McConvill, James (2012) Laying the Foundations for Fund Fortune: Developments and Opportunities within EU Offshore Financial Centres in an AIFM Directive Age. Macquarie Journal of Business Law, 9. pp. 145-157. ISSN 1449-0269

Abstract

The European Union's Alternative Investment Fund Managers Directive ('AIFMD') has now beenapproved by the European Parliament and Council. The AIFMD is designed to provide for clear, streamlined regulation of mutual fund managers and therefore, indirectly mutual funds, with a view to ensuring that funds actively marketed to professional investors in Europe are managed in a transparent and secure manner. The AIFMD provides for additional requirements when non-EU domiciled fund managers and/or funds are targeting European investors. These additional requirements mainly relate to whether the fund manager/fund's place of domicile is considered questionable or not. It has been commented upon that these additional requirements may make non-EU funds jurisdictions (particularly in offshore financial centres) less attractive when European money is being targeted. This article does not take a position in relation to the merits of the AIFMD or the attractiveness of EU versus non-EU jurisdictions in an AIFMD age. Instead, this article notes that the AIFMD may provide opportunities for offshore financial centres that are EU member states, and focuses on how three such EU offshore centres (Malta, Cyprus and Gibraltar) are positioning themselves to take advantage of what opportunities may arise.

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