Matheson Investment Funds Update, November 2014

As the European institutions continue to focus on implementation of asset management and investment funds rules, the Matheson Asset Management Team would like to update you on some recent developments.

AIFMD

The European Securities and Markets Authority (ESMA) is required to issue advice to the European Commission (Commission) as to whether or not the AIFMD EU passport system should be extended to the management and / or marketing of AIFs by non-EU AIFMs and to the marketing of non-EU AIFs by EU AIFMs.  It is required to do this by 22 July 2015, and to give its opinion to the European Parliament, the Council and the Commission on how the marketing and management passport for EU AIFMs and the national private placement regimes (NPPRs) have been functioning since 22 July 2013.