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AIFMD passport update – European Commission sets "deadlines"

United Kingdom
26/01/2016
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This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

Summary and implications

Last week the European Commission responded to advice from the European Securities and Markets Authority (ESMA) on how AIFMD passports might be extended to non-EU AIFMs and AIFs. The content of the Commission's response to ESMA fell some way short of ground-breaking, but the following points are worth noting:

  • We can expect ESMA to complete its assessment of the USA, Hong Kong and Singapore by 30 June 2016, providing some certainty for non-EU managers in those jurisdictions.
  • ESMA's assessment of the so-called "second wave" jurisdictions of Japan, Canada, Isle of Man, Cayman Islands, Bermuda and Australia has also been set a completion date of 30 June 2016.
  • The Commission blessed ESMA's advice on granting the AIFMD passport to non-EU managers and funds on a country-by-country basis.

At present, it isn't clear what – if anything – ESMA will actually deliver at the end of June. Non-EU managers should remain cautious about the timeframe; even if ESMA's assessments of these jurisdictions are completed by 30 June, it may be some time before the passports are finally given the all clear.

Click here for the full summary of ESMA's review of the AIFMD passport published in August.

Click here to view our "back to basics" briefing on AIFMD.

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