On 30 July 2015, ESMA published its advice to the European Commission on the extension of the management and marketing passports under AIFMD to non-EU AIFMs and non-EU AIFs (the “Advice”). ESMA also published its opinion on the functioning of the passport for EU AIFMs and the national private placement regimes (the “Opinion”).
The Advice proposes that the AIFMD passport, which is currently only available to EU entities, be extended to non-EU AIFMs and AIFs on a country-by-country basis.
ESMA assessed six non-EU jurisdictions and concluded that no obstacles exist to the extension of the passport to Guernsey and Jersey, while Switzerland will remove any remaining obstacles with the enactment of pending legislation. ESMA did not come to a definitive view regarding the extension of the passport to Hong Kong, Singapore or the US due to concerns related to competition, regulatory issues and a lack of sufficient evidence to properly assess the relevant criteria.
ESMA aims to finalise the assessments of Hong Kong, Singapore and the US as soon as practicable and to continue to assess further groups of non-EU countries until it has provided advice on all non-EU countries that it considers should be included in the extension of the passport.