AIFMD Passport For Non-EU Funds And Fund Managers

On 30 July 2015, the European Securities and Markets Authority (ESMA) published its advice to the European Parliament, the Council and the European Commission on the application of the AIFMD Passport to non-EU AIFMs and AIFs¹. The advice was published a little over a week later than it was due to be published, perhaps reflecting the difficulties that ESMA has found in assessing the different factors that it is bound to take into account pursuant to the Level 1 AIFM Directive, particularly as a result of its adopted approach of providing advice separately for each non-EU country whose funds and fund managers are active in one or more EU member states.

Background

The AIFM Directive² applies to managers (AIFMs) of alternative investment funds (AIFs) as defined in the Directive. It currently provides for EU AIFMs, once they have passed the conditions for authorisation in one EU member state, to be permitted to market EU AIFs managed by them in any member state of