The draft proposals for the European Union Directive on Alternative Investment Fund Managers, issued at the end of April, are aimed particularly at hedge funds and private equity funds.
The stated goals – part of the European Commission’s reponse to the current financial crisis – are ‘to reduce the systemic risk caused by non-retail funds’. The final form of the draft is expected by the end of the year and, if adopted, the legislation could be in place by 2012.
Jersey Finance has now commissioned a number of professional firms to carry out an in-depth analysis of the effect the proposals could have on the industry and is asking members to contribute to a ‘fighting fund’ of £150,000, to be matched by a States grant.
Robert Kirkby, technical director at Jersey Finance, said this week that the EU proposals ‘will have a material impact on all Jersey funds’, including hedge funds, property and private equity funds.
