On January 19, the European Securities and Markets Authority (ESMA) published on its website a letter it received from the European Commission (Commission), dated December 17, 2015. The letter is in response to guidance and an opinion provided by ESMA on July 30, 2015 to the Commission, in relation to the Alternative Investment Fund Managers Directive (AIFMD) passport.
The Commission has requested in its letter that ESMA complete an assessment (by June 30) of (1) the United States, Hong Kong and Singapore, and (2) another six third-country jurisdictions, including Japan, Canada, Isle of Man, Cayman Islands, Bermuda and Australia. ESMA would then determine if the AIFMD passport should be extended to any of them.
The Commission also noted in its letter that ESMA should produce a further opinion on the functioning of the passport and national private placement regimes once the AIFMD has been implemented into national law of all member states.
For further information on ESMA’s original guidance and opinion, see our Corporate & Financial Weekly Digest edition of July 31, 2015 and Corporate & Financial Weekly Digest edition of October 16, 2015.
A copy of ESMA’s press release can be found here.
A copy of the Commission’s letter to ESMA can be found here.