ESMA Advice On Third Country AIFMD Passporting

On 30 July 2015 the European Securities and Markets Authority ("ESMA") released some advice with respect to a selected group of third countries to the European Parliament, the Council and the Commission on the possible extension of the AIFMD passport to apply to third country AIFMs and AIFs and its opinion on the functioning of the passport for EU AIFMs and the national private placement regimes.

ESMA's advice is a condition for the introduction of the passport by the Commission which generally shall occur within three months following receipt of the advice. Such passport means on the one hand that the third country manager gets an authorization to market funds in Europe (and to manage EU funds) without having to comply with national requirements provided it complies fully with all AIFMD rules and on the other hand such introduction of the passport for third country managers will have the automatic effect in Germany of abolishing the national notification