Good news from Europe on funds

HUNDREDS of Islanders employed in Jersey’s funds sector can look forward to a Happy New Year because the Island seems certain to be able to enjoy long-term access to European markets.

The chairman of the Jersey Funds Association, Nigel Strachan
The chairman of the Jersey Funds Association, Nigel Strachan

HUNDREDS of Islanders employed in Jersey’s funds sector can look forward to a Happy New Year because the Island seems certain to be able to enjoy long-term access to European markets.

Implementation rules for a new EU directive due come into force next year were published last week. And it would appear they are good news for the Island and those employed in funds administration and management.

There were fears that Jersey could have been denied access to Europe when the details of the Alternative Investment Fund Managers Directive were published.

But last week’s release of the EU Commission’s Level II rules appear to put the Island in a strong position to continue its funds business in the long term.

Both the chairman of the Jersey Funds Association, Nigel Strachan, and the deputy chief executive of Jersey Finance, Heather Bestwick, said that it would be ‘business as usual’ for the funds industry in 2013 and beyond.