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ESMA provides advise on AIFMD passport for non-EU managers

07 September 2015

In accordance with Articles 36 and 42 of the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD), non-EU alternative investment fund managers (AIFMs) and non-EU alternative investment funds (AIFs) managed by EU AIFMs are subject to the national private placement regime (NPPR) of each of the Member States where the AIFs are marketed or managed.

However, the AIFMD makes provision for the passport, which is currently reserved to EU AIFMs and AIFs, to be potentially extended in future. Article 67(1) of the AIFMD establishes that, by 22 July 2015, ESMA shall issue to the European Parliament, the Council and the Commission advice on the application of the passport to non-EU AIFMs and AIFs in accordance with the rules set out in Article 35 and 37 to 41 of the AIFMD. ESMA has now advised that the passport should be available also to six non-EU countries: Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the United States. Despite this, Andulf expects that we will have to wait a considerable time before such passports being available. Read more here.