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German Regulator Agrees toReciprocal Private Placement Regime
with Gibraltar
In December 2014, Gibraltar introduced a national private placement regime (NPRR) as a result of the implementation of Directive 2011/61/EU (AIFMD), within the Financial Services (Alternative Investment Fund Managers) Regulations 2014 (AIFM Regulations) and the amendments which ensued. The NPPR caters for the promotion of funds managed by fund managers that are currently not able to take advantage of the marketing passport under AIFMD (EU and non-EU fund managers) and creates a notification or authorisation regime which is dependent on whether the manager is established within the EU or not.
The NPRR has successfully met the standards of the German financial regulator (BaFin) for the reciprocal rights of funds. The ability to promote German funds in Gibraltar under the NPPR has, in turn, allowed Gibraltar funds and managers to private place in Germany on the same expeditious basis.
The new reciprocal regime will apply to funds in Gibraltar that are not within the scope of AIFMD i.e. self-managed funds and fund managers with assets under EUR100m (or EUR500m if the fund is closed ended and unleveraged).
BaFin’s adoption of the regime will undoubtedly present a monumental step forward for Gibraltar’s funds industry as its inception will provide an uncomplicated and accelerated route to private placement into Germany (as opposed to the intricate and timely standard route to the German market).
Gibraltar will have gained a competitive advantage over many other jurisdictions with most other EU member states having a comparatively limited access to the German market and offshore jurisdictions not being eligible to use NPRR (much less an accelerated version of it).
Jay Gomez is an associate at Triay & Triay and works within the Financial Services and the Corporate & Commercial teams with a strong focus on regulatory matters. Jay was seconded to the Gibraltar Financial Services Commission (FSC) to draft the aforementioned amendments to the AIFM Regulations and the NPPR. Consequently our vastly experienced Financial Services team is well placed to advise on investment fund matters and would be delighted to assist and advise you further in helping you to meet your business objectives.
For further information please do not hesitate to contact Melo Triay, Jay Gomez, Javi Triay or Chris Davis from our Financial Services team on: [email protected]
The information in this publication is for general information purposes only and does not constitute professional advice, legal or otherwise and does not intend to be comprehensive. Triay & Triay does not accept responsibility for any loss that may arise from accessing or relying upon the information contained in this publication.
Melo Triay Partner
E: [email protected] T: +350 200 72020
Jay Gomez Associate
E: [email protected] T: +350 200 72020
Javi Triay Associate
E: [email protected] T: +350 200 72020
Chris Davis Paralegal
E: [email protected] T: +350 200 72020
triay & triay gibraltar28 Irish Town, Gibraltar
Telephone +350 200 72020 Facsimile +350 200 72270 Email [email protected]
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