The European Securities and Markets Authority (ESMA) has released the speech that its chairman, Steven Maijoor, gave to the European Parliament’s Economic and Monetary Affairs Committee concerning ESMA’s advice on the application of the passport to non-EU alternative investment fund managers and alternative investment funds under the Alternative Investment Fund Managers Directive.

In his statement, Mr Maijoor explains that ESMA is focusing on the following areas in the short term:

• continuing its assessment of Bermuda and the Cayman islands with a view to reaching a definitive conclusion on whether to extend the passport to these countries;
• starting an assessment of an additional group of non-EU countries when it has more clarity on the next steps envisaged by the EU co-legislators; and
• focusing on putting in place an extensive framework in case the passport is extended to one or more non-EU countries.

View ESMA Chair statement to ECON on AIFMD passport, 11 October 2016