ESMA has issued its advice on the extension of the AIFMD passport to non-EU AIFMs and AIFs based on its assessment of 12 non-EU countries. ESMA has confirmed that: (i) there are no significant obstacles impeding the application of the AIFMD passport to Canada, Guernsey, Japan, Jersey and Switzerland; (ii) subject to certain reservations set out in the advice, there are also no significant obstacles impeding the application of the AIFMD passport to AIFs in Hong Kong, Singapore and Australia; (iii) there are no significant obstacles regarding investor protection and the monitoring of systemic risk which would impede the application of the AIFMD passport to the US; however, ESMA has concerns with respect to the competition and market disruption criteria; (iv) it is unable to give advice as yet on Bermuda or the Cayman Islands, as both jurisdictions are currently implementing new regimes; and (v) it is unable to assess whether the investor protection criterion was met in relation to the Isle of Man, given the absence of an AIFMD-like regime.