The Tribune

The Bahamas Financial Services Board (BFSB), in collaboration with the Ministry of Financial Services, the Securities Commission of rhe Bahamas (SCB), plus corporate sponsor Ernst & Young (EY), will host a half-day seminar on the European Union’s (EU) Alternative Investment Fund Managers Directive (AIFMD) on Monday, January 13. The event will be held at the British Colonial Hilton at 10am.

AIFMD entered into force on July 22, 2013, and regulates EU fund managers that manage alternative investment funds (AIFs), as well as fund managers (wherever they are based) that manage AIFs established in the EU and those fund managers (wherever they are based) that market the units or shares of an AIF in the EU.

Alternative investment funds include hedge funds, private equity funds, real estate funds and other types of institutional funds.

Michael Sakala, senior manager in Ernst & Young’s global financial services advisory practice will speak on the impact and timelines of the Directive, focusing on what managers should be doing now.

The Securities Commission will discuss the information sharing provisions of the Directive, and examine how select regulators from other international financial centres are addressing it. The BFSB and the Ministry will focus on the opportunities available for the funds sector.

Mr Sakala has over 20 years of experience in the asset management industry.

He has developed and implemented compliance programmes and documents, including: Form ADV, Compliance Manual, Code of Ethics and annual review.

In addition, he has extensive experience in developing, reengineering and overseeing the financial operations at large and mid-sized global asset management firms.

In July this year, the Securities Commission signed a Memorandum of Understanding (MOUs) with counterpart securities regulators in the European Union (EU) and European Economic Area (EEA) that effectively allows Bahamas-based fund managers to continue to market or perform fund management activities for AIFs for the time being.

The Securities Commission and Mr Sakala will review the next steps as the provisions of the Directive are rolled out in ensuing years.