new set of opt-in rules, equivalent to the measures of the [tag|AIFMD|]Alternative Investment Fund Managers Directive[/tag].

The rules have been published on the GFSC’s website and take effect from 2 January 2014. As Guernsey is not in the European Union, it is considered a ‘third country’ for the purposes of AIFMD.

“The introduction of the opt-in regime means that we have another piece of the jigsaw in place to ensure that Guernsey funds can continue to be distributed to both EU and non-EU countries in the future,” said Fiona Le Poidevin, chief executive of [tag|Guernsey Finance|]Guernsey Finance[/tag] – the promotional agency for the Island’s finance industry.

The ‘dual regime’ for investment funds ensures that the existing regime remains in place for managers and investors not requiring an AIFMD fund, including those using EU national private placement regimes and those marketing to non-EU investors; and an opt-in regime which is fully compliant with AIFMD.

“Third countries are not required to implement an AIFMD equivalent regime until the third country passport becomes available in 2015, but we felt that it was important to provide Guernsey managers and depositaries with certainty as soon as possible,” Le Poidevin added.

The GFSC has published its AIFMD rules following two periods of consultation, the second of which started in September.

The AIFMD imposes additional costs on in-scope funds managed by an AIFM. By establishing an equal regime, Guernsey has enabled firms not marketing to Europe to stand outside the directive. Equally, the dual regime allows firms to market to Europe, as it is respected as the same standard, the statement said.

Latest figures from the GFSC show that the net asset value of investment funds under management and administration in Guernsey reached £286 billion ($467 billion) at the end of June 2013 – an increase of £15.2 billion (5.6 per cent) compared to the previous year.