Alter Domus hosted a breakfast seminar on the Alternative Investment Fund Managers Directive at the Savoy Hotel in London this week, entitled “AIFMD Depositary: Concrete Solutions to the challenges ahead”.
The event was attended by several representatives from some of the leading international private equity and real estate firms. Alter Domus provided the audience with specific answers on the depositary function, and also on private placement servicing solutions in the Channel Islands.
As previously announced, subject to regulatory approval the firm is launching new depositary services in Luxembourg and is in the course of preparing its application to provide such services in the UK. Alter Domus will continue to monitor the evolution of the AIFMD regulation and, as needs and opportunities arise, will leverage its experience to provide such services in other relevant jurisdictions.
At the end of May 2013 the European Securities and Markets Authority (ESMA) approved a cooperation agreement with Jersey and Guernsey to ensure they can continue to deliver alternative investment funds business into Europe after the introduction of the AIFMD in July. Additionally, in July it was announced that Jersey and Guernsey have signed to date 25 and 27 AIFMD bilateral cooperation agreements respectively, with EU/EEA member state supervisory authorities.
The AIFMD bilateral cooperation agreements form a significant part of the requirements pursuant to AIFMD to enable Jersey and Guernsey alternative investment fund managers to continue to market into Europe under national private placement rules until at least 2018.
