Island ‘well placed’ whatever form AIFM directive takes

Thursday 20th May 2010, 2:29PM BST.

GUERNSEY business figures are confident the island will be well positioned to deal with the final form of rules to reform the hedge funds and alternative investments sector.

Two EU votes this week have seen two separate drafts of the alternative investment fund managers directive approved.

The directives, meant to provide a new regulatory framework for the industry including private equity, have proved controversial – particularly the draft that was approved by EU finance ministers on Tuesday.

This draft’s provisions for third-party access into Europe for marketing of products and vice-versa are still severely restricted, unlike the parliamentary version of the draft regulations, which was approved on Monday.