AIFMD EU Comparison

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EU Directive on Alternative Investment Fund Managers

The Alternative Investment Fund Managers Directive (AIFMD) came into force on 22 July 2013. It regulates the management and marketing of alternative investment funds (AIFs) and aims to harmonise the market for alternative investment fund managers (AIFMs) within the EU.

The Directive offers a marketing passport to compliant EU AIFMs of EU AIFs. This passport is expected to be extended to non-EU AIFs, and to non-EU AIFMs. Jersey received two positive recommendations from ESMA stating that Jersey should be among the first wave of third countries to get access to a European passport under the AIFMD.

Considering the Brexit vote, expectations are that the decision to extend the AIFMD passport to third countries will be delayed. Jersey, with two positive ESMA recommendations, is a front running jurisdiction to obtain the passport once it becomes available to third countries.

Until three years after the passport becomes available to third countries, the AIFMD provides that EU member states are permitted to allow non-EU AIFs to continue to be sold to professional investors in that member state via their own national private placement rules (NPPRs).

In this regard, the AIFMD imposes several rules, including that cooperation agreements between the relevant countries are in place and significantly, that certain provisions of the directive are complied with, including rules around gaining control of EU-registered non-listed companies, and the Transparency Rules of the directive.

To take advantage of the NPPR regime, AIFMs of Jersey AIFs need to be familiar with the NPPR regime applied in each relevant state in which it seeks privately to place the AIF. Certain EU Member States are NPPR friendly and navigating the NPPRs can be a very efficient and cost friendly solution for managers that intend to market their funds to a select group of EU Member States.

Austria
Austria
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 1995
Capital city: Vienna
Total area: 83 870 km²
Population: 8.3 million
Currency: Member of the eurozone since 1999 (€)
Schengen area: Member of the Schengen area since 1995

Private placement regime

Jersey funds can be marketed in Austria under the NPPR.  Funds need to comply with the NPPR provisions set out in the Alternative Investment Fund Manager Gesetz. Marketing is only possible after notification by the Financial Market Authority and this can take up to four months.

Belgium
Belgium
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: Founding member (1952)
Capital city: Brussels
Total area: 30 528 km²
Population: 10.7 million
Currency: Member of the eurozone since 1999 (€)
Schengen area: Member of the Schengen area since 1985

Private placement regime

Jersey funds can be marketed into Belgium under the NPPR subject to notification and approval by the Financial Services and Markets Authority.

Bulgaria
Bulgaria
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2007
Capital city: Sofia
Total area: 111 910 km²
Population: 7.6 million
Currency: lev (лв)
Schengen area: Not a member of Schengen

Private placement regime

Please contact the FSC for more information.

Croatia
Croatia
AIFMD Cooperation Agreement not yet signed with Jersey X

Year of EU entry: 2013
Capital city: Sofia
Total area: 111 910 km²
Population: 4.4 million
Currency: kuna
Schengen area: Croatia is expected to join the Schengen area by 2015

Private placement regime

Jersey has no AIFMD cooperation agreement with Croatia.  It is therefore not possible to market Jersey funds under the NPPR into Croatia.

The third country provisions and the private placement rules are set out under Title 2 of The Alternative Investment Funds Act. Please contact HANFA for more information.

Cyprus
Cyprus
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2004
Capital city: 9 250 km²
Total area: 56 594 km²
Population: 0.8 million
Currency: Member of the eurozone since 2008 (€)
Schengen area: Not a member of Schengen

Private placement regime

Jersey funds can be marketed into Cyprus under the NPPR. The specific third country rules are set out in Part VII of the Alternative Investment Fund Managers Law of 2013. Please contact the CYSEC for more information.

Czech Republic
Czech Republic
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2004
Capital city: Prague
Total area: 78 866 km²
Population: 10.5 million
Currency: Czech koruna (Kč)
Schengen area: Member of the Schengen area since 2007

Private placement regime

Jersey funds can be marketed into the Czech Republic under the NPPR. The fund needs to be registered with the Czech National Bank unless marketed to less than 20 investors. Please contact the CNB for more information.

Denmark
Denmark
AIFMD Cooperation Agreement not yet signed with Jersey X

Year of EU entry: 1973
Capital city: Copenhagen
Total area: 43 094 km²
Population: 5.5 million
Currency: Danish krone (kr.)
Schengen area: Member of the Schengen area since 1996

Private placement regime

Jersey funds can be marketed into Denmark under the NPPR. Please contact the Danish FSA for more information.

