AIFMD Non-executive director briefings

Jersey :  The Jersey event was held on Tuesday  23 April 2013 2013 with the speakers being Mary Bruen and Brendan McMahon

Guernsey:  The Guernsey workshop was held on Friday 8 March 2013 with the speakers being Mary Bruen and Jarrod Cowley-Grimmond

Who should attend?

The workshop was of particular interest to Audit Committee members and financial services, Non-Executive Directors wishing to further develop their understanding of AIFMD.  Directors of General Partners, Managers, Investment Advisors and Administrators will need to consider their roles and responsibilities in light of this new wave of regulation.

Overview

The Alternative Investment Fund Managers Directive ("AIFMD") will have a significant impact on most Channel Island's businesses in the finance industry.

From 22 July 2013 managers of Funds based in Third Countries, which include Jersey and Guernsey, access to EU investors will change.  The Directive is both an opportunity and a threat for  the CI - an opportunity as it offers a regime without the onerous provisions of the Directive but a threat as there is a risk that EU member states may restrict our access to their jurisdiction.

  • Marketing or managing funds in Europe brings you in scope and real substance will be required.
  • The response to AIFMD is in the first instance a strategic one.  Managers will need to determine whether they want or need an AIFMD compliant structure or whether they should remain or move outside of the EU.
  • Where continued access to Europe is to be secured through private placement Non EU managers' immediate focus will need to be on the transparency demands of the Directive and on the substance requirements of the AIFMD(s) to avoid them being deemed a "letter box entity".
  • Alternatively, where Managers are required, or, if relevant, elect to be fully compliant they will need to assess their existing compliance and operations against all key requirements of the AIFMD.  

Mary Bruen will provide you with sufficient information on the subject to enable you to ask the right questions to investment advisors and administrators that are planning for the impact of this legislation. She will update you on where the CI are in relation to the necessary co-operation agreements that are needed to continue to private place in to Europe post 22 July and how Member States are implementing these provisions of the Directive.  She will also give you some insights in to what will constitute substance under the Directive and remind you of the transparency requirements.

We hope you will be able to join us.

To secure your place please call Vikki Sharman in Jersey, her contact details can be found alongside.

If you have any queries, please do not hesitate to contact us.

Speaker bios


Mary Bruen

Mary is a Senior Manager in the advisory department of PwC in the Channel Islands.  Mary spent a year on secondment to the FSA, where she worked on policy development on the AIFMD.  She has been involved in the final negotiations of the Directive and represented the UK at ESMA meetings.  This resulted in her drafting advice on behalf of ESMA in relation to the transparency and liquidity management provisions.  Mary is now a key part of PwC's network of subject matter experts on AIFMD.  Her current focus is on providing targeted solutions sets to ensure effective implementation of both Dodd Frank and AIFMD at both asset manager and service provider levels.

Brendan McMahon

Brendan McMahon is a partner at PwC in Jersey and a member of our Global Asset Management Leadership team with particular focus on the alternative investment management industry. He located to Jersey in 1986 and has extensive experience in offshore financial services; his clients consist mainly of alternative asset managers and funds groups. As part of Brendan’s global role he co-ordinates the PwC network’s strategy in meeting the needs of our global private equity clients. This includes working with PwC members firm’s globally monitoring ongoing challenges in the alternative funds industry and representing the network in many of its communications with industry bodies. In addition Brendan has led the firm’s network response to the Alternative Investment Fund Managers Directive. As part of this initiative he has engaged across the spectrum of players influencing the final outcome of the Directive.

Jarrod Cowley-Grimmond

Jarrod is a Director of the Commerce and Employment Finance Sector Development team with the States of Guernsey.  Jarrod, joined the Commerce and Employment Department in July 2008.  He previously practised as a Barrister-at-Law in Queensland, Australia, where he predominantly appeared before the Supreme Court and the Federal Court of Australia in commercial matters. Before being called to the Bar he had previously been a Senior Lawyer in Crown Law, the Queensland Government's legal advisers. Jarrod oversees the preparation of commercial legislation and particularly in relation to issues regarding the development of the finance industry. He works with the Law Officers of the Crown at St James' Chambers but is seconded to the Commerce and Employment Finance Sector Development team.