The European Securities and Markets Authority
(Esma) issued advice on non-EU passporting under the
Alternative Investment Fund Management Directive (AIFMD) late
last month. Its assessment of Hong Kong and Singapore was not
On July 30 Esma issued the long-awaited documents
for fund passporting for non-EU jurisdictions. Since
AIFMD’s implementation in July 2013, the absence
of non-EU passports has meant that funds outside the bloc have
relied on reverse solicitation or each country’s
private placement regimes to reach European investors.
Esma recommended that Jersey and Guernsey be
considered for a non-EU passport, as well as Switzerland as
long as certain laws are passed. But the Asian jurisdictions
assessed, Singapore and Hong Kong, may face delays.
"Asian countries that aren’t part...