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Alternative Investment Funds June 2012

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Alternative Investment Funds June 2012 hedgeweek guide to setting up Alternative Investment Funds June 2012 Focus Report: BVI • Cayman Islands • Gibraltar • Guernsey • Ireland • Jersey • Luxembourg • Malta CONTENTS In this issue… 03 Introduction By Sunil Gopalan, Global Fund Media 04 British Virgin Islands: Jurisdiction information 05 British Virgin Islands: Overview By Ross Munro, Harneys 09 Cayman Islands: Jurisdiction information 11 Cayman Islands: Overview By Marco Martins and Patrick Colegrave, Harneys 15 Gibraltar: Jurisdiction information 17 Gibraltar: Overview By James Lasry, Hassans 20 Guernsey: Jurisdiction information 22 Guernsey: Overview By Paul Wilkes, group partner, Collas Crill 25 Ireland: Jurisdiction information 28 Ireland: Overview By Dillon Eustace 35 Jersey: Jurisdiction information 37 Jersey: Overview By Ashley Le Feuvre, senior manager Funds/SPV Group, Volaw Trust & Corporate Services Limited 43 Luxembourg: Jurisdiction information 45 Luxembourg: Overview By Rémi Chevalier and Olivier Sciales, Chevalier & Sciales 54 Malta: Jurisdiction information 56 Malta: Overview By the Malta Financial Services Authority Publisher Special Reports Editor: Simon Gray, [email protected] News Editor: James Williams, [email protected] Sales Managers: Simon Broch, [email protected]; Malcolm Dunn, [email protected] Publisher & Editorial Director: Sunil Gopalan, [email protected] Graphic Design: Siobhan Brownlow, [email protected] Published by: GFM Limited, 1st Floor, Liberation Station, St Helier, Jersey JE2 3AS, Channel Islands Tel: +44 (0)1534 719780 Website: www.globalfundmedia.com ©Copyright 2012 GFM Limited. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher. FOCUS REPORT Hedgeweek Guide to setting up Alternative Investment Funds Jul 2012 www.hedgeweek.com | 2 INTRODUCTION Introduction The Hedgeweek Guide to Setting up Alternative Investment Funds 2012 is the fifth edition of this unique online publication being made available to the 50,000-strong audience of investment managers, institutional investors and fund service providers that read Hedgeweek and its family of investment management newswires daily. The focus of the Guide is to help managers, promoters and their advisers decide where best to list their alternative investment funds and complements the daily news, special reports and fund data delivered through our specialised investment management portals (see below for compete list). This edition of the Guide draws together in one volume all the major current regulations covering the establishment of alternative investment funds in a comprehensive treatment of the subject covering the following major jurisdictions – BVI, Cayman Islands, Gibraltar, Guernsey, Ireland, Jersey, Luxembourg and Malta. The Guide goes from strength to strength with the support of leading law firms and service providers and in this regard we would like to thank Hassans, Harneys, Volaw Trust & Corporate Services, Collas Crill, Chevalier & Sciales, Dillon Eustace, and Malta Financial Services Authority for their invaluable time and assistance in preparing a comprehensive overview of each jurisdiction in this edition. We look forward to your feedback and participation in forthcoming editions of this Guide. Sunil Gopalan Publisher GFM Limited globalfundmedia.com Hedgeweek.com Institutionalassetmanager.co.uk Wealthadviser.co Privateequitywire.co.uk Propertyfundsworld.com Etfexpress.com Globalfunddata.com FOCUS REPORT Hedgeweek Guide to setting up Alternative Investment Funds Jul 2012 www.hedgeweek.com | 3 BRITISH VIRGIN ISLANDS Authorised representatives: .....................45 license holders Investment managers: .................. 536 SIBA license holders Custodians: ..................................................................6 licensed Corporate service providers: ...............................128 licensed Tortola Accountants/auditors: ............................7 international firms Trustees: ...............................84 Class I Trust license holders Insolvency Practitioners: ........................................22 licensed Local stock exchange: No Local fund industry body: BVI Investment Funds Association, PO Box 71, Road Town, Tortola, VG 1110, BVI Promotion agency for funds/financial sector: BVI International Finance Centre, Haycraft Building, 1 Pasea Estate, Road Town, Tortola VG1120, BVI. Email: [email protected]; Tel: +1 284 468 4335; Fax: +1 284 468 1002 TAX INFORMATION EXCHANGE AGREEMENTS Aruba; Australia; China; Czech Republic; Denmark; Faroe Islands; Finland; France; Germany; Greenland; Iceland; India; Ireland; Netherlands; Netherlands