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ESMA’s advice on the extension of AIFMD passport

On 19 July 2016, ESMA has issued advice to the European Commission in relation to the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) in twelve non-EU countries.

On 19 July 2016, ESMA has issued advice to the European Commission in relation to the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) in twelve non-EU countries. For each country, ESMA assessed whether there were significant obstacles regarding investor protection, competition, market disruption and the monitoring of systemic risk which would impede the application of the AIFMD passport. ESMA’s advice states, amongst other things, that there are no significant obstacles impeding the application of the AIFMD passport to Canada, Guernsey, Japan, Jersey and Switzerland. ESMA gave a qualified opinion in relation to Hong Kong, Singapore, Australia and the US. Relation to the Cayman Islands and Bermuda ESMA stated that without final AIFMD regime rules in place and consequently no enforcement experience, they could not finish their assessment.

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