AIFMD (Marketing) Rules, 2021

Summary

These Rules govern how Guernsey Alternative Investment Fund Managers (AIFMs) and Guernsey Alternative Investment Funds (AIFs) may market fund units or shares to professional or retail investors in EU Member States and the UK, under Articles 42 and 43 of the AIFMD. They replace and revoke the 2013 version of the same Rules, with the same substantive content, and came into force on 1 November 2021.

• Compliance duty: Guernsey AIFMs and Guernsey AIFs must take all reasonable steps to ensure marketing in the UK or a Member State is conducted in accordance with the local legislation in force there.
• Notification on commencement of marketing: Within 14 calendar days of starting marketing in the UK or a Member State, the Guernsey AIF or AIFM must notify the Commission of the country/territory, the relevant competent authorities, the AIFM's name and address, and the name, address and marketing manner of each fund, and certify it is permitted to market that fund there.
• Notification on cessation or inability to comply: The Guernsey AIF or AIFM must notify the Commission when marketing in a country or territory has ceased, or when it is unable to comply with the notification requirements.
• Administrator's duty: The designated administrator of a Guernsey AIF must take reasonable steps to ensure the fund makes the required notifications to the Commission.
• Commission discretion: The Commission may, by written notice, exclude or modify the application of any provision of the Rules, and may issue non-binding supplementary guidance.

The Rules continue to apply to funds marketed into the UK following Brexit. They are a re-drafting exercise under the Commission's Revision of Laws Implementation Project and do not change the legal substance of the prior 2013 Rules.

Key obligations

• Guernsey AIFMs and Guernsey AIFs must take all reasonable steps to ensure marketing in the UK or a Member State complies with the legislation in force there.
• Within fourteen calendar days of commencing marketing in the UK or a Member State, notify the Commission of the country/territory, competent authorities, AIFM name and address, and fund name, address and marketing manner, and certify permission to market.
• Notify the Commission when marketing has ceased in a country or territory, or when unable to comply with the notification requirements.
• The designated administrator of a Guernsey AIF must take reasonable steps to ensure the required notifications are made to the Commission.

Applies to

Guernsey Alternative Investment Fund Managers (AIFMs), Guernsey Alternative Investment Funds (AIFs), designated administrators of Guernsey AIFs

Deadlines

• within fourteen calendar days of the commencement of any marketing: Guernsey AIF or AIFM must notify the Commission of marketing details and certify permission to market
• 1st November 2021: Commencement date of the AIFMD (Marketing) Rules, 2021

Related documents

• This document is made under Protection of Investors (Bailiwick of Guernsey) Law, 2020