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ARTICLE · 31 JULY 2015

AIFMD Update: ESMA Issues Its Initial Set Of Recommended Countries

Cayman Islands Government
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Of the more than 40 jurisdictions that ESMA is expected to assess in relation to the passport extension, to date it has assessed six.

Cayman IslandsFinance and Banking
Ministry Of Financial Services
Ministry Of Financial Services
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The European Securities and Markets Authority (ESMA) today issued its initial set of recommended countries for the EU's Alternative Investment Fund Managers Directive (AIFMD) passport.

Of the more than 40 jurisdictions that ESMA is expected to assess in relation to the passport extension, to date it has assessed six.

'The Advice concludes 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. No definitive view has been reached on the other three jurisdictions due to concerns related to competition, regulatory issues and a lack of sufficient evidence to properly assess the relevant criteria', ESMA's announcement reads.

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