Asset managers in non-EU jurisdictions are getting frustrated with the lack of action over their third country passports.
The European Securities and Markets Authority (Esma) said last July that there were no significant obstacles to extending the marketing passport to firms in Canada, Guernsey, Japan, Jersey, Switzerland, Hong Kong and Singapore. As Esma’s opinion is purely advisory, it’s now down to the European Commission to decide whether or not to implement. Managers around the world welcomed the note at the time, having waited years for seamless access to the EU market – but since the Brexit vote, nothing has happened.
Elsewhere, the Commission has said it wants to revisit the Alternative Investment Fund Managers’ Directive (AIFMD), which the passport is based on, but with no mention of third country access.
“It seems a bit strange that they want to start again with a...