The European Securities and Markets Authority (ESMA) has published advice in relation to the application of the passport under the Alternative Investment Fund Managers’ Directive (AIFMD) to non-EU alternative investment fund managers and alternative investment funds (AIFs) in twelve countries:
- Cayman Islands;
- Hong Kong;
- Isle of Man;
- Switzerland; and
- United States.
For each country ESMA has assessed whether there were significant obstacles regarding investor protection, competition, market disruption and the monitoring of systemic risk which would impede the application of the AIFMD passport.
ESMA has also published an updated questions and answers document on the application of the AIFMD. The updated document includes a new question and answer on the impact of the Regulation on over-the-counter derivatives, central counterparties and trade repositories on the AIFMD framework, regarding the valuation of centrally cleared over-the-counter derivatives by AIF managers.
View ESMA advises on extension of funds passport to 12 non-EU countries, 19 July 2016
View ESMA publishes updated AIFMD Q&A, 19 July 2016