Jersey Finance welcomed another key step towards meeting the requirements of Alternative Investment Fund Managers Directive (AIFMD). As announced by the Jersey Financial Services Commission (JFSC) last Friday, 25 bilateral cooperation agreements were signed with supervisory authorities of the EU/EEA member states. They were now in active dialogue for the remaining agreements.

Chief Executive of Jersey Finance, Geoff Cook, said, "This is further positive news for the funds industry which has been experiencing consistent growth in 2013 to date. The total net asset value of funds under administration in Jersey surpassed the GBP200bn barrier for the first time since March 2009 earlier this year and in the first quarter of 2013 there was a 6.5 per cent increase in the total value. The Commission's announcement that it has signed up to these agreements is encouraging and can only add to the momentum of the year to date."

A cooperation agreement was approved by the European Securities and Markets Authority (ESMA) last May. This agreement was for the continued delivery into Europe of alternative investment funds business. The AIFMD was scheduled to be effective on July 22.