EMIR – application to Jersey and Guernsey
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Jersey and Guernsey are long established jurisdictions for the establishment of hedge funds and funds of hedge funds; alternative investments are at the core of the islands’ fund industry. Regulated funds are authorised and subject to ongoing supervision by the Jersey Financial Services Commission and Guernsey Financial Services Commission as applicable.
Jersey and Guernsey have a special relationship with the EU; the Islands are treated as part of the EU for the purposes of free trade in goods, but otherwise are not part of the Union. The formal relationship is set out in Protocol 3 of the UK’s 1972 Accession Treaty and confirmed in what is now Article 355 (5) (c) of the EU Treaties.