EUROPEAN UNION: ESMA publishes reply to call for evidence on AIFMD passport and third country AIFMs

Monday November 10 2014

The European Securities and Markets Authority (ESMA) has published a reply to the call for evidence on Alternative Investment Fund Managers Directive (AIFMD) passport and third country Alternative Investment Fund Managers (AIFMs).

By 22 July 2015 ESMA has to submit to the European Commission an opinion on:

• The functioning of the EU passport under the AIFMD; and
• The functioning of the marketing of non-EU AIFs by EU AIFMs in the EU and the management and/or marketing of AIFs by non-EU AIFMs in the EU.

ESMA must also issue advice on whether the passporting regime should be extended to the management and/or marketing of AIFs by non-AIFMs and to the marketing of non-EU AIFs by EU AIFMs. The aim of this call for evidence is to gather input on the key issues that will determine the orientation of ESMA’s opinion.

Section I explains the background to the call for evidence. Section II sets out the topics on which ESMA is asking for feedback and the questions. Annex I summarises the questions, while Annex II reproduces the text of Article 67 of the AIFMD, which is the legal basis for ESMA’s opinion and advice.

ESMA will consider the feedback it receives to this call for evidence in Q1 2015 and expects to deliver the opinion and advice to the Commission by 22 July 2015.

Click on the above link for further details.