The European Securities and Markets Authority (ESMA) has issued
its advice to the European Commission, Parliament and Council in
relation to the application of the AIFMD passport to non-EU
Alternative Investment Fund Managers (AIFMs) and non-EU Alternative
Investment Funds (AIFs). Among the group of non-EU
jurisdictions assessed by ESMA (comprising Guernsey, Hong Kong,
Jersey, Singapore, Switzerland and the United States of America),
Jersey and Guernsey are the only two in relation to which ESMA
positively concludes that "no obstacles exist to the extension
of the passport".
The six jurisdictions were selected based on factors including
the amount of activity already being carried out by entities in
these countries under the national private placement regimes
(NPPRs), EU national authorities' knowledge and experience of
dealing with their counterparts and the efforts by stakeholders in
these countries to engage with ESMA's processes.
