The European Securities and Markets Authority has finally approved a co-operation agreement with Jersey on behalf of all 27 EU member states after many months of negotiation.
And it is good news for the at least 1,500 Islanders who are thought to work in the alternative investment funds sector.
It will mean the 470 Jersey-based firms who hold licences to conduct funds service business will be able to continue to deliver their services into Europe when the EU Alternative Investment Fund Managers Directive (AIFMD) comes into effect in July.
Jersey Finance chief executive Geoff Cook said that the agreement would give alternative investment fund managers a ‘huge amount of confidence’ in using Jersey.
