GUERNSEY officials continue to represent the island’s interests on the development of the alternative investment fund managers directive.

Representatives from the island were in Brussels last week meeting EU officials as the make-up of the much -talked-about EU directive, which looks to reform the hedge funds, private equity and alternative investment sectors, nears a resolution.

And despite last-minute attempts from France to derail them because of the country’s dislike of the expected ‘third-country’ proposals, particularly the idea of a passport giving non-EU funds the right to market across the EU providing they meet certain standards, a spokesman for the Commerce and Employment Department said the island’s position remained the same as it had always been.

France is understood to want to do away with the passport principle and introduce minimum EU standards for private placement regimes.

• Read the full story in the Guernsey Press. See below for subscription details.