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ARTICLE · 02 MARCH 2016

ESMA AIFMD Passport For Non-EU AIFMs And AIFs

Dillon Eustace
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On 19 January, 2016, the European Securities and Markets Authority ("ESMA") published a letter received from the European Commission (the "Commission") in respect of ESMA's advice...

GlobalFinance and Banking
Derbhil O'Riordan
Derbhil O'Riordan
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On 19 January, 2016, the European Securities and Markets Authority ("ESMA") published a letter received from the European Commission (the "Commission") in respect of ESMA's advice on the application of the Directive on Alternative Investment Fund Managers (Directive 2011/ 61/EU or "AIFMD") passport to non-EU AIFMs and AIFs, and ESMA's opinion on the functioning of the passport for EU AIFMs and on the national private placement regimes ("NPPRs").

AIFMD regulates the management and marketing of Alternative Investment Funds ("AIFs") and aims to provide for and harmonise an internal market for Alternative Investment Fund Managers ("AIFMs") within the EU. AIFMD currently offers a marketing passport ("Passport") to compliant EU AIFMs of EU AIFs. The AIFMD contemplates that this Passport can be extended to non-EU AIFs, and to non-EU AIFMs from 2015. The Passport has not yet been so extended and such extension is subject to the acceptance by the European Parliament,

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