Third-Country AIFMs: ESMA Says Slow Down

The Alternative Investment Fund Managers Directive (AIFMD) required ESMA to review, by July 2015, how the arrangements under AIFMD for marketing AIFs have worked, with an assessment of the National Private Placement Regimes (NPPR) and advice on whether to introduce a passport for non-EU AIFMs and for the marketing of non-EU AIFs. ESMA's advice urges the European Commission not to make hasty changes.

ESMA's TASK

Article 67 of the AIFMD requires ESMA to issue to the European Parliament, Council and Commission:

• an opinion on:
  
  
  • how the passport has functioned for EU AIFMs managing and/or marketing EU AIFs;
  • how EU AIFMs have marketed non-EU AIFs;
  • how non-EU AIFMs have managed or marketed AIFs under the NPPR; and