As reported earlier this week, the controversial rules aimed at reining in Europe’s hedge and private equity funds moved one step closer to becoming law after EU finance ministers voted in favour of the bill.
However, Guernsey Finance chief executive Peter Niven says he is confident that whatever rules are finally adopted, Guernsey will remain a leading fund domicile.
“Under the latest proposals any third country hedge fund or private equity group will be able to gain an EU passport if it complies with the new rules and its home country applies global standards,” said Niven.
“We certainly believe Guernsey meets all the relevant criteria, not least through our long standing commitment to adopt international standards on regulation, transparency and information exchange.
This has been recognised by the Island’s inclusion on the OECD ‘white list’ and the findings of the Foot Review however, we have not been resting our laurels but reinforcing these messages through proactive engagement with key individuals and groups both in London and Brussels.”
In the coming weeks the European Council, the European Parliament, and the European Commission will enter into discussions to produce a final compromise which is acceptable to both the Parliament and the Council.
“Guernsey’s government, industry and regulator will be continuing the joint work to understand the implications of the directive, lobby for changes to the proposals and promote a better understanding of our regulatory regime and alternative funds industry to ensure we have the best possible outcome for the Island,” added Niven.
