Investor Protection (Designated Countries and Territories) (Amendment) (AIFMD) Regulations, 2015

Summary

This 2015 Guernsey statutory instrument amends the Investor Protection (Designated Countries and Territories) Regulations, 1989 to reflect the EU's Alternative Investment Fund Managers Directive (AIFMD). It designates a new Schedule 3 list of EU member states as countries whose laws are considered by the Policy Council to afford adequate investor protection in relation to the promotion of, and dealing in, alternative investment funds (AIFs) within the meaning of AIFMD.

• Definition inserted: Adds a definition of the EU Alternative Investment Fund Managers Directive (2011/61/EU) into regulation 4(1) of the principal Regulations.
• Schedule 1 amendment: Adds an entry so that promotion carried on in connection with an AIF (within the meaning of AIFMD) from any country designated in the new Schedule 3 is covered.
• Schedule 2 amendment: Adds a corresponding entry covering AIFs within the meaning of AIFMD from Schedule 3 countries.
• New Schedule 3 designated countries: Lists the EU member states designated for this purpose, including Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.
• Collective citation: These Regulations, together with the 1992 and 1989 Regulations, may be cited collectively as the Investor Protection (Designated Countries and Territories) Regulations 1989, 1992 and 2015.

The amendment does not itself impose new compliance duties on firms; rather it extends the list of designated countries whose AIFMD-compliant regime is recognised for the purposes of the Protection of Investors (Bailiwick of Guernsey) Law, 1987, affecting how promotion of AIFs from these EU countries is treated under Guernsey investor protection rules.

Applies to

alternative investment fund managers, alternative investment funds (AIFs), persons promoting AIFs in or from within Guernsey

Deadlines

• 3 August 2015: Commencement date on which these Regulations came into force.

Related documents

• This document amends Investor Protection (Designated Countries and Territories) Regulations, 1989