On 14 April 2010, the Financial Times reported that Jean-Paul Gauzes, the MEP responsible for steering the AIFM Directive through the EU's parliamentary process, had proposed a two tier approach to the registration of non-EU funds, prior to the scheduled vote on the Directive by the Parliament's Economic and Monetary Affairs Committee on 27 April. The FT reports that under Gauzes' proposal non-EU managers looking to market in the EU would be able to obtain a "passport" to do so throughout the bloc if they agreed to adhere voluntarily to the Directive and registered with the European Securities and Markets Authority (ESMA); if there were cooperation arrangements in place between ESMA and the jurisdiction in which they were based; and if that jurisdiction passed certain tests (also applying to EU AIFMs wanting to market funds based in that jurisdiction), which would include whether OECD tax sharing information agreements had been entered into, rules on information exchange between supervisors, reciprocity for European products and anti-money laundering rules.
If a jurisdiction fell short of some of those standards, it might still be able to seek country-by-country marketing approval for marketing funds from the relevant jurisdiction on a private placement basis. But if a jurisdiction fell short of all of them, funds incorporated there would be barred from being marketed to investors in the EU.
Mr Gauzes has apparently admitted that these proposals have not been discussed with the Commission and at present it is unclear whether this new proposal will receive support.