Alternative Investment Funds Sep 2008 Europe 2008
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guide to setting up Alternative Investment Funds Sep 2008 Europe 2008 Gibraltar Guernsey Ireland Jersey Luxembourg CONTENTS In this issue… 03 Introduction By Sunil Gopalan 04 Gibraltar jurisdiction information 06 Gibraltar By James Lasry, Hassans Partner 09 Guernsey jurisdiction information 10 Guernsey By Peter Harwood, Partner, Gavin Farrell, Partner, Paul Christopher, Partner, and Val Rouse, Associate, Ozannes, Guernsey 15 Ireland jurisdiction information 17 Ireland By Donnacha O’Connor, partner in Financial Services at Dillon Eustace 23 Jersey jurisdiction information 25 Jersey By Bill Gibbon, Funds Group Partner with Voisin and Tom Amy, Head of Funds & SPV Group at Volaw Trust & Corporate Services Limited in Jersey 29 Luxembourg jurisdiction information 31 Luxembourg By Rémi Chevalier and Olivier Sciales, founding partners at Chevalier & Sciales Publisher Publisher/Editor-in-Chief: Sunil Gopalan, [email protected] Marketing Director: Oliver Bradley, [email protected] Sales Manager: Simon Broch, [email protected] Graphic Design (Special Reports): Siobhan Brownlow at RSB Design Published by: Hedgemedia Limited, 18 Hanover Square, London W1S 1HX Tel: +44 (0) 20 3159 4000 Website: www.hedgeweek.com © Copyright 2008 Hedgemedia 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. EUROPE Hedgeweek guide to setting up Alternative Investment Funds Sep 2008 www.hedgeweek.com | 2 INTRODUCTION Introduction The Hedgeweek Guide to Setting up Alternative Investment Funds is a unique online publication that is being made available to the 45,000-strong global hedge funds, real estate and private equity managers and service providers that read Hedgeweek and its family of alternative investment newsletters. The focus of the Guide is to help managers, promoters and their advisers decide where best to set-up their alternative investment funds. 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 major jurisdictions globally. The first part of this Guide focuses on the jurisdictions in and around Europe and includes an overview on the status of alternative investment fund regulation in each jurisdiction, provided by a key local firm. We would like to thank the following firms who contributed expert articles and invaluable time and assistance in preparing comprehensive overviews of each of their jurisdictions in this first edition – Hassans (Gibraltar), Ozannes (Guernsey), Dillon Eustace (Ireland), Voisin and Volaw Trust & Corporate Services Limited (Jersey) and Chevalier & Sciales (Luxembourg). We would also like to thank Hilaire Gomer, who assisted in coordinating this edition, and Simon Gray, our Special Reports Editor. This Guide will be updated on an annual basis, readers should note that statistical information contained in this edition dates to end-June 2008. We look forward to your feedback and your participation in forthcoming regional extensions of this Guide. Sunil Gopalan Editor-in-Chief Hedgeweek EUROPE Hedgeweek guide to setting up Alternative Investment Funds Sep 2008 www.hedgeweek.com | 3 GIBRALTAR REGULATOR ● Financial Service Commission, PO Box 940, Suite 943, Europort, Gibraltar. SERVICE PROVIDERS Law firms ● Hassans International Law Firm, 57/63 Line Wall Road, PO Box 199, Gibraltar. ● Isolas, Portland House, Glacis Road, PO Box 204, Gibraltar ● Triay Stagnetto Neish, Burns House, 19 Town Range, Gibraltar. ● Nunez & Co, Suite 10/4, International Commercial Centre, PO Box 516, 2A Main Street, Gibraltar. ● Ellul Eric C & Co Barristers at Law, Suite 7, Hadfield House, Library Street, Gibraltar. Administrators There are 10 firms licensed as Collective Investment Scheme Administers under the Financial Services (Collective Investment Schemes) Act 2005. ● Capita Financial Administrators (Gibraltar) Limited, Blake House, 19c Town Range, Gibraltar. ● Fiduciary Fund Administration Limited, Suite 23 Portland House, Glacis Road, Gibraltar. ● Grant Thornton Fund Administration Limited, 6A Queensway, Gibraltar. ● Helvetic Fund Administration Limited, Suite 209 Neptune House, Marina Bay, Gibraltar. ● PriceWaterhouseCoopers Accounting Services Limited. PO Gibraltar Box 559, 10/8 International Commercial Centre, Casemates Square, Gibraltar. ● Quest Fund Administration Limited, 260/262 Main Street, Gibraltar. ● Rock Fund Services Limited, Suite 11 1st Floor Portland FUND LEGISLATION House, Glacis Road, Gibraltar. The Financial Services legislation in Gibraltar effectively divides ● SBI, swissBEST INVEST Fund Administration Limited, PO the funds available in Gibraltar into four categories: Box 1254, First Floor, 