ESMA Confirms Positive Assessment for Guernsey AIFMD Passport19th July 2016
ESMA has today confirmed its positive advice to the EU Commission regarding the extension of the AIFMD passport to Guernsey (click here).
In its advice ESMA states “that there are no significant obstacles regarding investor protection, competition, market disruption and the monitoring of systemic risk impeding the application of the AIFMD passport to Guernsey.”
Guernsey is one of just five jurisdictions which have received this unqualified and positive assessment together with Canada, Japan, Jersey and Switzerland. Four other jurisdictions including Australia, Hong Kong, Singapore and the USA received qualified positive assessments.
Director General of the Commission, William Mason, said “ESMA’s assessment and positive recommendation, which the Commission has worked hard to achieve on behalf of the Bailiwick, sends out an encouraging signal on EU market access to third countries. Whilst there is still a further administrative stage to complete, which will involve the EU Commission’s processes, we are encouraged by this latest development.”
Director of the Commission’s Investment Supervision and Policy Division, Emma Bailey, said “I am pleased that ESMA has confirmed its previous positive assessment which demonstrates, amongst other matters, the effectiveness of the Bailiwick’s regulatory framework and supervisory practices.”