Estonia
Estonia
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2004
Capital city: Tallinn
Total area: 45 000 km²
Population: 1.3 million
Currency: Member of the eurozone since 2011 (€)
Schengen area: Member of the Schengen area since 2007

Private placement regime

Jersey funds can be marketed into Estonia under the NPPR. Please contact the FSA for more information.

Finland
Finland
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 1995
Capital city: Helsinki
Total area: 338 000 km²
Population: 5.3 million
Currency: Member of the eurozone since 1999 (€)
Schengen area: Member of the Schengen area since 1996

Private placement regime

Jersey funds can be marketed into Finland under the NPPR. Please contact FIN-FSA for more information.

France
France
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: Founding member (1952)
Capital city: Paris
Total area: 550 000 km²
Population: 64.3 million
Currency: Member of the eurozone since 1999 (€)
Schengen area: Member of the Schengen area since 1985

Private placement regime

Jersey funds can be marketed into France under the NPPR.  The rules for the marketing of AIFs by non-EU AIFMs without a passport can be found under Article L.214-24-1(I) and Article D.214-32 of the French Code Monétaire et Financier.  Please contact the AMF for more information.

Germany
Germany
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: Founding member (1952)
Capital city: Berlin
Total area: 356 854 km²
Population: 82 million
Currency: Member of the eurozone since 1999 (€)
Schengen area: Member of the Schengen area since 1985

Private placement regime

Jersey funds can be marketed into Germany under the NPPR.  Non-EU AIFMs are able to market AIFs to professional investors and need to comply with the third country AIFMD provisions as well as the depositary light requirements. There is a BAFIN notification procedure. Approval takes 2 to 8 months for non-EU AIFMs depending on complexity. Marketing by non-EU AIFMs to semi-professional investors requires full AIFMD compliance. Please contact BaFin for more information.

Greece
Greece
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 1981
Capital city: Athens
Total area: 131 957 km²
Population: 11.2 million
Currency: Member of the eurozone since 2001 (€)
Schengen area: Member of the Schengen area since 1992

Private placement regime

Please contact the CMC for more information.

Hungary
Hungary
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2004
Capital city: Budapest
Total area: 93 000 km²
Population: 10 million
Currency: forint (Ft)
Schengen area: Member of the Schengen area since 2007

Private placement regime

Jersey funds can be marketed into Hungary under the NPPR through a licensed Hungarian subsidiary of a non-EU AIFM. Please contact the MNB for more information.

Iceland
Iceland
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: N/A
Capital city: Reykjavik
Total area: 103 000 km²
Population: 0.3 million
Currency: Icelandic króna (ISK)
Schengen area: Member of the Schengen area since 1996

Private placement regime

Please contact the FSA for more information.

Ireland
Ireland
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 1973
Capital city: Dublin
Total area: 70 000 km²
Population: 4.5 million
Currency: Member of the eurozone since 1999 (€)
Schengen area: Not a member of Schengen

Private placement regime

Jersey funds can be marketed into Ireland under the NPPR.  Written notification must be given to the Central Bank of Ireland who will inform the AIFM when marketing may commence. Please contact the Central Bank of Ireland for more information.

Italy
Italy
AIFMD Cooperation Agreement not yet signed with Jersey X

Year of EU entry: Founding member (1952)
Capital city: Rome
Total area: 301 263 km²
Population: 60 million
Currency: Member of the eurozone since 1999 (€)
Schengen area: Member of the Schengen area since 1990

Private placement regime

Jersey has no AIFMD cooperation agreement with Italy.  It is therefore not possible to market Jersey funds under the NPPR into Italy. Please contact Consob for more information.

Latvia
Latvia
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2004
Capital city: Riga
Total area: 65 000 km²
Population: 2.3 million
Currency: lats (Ls)
Schengen area: Member of the Schengen area since 2007

Private placement regime

Jersey funds cannot be marketed into Latvia under the NPPR.  Latvia decided not to exercise Art 42 of the AIFMD. Please see the AIFMD section of the FCMC website for more information.

Liechtenstein
Liechtenstein
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: N/A
Capital city: Vaduz
Total area: 160 km²
Population: 0.04 million
Currency: Swiss franc (CHF)
Schengen area: Member of the Schengen area since 2008

Private placement regime

Liechtenstein has adopted the AIFMD.  Please contact the FMA for more information.