Antilles; New Zealand; Norway; Portugal; Sweden; UK; USA ALTERNATIVE FUND, MANAGER AND SERVICE PROVIDER INFORMATION TYPES OF ALTERNATIVE FUND VEHICLE British Virgin Islands Open-ended or closed-ended investment company (see below), limited partnership, unit trust, common contractual FUND LEGISLATION fund, umbrella fund Securities and Investment Business Act, 2010 (SIBA) Types of Corporate Vehicle: l Company Limited by Shares, including: NUMBER OF FUNDS – Restricted Purposes Company As at 31 March 2012 (the latest available): ....................2525 – Segregated Portfolio Company (for recognised or registered funds and licensed insurance companies NUMBER OF FUNDS BY CATEGORY only) As at 31 March 2012: l Company Limited by Guarantee authorised to issue Private: .....................................................................................681 shares; Professional: ...........................................................................1668 l Company Limited by Guarantee not authorised to Public: ........................................................................................ 176 issue shares; Only open ended funds are required to be registered l Unlimited Company authorised to issue shares; and or recognised under SIBA. No statistics are available for l Unlimited Company not authorised to issue shares other types of funds. There is currently no distinction in the licensing TYPES OF REGULATORY FUND CATEGORY process between directly invested hedge funds and Public; Private; Professional funds of hedge funds and so no official figures exist for the break down. AUDIT REQUIREMENT Domiciled and administered fund assets total: l Public Funds: Financial statements must be audited No figures currently available. by an auditor approved by the Financial Services Domiciled and administered fund assets by category: Commission (no local sign off). No figures currently available. l Private and Professional Funds: Financial statements must be audited by an auditor meeting certain REGULATOR prescribed criteria unless the fund is exempted Financial Services Commission, Investment Business from the audit requirement by the Financial Services Division. Contact: Broderick Penn, Director of Investment Commission (no local sign off). Business Division; Tel: +1 284-494-1324 or + 1284-494- 4190; Fax: +1 284-494-5016 FINANCIAL STATEMENT REQUIREMENTS Address: BVI Financial Services Commission, Pasea l Public funds: Financial statements for each financial Estate, PO Box 418, Road Town, Tortola, VG 1110, BVI year must be prepared which comply with IFRS, US, UK or Canadian GAAP or such other accounting SERVICE PROVIDERS standards as may be approved by the Financial Law firms: .......................................8 multi-jurisdictional firms; Services Commission on a case by case basis. ....................... approximately 14 other BVI commercial firms l Private and professional funds: Financial statements Administrators: ..........................................................89 licensed for each financial year must be prepared in FOCUS REPORT Hedgeweek Guide to setting up Alternative Investment Funds Jul 2012 www.hedgeweek.com | 4 BRITISH VIRGIN ISLANDS accordance with one of the prescribed financial COST OF REGULATORY FEES (BY TYPE OF FUND): standards (UK, US or Canadian GAAP or IFRS) or Private and Professional: ........................................... US$1,000 internationally recognized and generally accepted Public: ............................................................................. US$1,500 accounting standards equivalent to such standards. l All funds regulated under SIBA must also submit an OVERALL COST OF FUND ESTABLISHMENT annual return to the Financial Services Commission Private and Professional: ..............................From US$12,000 containing summary prudential and governance Public: ...............................................................From US$20,000 information. REGULATORY APPROVAL TIME From submission of complete application: Private and Professional Funds: .......... 2 - 5 business days Public Fund: ................................................................ 2-3 weeks OVERALL ESTABLISHMENT TIME Private and Professional: .............................At least 2 weeks Public Fund: ..................................................At least 10 weeks The British Virgin Islands By Ross Munro, Harneys The British Virgin Islands is a leading jurisdiction for as an investment manager, administrator, investment the formation of alternative investment funds, having advisor or custodian with respect to a wide variety of approximately 2,525 funds registered or recognised under financial instruments.
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