Since the Alternative Investment Fund Managers Directive
(AIFMD) was fully implemented in 2011 the intention has been to
extend the passport scheme to non-EU fund managers.
But in the absence of clarity over what a new passport
scheme would look like and how it would work for funds
domiciled outside of the bloc, counsel say some AIFs are just
not interested in joining it.
In a letter published by the European Securities and
Markets Association (Esma) in January, the European Commission
said it would not grant non-EU jurisdictions passports to
jurisdictions, including the US and Hong Kong, without further
assessment by Esma. Counsel say the US is the sticking point in
"There’s two tracks to this story," said
Leonard Ng, a partner at Sidley Austin in London.
"There’s the official US Treasury position that
it’s a bit of a slap in the face, and then the