Lithuania
Lithuania
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2004
Capital city: Vilnius
Total area: 65 000 km²
Population: 3.3 million
Currency: litas (Lt)
Schengen area: Member of the Schengen area since 2007

Private placement regime

Jersey funds cannot be marketed into Lithuania under the NPPR. Lithuania decided not to exercise Art 42 of the AIFMD.  Please contact FINMIN for more information.

Luxembourg
Luxembourg
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: Founding member (1952)
Capital city: Luxembourg
Total area: 2 586 km²
Population: 0.5 million
Currency: Member of the eurozone since 1999 (€)
Schengen area: Member of the Schengen area since 1985

Private placement regime

Jersey funds can be marketed into Luxembourg under the NPPR.  The 2013 AIFM Law reproduces Art 42 of the AIFMD. Please contact the CSSF for more information.

Malta
Malta
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2004
Capital city: Valletta
Total area: 316 km²
Population: 0.4 million
Currency: Member of the eurozone since 2008 (€)
Schengen area: Member of the Schengen area since 2007

Private placement regime

Jersey funds can be marketed into Malta under the NPPR.  Please contact the MFSA for more information.

Netherlands
Netherlands
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: Founding member (1952)
Capital city: Amsterdam
Total area: 41 526 km²
Population: 16.4 million
Currency: Member of the eurozone since 1999 (€)
Schengen area: Member of the Schengen area since 1985

Private placement regime

Jersey funds can be marketed into the Netherlands under the NPPR. Please contact the AFM for more information.

Norway
Norway
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: N/A
Capital city: Oslo
Total area: 323 802 km²
Population: 4.2 million
Currency: Norwegian krone (NOK)
Schengen area: Member of the Schengen area since 1996

Private placement regime

Please contact Finanstilsynet for more information.

Poland
Poland
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2004
Capital city: Warsaw
Total area: 312 679 km²
Population: 38.1 million
Currency: Zloty (zł)
Schengen area: Member of the Schengen area since 2007

Private placement regime

Please contact the KNF for more information.

Portugal
Portugal
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 1986
Capital city: Lisbon
Total area: 92 072 km²
Population: 10.6 million
Currency: Member of the eurozonesince 1999 (€)
Schengen area: Member of the Schengen area since 1991

Private placement regime

Please contact the CMVM for more information.

Romania
Romania
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2007
Capital city: Bucharest
Total area: 237 500 km²
Population: 21.5 million
Currency: Romanian leu
Schengen area: Not a member of Schengen

Private placement regime

Please contact the FSA for more information.

Slovakia
Slovakia
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 2004
Capital city: Bratislava
Total area: 48 845 km²
Population: 5.4 million
Currency: Member of the eurozone since 2009 (€)
Schengen area: Member of the Schengen area since 2007

Private placement regime

Jersey funds can be marketed into Slovakia under the NPPR. Please contact the Central Bank of the Slovak Republic for more information.

Slovenia
Slovenia
AIFMD Cooperation Agreement not yet signed with Jersey X

Year of EU entry: 2004
Capital city: Ljubljana
Total area: 20 273 km²
Population: 2 million
Currency: Member of the eurozone since 2007 (€)
Schengen area: Member of the Schengen area since 2007

Private placement regime

Jersey has no AIFMD cooperation agreement with Slovenia.  It is therefore not possible to market Jersey funds under the NPPR into Slovenia.

Spain
Spain
AIFMD Cooperation Agreement not yet signed with Jersey X

Year of EU entry: 1986
Capital city: Madrid
Total area: 504 782 km²
Population: 45.8 million
Currency: Member of the eurozone since 1999 (€)
Schengen area: Member of the Schengen area since 1991

Private placement regime

Jersey has no AIFMD cooperation agreement with Spain.  It is therefore not possible to market Jersey funds under the NPPR into Spain. Please contact the CNMV for more information.

Sweden
Sweden
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 1995
Capital city: Stockholm
Total area: 449 964 km²
Population: 9.2 million
Currency: krona (kr)
Schengen area: Member of the Schengen area since 1996

Private placement regime

Jersey funds can be marketed into Sweden under the NPPR.  This will require authorisation.  Please contact Finansinspektionen for more information.

United Kingdom
United Kingdom
AIFMD Cooperation Agreement signed with Jersey

Year of EU entry: 1973
Capital city: London
Total area: 244 820 km²
Population: 61.7 million
Currency: pound sterling (£)
Schengen area: Not a member of Schengen

Private placement regime

Jersey funds can be marketed into the UK under the NPPR.  Please contact the FCA for more information.