Commission publishes response to ESMA opinion and advice on the AIFMD passport

Luxembourg
28 janv. 2016
1 min de lecture

FundGlobam alert:

On 20 January 2016, the European Securities and Markets Authority (‘ESMA‘) published a letter from the European Commission of 17 December 2015 in response to ESMA opinion and advice on the Alternative Investment Fund Managers Directive (‘AIFMD‘) passport issued in July 2015.

On the basis of ESMA’s advice, the European Commission may adopt a First Delegated Act that will make the AIFMD passport available for the marketing of:

Non-EU AIFs managed by EU AIFMs
EU and non-EU AIFs managed by non-EU AIFMs to professional investors from the date of entry into force of the Act

The Commission’s letter:

Supports ESMA’s jurisdiction-by-jurisdiction approach to the assessment of third countries and jurisdictions
Supports ESMA’s proposal to deliver its advice on jurisidctions in waves, the first wave covering two groups of jurisdictions
Requests ESMA to complete its assessment of the second group of three jurisidctions for which it was not able to complete its assessment before the deadline for the submission of its first round of advice by 30 June 2016
Requests ESMA to provide a more detailed assessment of the enforcement of AIFM-equivalent rules in the third country jurisdictions
Requests ESMA to assess a second wave of jurisdictions by 30 June 2016
Invites ESMA to provide a preliminary assessment of the expected inflows of funds by type of funds and size into the EU from relevant third countries
Supports ESMA’s proposal to produce another opinion on the functioning of the AIFMD EU passport and of the National Private Placement Regimes (‘NPPRs’) by 2017