There is a developing trend in global regulation and policy towards businesses needing to be able to demonstrate a real presence in the jurisdictions in which they operate. In this changing environment, fund and asset managers are reconsidering where they and their funds base themselves.

Jersey has always been an attractive option. It is an innovative jurisdiction with a highly skilled workforce, high quality infrastructure, a commitment to excellence and a well-deserved reputation as a centre of ‘substance’. It is this focus on substance in particular which has allowed Jersey to differentiate itself from other fund centres. Now there have been two developments which have highlighted the importance of considering management substance and given Jersey the opportunity to strengthen its appeal when structuring decisions are being made.

In July 2015, the European Securities and Markets Authority (ESMA) gave its recommendation that Jersey have access in due course to an EU-wide passport for the marketing of alternative investment funds in the EU under the Alternative Investment Fund Managers Directive (AIFMD). The implementation of AIFMD created a legal framework across the EU to monitor and supervise alternative investment fund managers and one of the key criteria under AIFMD is the question of management substance.

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