AIFMD Implementation in Europe

Jersey AIFMD Compliant
Discover Jersey's position on AIFMD

Jersey is a first choice jurisdiction for alternative investment funds with a hugely flexible choice of funds and a leading position in the delivery of funds services. In 2011, it was the first ‘third country’ to announce a strategy of implementing an AIFMD ‘opt-in’ regime.

Since 22 July 2013, Jersey offers a fully compliant AIFMD regime for Europe whilst continuing to offer a ‘no-change’ solution for ‘rest-of-world’ jurisdictions.

All Jersey structures that are actively marketing into the EEA after 22 July 2013 need to take the following steps:

  • check whether a cooperation agreement is in place between Jersey and the target EU jurisdiction; and
  • consider the private placement requirements for the target EEA jurisdiction (using local legal counsel).

All Jersey structures that are actively marketed to professional investors into the EU have to comply with the annual report (Art 22), disclosure to investors (Art 23) and reporting to competent authorities (Art 24) provisions set out in the AIFMD. Private equity funds also need to assess whether they fall within the scope of Art 26(1) of the Directive and, if they do, comply with Articles 26 to 30 of the Directive relating to notification, disclosure and specific provisions for the annual report as well as ‘asset stripping’ provisions.

Unregulated Funds cannot be actively marketed into the EEA post 22 July 2013 but will be able to convert either to a ‘Jersey Eligible Investor Fund’ under the Jersey Eligible Investor Fund Guide or to a Listed Fund under the Jersey Listed Fund Guide.

For Jersey managers and depositaries that want to opt-in to a fully compliant AIFMD regime from 22 July 2013, the Jersey Financial Services Commission have created an authorisation regime based on the existing Financial Services (Jersey) Law 1998. This new authorisation regime simply mirrors the requirements of the AIFMD level 1 and level 2 texts.

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

A full regulatory overview is available on the JFSC website. For all new business enquiries please feel free to contact the Technical Team at Jersey Finance Limited. Please click here for the Jersey funds webpage.

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Jersey is a first choice jurisdiction for alternative investment funds with a hugely flexible choice of funds and a leading position in the delivery of funds services. In 2011, it was the first ‘third country’ to announce a strategy of implementing an AIFMD ‘opt-in’ regime.

Since 22 July 2013, Jersey offers a fully compliant AIFMD regime for Europe whilst continuing to offer a ‘no-change’ solution for ‘rest-of-world’ jurisdictions.

All Jersey structures that are actively marketing into the EEA after 22 July 2013 need to take the following steps:

  • check whether a cooperation agreement is in place between Jersey and the target EU jurisdiction; and
  • consider the private placement requirements for the target EEA jurisdiction (using local legal counsel).

All Jersey structures that are actively marketed to professional investors into the EU have to comply with the annual report (Art 22), disclosure to investors (Art 23) and reporting to competent authorities (Art 24) provisions set out in the AIFMD. Private equity funds also need to assess whether they fall within the scope of Art 26(1) of the Directive and, if they do, comply with Articles 26 to 30 of the Directive relating to notification, disclosure and specific provisions for the annual report as well as ‘asset stripping’ provisions.

Unregulated Funds cannot be actively marketed into the EEA post 22 July 2013 but will be able to convert either to a ‘Jersey Eligible Investor Fund’ under the Jersey Eligible Investor Fund Guide or to a Listed Fund under the Jersey Listed Fund Guide.

For Jersey managers and depositaries that want to opt-in to a fully compliant AIFMD regime from 22 July 2013, the Jersey Financial Services Commission have created an authorisation regime based on the existing Financial Services (Jersey) Law 1998. This new authorisation regime simply mirrors the requirements of the AIFMD level 1 and level 2 texts.

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

A full regulatory overview is available on the JFSC website. For all new business enquiries please feel free to contact the Technical Team at Jersey Finance Limited. Please click here for the Jersey funds webpage.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Non-EU AIFMs that want to market AIFs to Austrian professional investors will need to comply with the AIFMG (Alternatives Investmentfonds Manager-Gesetz) with the exception of part 6 of that law.  There will be a requirement for a legal representative in Austria. A notification procedure to the FMA for each of the AIFs that the non-EU AIFM intends to market into Austria applies.  The notification procedure will require the home regulator of the AIFM to confirm compliance with the AIFMD. Please contact the FMA for more information. (The AIFMG is only available in Austrian German).

