Third country AIFMD passport: three unanswered questions

Author: IFLR Correspondent | Published: 17 Aug 2016

By Dr Ulf Klebeck, general counsel at Woodman Asset Management in Zug

To EU and national regulators: are we there yet?

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...