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AIFMD / ESMA advises on extension of funds passport to 12 non-EU countries

In July 2015 ESMA published its first set of Advice on the application of the AIFMD passport to six non-EU countries (Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the US).

The European Commission subsequently asked ESMA to assess a further six countries and to provide more details on the capacity of non-EU supervisory authorities and their track record in ensuring effective enforcement, including those non-EU countries which ESMA looked at in its first set of advice. The Commission also asked ESMA to provide data on the expected inflows of funds by type and size into the EU from the different non-EU countries.

Today ESMA has published its second Advice in relation to the application of the AIFMD passport to non-EU AIFMs and AIFs in twelve countries: Australia, Bermuda, Canada, Cayman Islands, Guernsey, Hong Kong, Japan, Jersey, Isle of Man, Singapore, Switzerland, and the United States.

According to this ESMA’s advice, there are no significant obstacles impeding the application of the AIFMD passport to Canada, GuernseyJapan, Jersey and Switzerland.

This Advice, required under AIFMD, will now be considered by the European Commission, Parliament and Council.