Together with Jersey Finance, the JFA will be considering and, if felt appropriate, co-ordinating an industry response to a ‘Call to Evidence’ issued by the European Securities and Markets Authority (ESMA) last week.

On 7 November 2014, in preparation for providing its opinion to the European Commission in July 2015, ESMA issued the ‘Call to Evidence’ to gather input on:

• The functioning of the EU passport under the AIFMD

• The functioning of the marketing of non-EU AIFs by EU AIFMs in the EU and the management and/or marketing of AIFs by non-EU AIFMs in the EU

• Whether the passporting regime should be extended to the management and/or marketing of AIFs by non-EU AIFMs and to the marketing of non-EU AIFs by EU AIFMs

ESMA will consider all responses received by 8 January 2015.

Ben Robins, Chair of the JFA, said:

“Clearly this is an important next step as far as European funds regulation is concerned, insofar as this feedback will enable ESMA to consider whether to extend the AIFMD passporting regime beyond just EU AIFs managed by EU AIFMs. We would therefore encourage Jersey firms to reach out to all their clients and intermediary contacts with an interest in securing the best access for Jersey funds and fund managers into the EEA so they can input into the process.”

Jersey firms are encouraged to consider the ‘Call for Evidence’ by 5 December 2014 and provide any preliminary views on approach or practical examples, from an EU or third country perspective, to William Byrne or Tim Morgan.

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