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ARTICLE · 07 OCTOBER 2014

MiFID II Directive Clarifies AIFM Passport Issue

Maples Group
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The Markets in Financial Instruments Directive marks the start of a significant regime overhaul for the regulation of investment services in Europe.

European UnionFinance and Banking
Barry McGrath
Barry McGrath
Stephen Carty
Stephen Carty
Peter Stapleton
Peter Stapleton
Paul Dobbyn
Paul Dobbyn
Carol Widger
Carol Widger
Adam Donoghue
Adam Donoghue
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The Markets in Financial Instruments Directive (2014/65/EU) ("MiFID II") came into force on 2 July 2014. It must be transposed into national law by 3 July 2016 and will apply from 3 January 2017 (subject to a small number of excepted Articles).

This marks the start of a significant regime overhaul for the regulation of investment services in Europe. However, focussing on one specific and more immediate enhancement, MiFID II also amends the Alternative Investment Fund Managers Directive (2011/61/EU) ("AIFMD") and in doing so clarifies a contentious point in relation to the passporting by AIFMs of MiFID type services on a cross-border basis within the EU/EEA.

Passporting Issue

An AIFM is authorised to manage AIFs but can also extend its authorisation, under Article 6(4) of AIFMD, to (i) manage UCITS; (ii) manage non-AIF portfolios; and (iii) carry out other non-core services, namely: investment advice; safekeeping and administration of funds; and receipt and

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