Steven Maijoor has spoken to the EP’s Economic and Monetary Affairs (ECON) scrutiny committee on ESMA’s work to assess whether the Alternative Investment Fund Managers Directive (AIFMD) passport should be extended to third-country managers. He explained the background to ESMA’s research on how the passport has functioned and stressed that delayed implementation of AIFMD meant the passport had not been operational for long enough to draw any firm conclusions. He noted that ESMA found some problems caused by the differing interpretations between Member States of what AIFMD means by “marketing”, and that ESMA will work to address this. He then explained how ESMA had carried out its assessment of third countries and drawn its conclusions – stressing that ESMA’s view is that it is too early to introduce the passport (see further our article on ESMA’s advice). He said ESMA will:

  • continue its assessment of Hong Kong, Singapore and the US with a view to reaching a definitive conclusion on whether to extend the passport to those countries;
  • start to assess a second group of non-EU countries – Australia, Canada, Japan, the Cayman Islands, the Isle of Man and Bermuda; and
  • focus on putting in place the legal framework that will be necessary if the passport is extended to one or more non-EU countries, including making preparations for ESMA’s role in the functioning of the passporting system and strengthened supervisory cooperation.

(Source: ESMA Speaks to ECON on AIFMD Passport)