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Belgium has implemented the AICB (available in French and Dutch only). Please contact the FSMA for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the FSC for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

The third country provisions and the private placement requirements are set out under Title 2 of The Alternative Investment Funds Act

Please contact HANFA for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

The specfific 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.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the CNB website for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Alternative investment fund managers intending to market an alternative investment fund established in a third country to professional investors in Denmark must apply for a license with the Danish FSA.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the FSA for more information. 

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

 The AIFMD was implemented in Finland on 15 March 2014. Please contact FIN-FSA for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the AMF for more information. 

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

From 22 July 2014 and immediately if marketing commenced after 21 July 2013 non-EU AIFMs will be able to market AIFs to professional investors but will need to comply with the third country AIFMD provisions as well as the depositary light requirements and will need to adhere to BAFIN's notification procedure. Approval is likely to take 2 to 8 months for non-EU AIFM depending on complexity. Marketing by non-EU AIFMs to semi-professional investors will require full AIFMD compliance. Please contact BAFin for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

AIFMD was transposed into Greek legislation. Please contact the CMC for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the MNB for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the FSA for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Non-EU AIFMs will be allowed to market to professional investors in Ireland, subject to the AIFM complying with the third country provisions of AIFMD.  Please see the Central Bank of Ireland Q&A for more information.  Please contact the Central Bank of Ireland for more information. 

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

No private placement exemption applies to the marketing of foreign funds in Italy. Please contact Consob for more information.  (The  ''Attuazione della direttiva AIFMD sui gestori di fondi di investimento alternativi - Comunicazione Consob - Banca d'Italia del 26 luglio 2013'' is only available in Italian).

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

When transposing the AIFMD, Latvia has decided not to exercise the discretion provided in Art 42 of the Directive.  There is therefore no private placement regime for non-EEA funds managed by non-EEA AIFMs. Please see the AIFMD section of the FCMC website for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Liechtenstein has adopted the AIFMD.  (The AIFMG and AIFMV are only available in German). Please contact the FMA for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact FINMIN for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Non-EU AIFMs will be able to continue marketing under the private placement regime subject to the AIFM complying with the AIFMD third-country provisions. Please see the CSSF website for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the MFSA for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the AFM for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Until adoption of the AIFMD in the EEA-agreement, alternative investment funds or managers managing or marketing alternative investment funds in Norway must act in accordance with the applicable national law. Marketing of foreign securities funds in Norway which are not UCITS is subject to authorisation, and regulated in the Norwegian Act on Securities Funds (Securities Funds Act) of 25 November 2011 no. 44 Section 9-4. Alternative investment funds which are not securities funds as defined in the Securities Funds Act are not subject to any special regulation as collective investment undertakings, however national regulation on e.g. marketing, securities trading and investment services and must be observed. In relation to cross-border activity national regulation in the home member state may also affect possible marketing of alternative investment funds in Norway.  Please contact Finanstilsynet for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the KNF for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the CMVM for more information. 

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the FSA for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the Central Bank of the Slovak Republic for more information. 

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the SMA for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact the CNMV for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Please contact Finansinspektionen for more information.

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

AIFMD Passport

On 30 July 2015 ESMA announced that it could see no obstacles to the extension of the AIFMD passport to Jersey and recommended that Jersey should be among the first wave of non-EU countries to get access to a Europe-wide passport under the AIFMD.

On 19 July 2016 ESMA published its second positive recommendation. ESMA confirmed that Jersey was one of only five non-EU jurisdictions to have no significant obstacles in being able to apply the passport.

What next?
Technically, the European Commission should adopt a delegated act in order to activate the relevant AIFMD provisions extending the passport within three months of a positive advice from ESMA. However, the Commission may wait until an adequate number of countries has been positively assessed.

Private placement regime

Non-EU AIFMs are allowed to market funds in the UK under the private placement regime until at least 2018. From 22 July 2014 non-EU AIFMS will need to register with the FCA. The FCA will keep separate registers for sub-threshold and above threshold non-EU AIFMs. Please contact the FCA for more information.