By Dr Ulf Klebeck, general counsel at Woodman Asset
Management in Zug
To EU and national regulators: are we there
Even if the European Securities and Markets Authority (Esma)
had made some progress with its second bout of advice on
introducing introduction of the Alternative Investment Fund
Managers Directive (AIFMD) passport for non-EU-AIFMs, the final
call is still outstanding.
On July 19 2016 Esma published its advice on applying the
AIFMD passport to non-EU-AIFMs and alternative investment funds
in 12 countries, including Switzerland, Jersey, Guernsey and
the US. It continues the country-by-country approach of similar
advice issued in July last year and revisits the same
jurisdictions, as well as six additional non-EU countries.
The European Commission, the European Parliament, and the
European Council will now consider the Esma advice before the
Commission may adopt its delegated act pursuant to art 66(3)
AIFMD in connection with art. 67(6) AIFMD (the...