1 Tuckey’s Lane, Gibraltar. ● Private Funds – Companies Act, Limited Partnerships Act; ● Velay Financial Services Limited, Suite 210 Neptune House, ● Experienced Investor Funds – Financial Services Marina Bay, Gibraltar. (Experienced Investor Fund) Regulations 2005; Depositaries ● Non-UCITS retail funds – Financial Services (Collective There are 10 firms licensed as Collective Investment Scheme Investment Schemes) Act 2005, Financial Services (Collective Managers or Depositaries under the Financial Services Investment Schemes) Regulations 2006; (Collective Investment Schemes) Act 2005. ● UCITS funds – Financial Services (Collective Investment ● ABN AMRO Bank NV, Suite 731-4, Europort, Gibraltar. Schemes) Act 2005, Financial Services (Collective Investment ● Bank J Safra (Gibraltar) Limited t/a Bank J Safra, PO Box 542, Schemes) Regulations 2006. Suite 971 Europort, Gibraltar. ● Credit Suisse (Gibraltar) Limited, PO Box 556, NUMBER OF FUNDS Neptune House, Marina Bay, Gibraltar. ● There are 3 funds registered under the Financial Services ● Lloyds TSB Bank plc, PO Box 482, First Floor, Royal Ocean (Collective Investment Schemes) Act 2005 as authorised Plaza, Ocean Village, Gibraltar. funds in Gibraltar. ● Lombard Odier Darier Hentsch Private Bank Limited, PO Box ● There are 38 funds registered under the Financial Services 407, Suite 921 Europort, Gibraltar. (Collective Investment Schemes) Act 2005 as Experience ● SG Hambros Bank (Gibraltar) Limited, PO Box 375, 32 Line Investor Funds. Wall Road, Gibraltar. ● There are at least 30 Private Funds in Gibraltar. ● The Royal Bank of Scotland (Gibraltar) Limited, PO Box 766, 1 Corral Road, Gibraltar. NUMBER OF FUNDS BY CATEGORY ● The Royal Bank of Scotland International Limited (Trading as The below figures do not include Private Funds Natwest), PO Box 707, 57/63 Line Wall Road, Gibraltar. Hedge:......................................................................................................20 ● Turicum Private Bank Limited, PO Box 619, 315 Main Street, Private Equity:...........................................................................................3 Gibraltar. Property: ....................................................................................................9 Auditors Other Alternative Funds: .......................................................................2 ● Baker Tilly (Gibraltar) Limited, Suite 5, International House, Funds of Funds: ......................................................................................7 Bell Lane, Gibraltar. Retail / General Public Funds:.............................................................0 ● BDO Fidecs Chartered Accountants Limited, BDO Fiecs EUROPE Hedgeweek guide to setting up Alternative Investment Funds Sep 2008 www.hedgeweek.com | 4 GIBRALTAR Group, PO Box 575, Montagu Pavilion, 8-10 Queensway, sheet total of over £9.6million; (iii) average number of Gibraltar. employees of over 250. ● Benady Cohen & Co Limited, 1st Floor Garrison House, 3 ● Medium Company: same as for large company but profit Library Ramp, Gibraltar. and loss account can be in an abridged format. Medium ● Deloitte Limited, 124 Irish Town, Gibraltar. companies (two of the following): (i) a net turnover of up to ● Grant Thornton, Suite 21, Watergardens 6, 1st Floor, PO Box £19.2 million per annum; (ii) a balance sheet total of up to 64, Gibraltar. £9.6 million; (iii) an average number of employees of up to ● Moore Stephens, PO Box 743, Suite 5, Watergardens 4, 250. Waterport, Gibraltar. ● Small Company: filing of abridged unaudited balance sheet ● PricewaterhouseCoopers Limited, 10th Floor International only. Small companies (two of the following): (i) have a net Commercial Centre, Casemates Square, Gibraltar. turnover of up to £4.8million per annum; (ii) a balance sheet Local stock exchange total of up to £2.4million; (iii) an average number of Not applicable, although one is being set up. employees of up to 50. Local fund industry body Gibraltar Funds Industry Association (the “GFIA”), c/o Hassans REGULATORY FEES International Law Firm, 57/63 Line Wall Road, Gibraltar. Contact: Private: ...............................................................................................None James Lasry. EIF: ....................................................................................................£2,500 Promotion agency for funds/financial sector Non-UCITS Retail Fund: ...............................................................£4,000 Gibraltar Funds Industry Association (the “GFIA”), c/o Hassans UCITS:...............................................................................................£4,000