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Articles

New Guide for Alternative Investment Funds in Gibraltar

Written by: Bridgewest

New-guide-for-alternative-investment-funds-in-GibraltarThe European Securities and Market Authority issued a guide for the registration and promotion of alternative investment funds in Gibraltar. These recommendations come after Gibraltar issued its first legislation on financial services which is now in accordance with EU Directives. You can obtain more information about the new Financial Services Regulations from our specialists in company formation in Gibraltar.

ESMA’s guide for Gibraltar investment funds

The European Securities and Market Authority (ESMA) issued the guide on the registration of alternative investment funds (AIFs) after the Financial Services Regulations 2013 were amended in order to comply with the EU Directive 2011/61 on Alternative Investment Fund Managers. The new Gibraltar legislation establishes a “passporting” rule under which fund managers are allowed to promote their funds in other EU countries.

ESMA has issued a guide on how Gibraltar investment funds can expand their operations to non-EU markets. Among the countries evaluated by ESMA are Switzerland, Jersey, Guernsey, Hong Kong and Singapore. In its recommendations, ESMA makes references to investor protection, competition and market disruption regulations.

Investment companies in Gibraltar have also the possibility to apply the National Private Placement Regime (NPPR) when marketing their services outside the EU, according to ESMA.

The Gibraltar National Private Placement Regime

Gibraltar issued its NPPR regulations at the end of 2014. The legislation provides for a platform under which non-EU fund managers and non-EU alternative investment funds managed by EU managers can provide their services in Gibraltar. The regulations are currently pending ESMA’s approval. However, the assessment could last until 2018.

Under the current legislation, foreign AIFs managers can provide the following services in Gibraltar:

  • -          management of portfolios of pension schemes and collective investment schemes,
  • -          provide investment advice,
  • -          administration of shares in collective investment schemes.

For complete information about the types of investment companies that can be registered under the new Financial Services Regulations and obtaining a financial services license, please contact our specialists in Gibraltar.

 

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