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ESMA publishes letter from European Commission on AIFMD passport

The European Securities and Markets Authority (ESMA) has published a letter from the European Commission (EC) outlining a timetable in respect of the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU AIFMs and AIFs.

In the letter, the EC confirms that it will take a decision on the extension of the passport to third countries when a sufficient number of jurisdictions have been assessed. The EC appreciates ESMA’s resource constraints resulting in the assessment of countries in waves and has invited ESMA to complete the assessment of the regimes of the outstanding countries by 30 June 2016. This includes the completion of the pending assessments for the countries in the first wave (USA, Hong Kong and Singapore) and the six countries selected for the second wave (Japan, Canada, Isle of Man, Cayman Islands, Bermuda and Australia).

The EC agrees with ESMA's suggestion that it produce an updated opinion on the functioning of the EU passport and National Private Placing Regimes (NPPR) once the AIFMD has been fully transposed in all the EU and there is more experience on the functioning of this framework. The EU has suggested this is completed in time for the planned review of AIFMD due to start in 2017.

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