AIFMD nearly there: Parliament and the Council have nearly agreed the text of the AIFMD, which now remains only to be voted through at the plenary session on 11 November. Parliament forced through new chapters on asset stripping and remuneration principles, and influenced the rules on passporting, depositary liability, capital requirements, and use of leverage. On passporting, the agreement between Parliament and the Council is that AIF and AIF managers will get passports only if the non-EU country they are located in meets minimum regulatory standards and has agreements in place with Member States to allow information sharing. To start with, persons based outside the EU will have to market through the current national private placement regimes. Once ESMA has issued an opinion and the Commission has adopted legislation, non-EU AIF and AIF managers will get the passport too. The national private placement regimes and the passport will coexist until the Commission says otherwise.