AIFMD Passport |

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AIFMD Passport

A “no-go” for US managers

On July 30, the European Securities and Markets Authority (ESMA) provided its advice and opinion to the European Commission, Council and Parliament with respect to the extension of the EU’s Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU funds and managers.1 Although ESMA recommended extension to a number of jurisdictions, the United States was not included in that group.

The AIFMD creates a regulatory structure around the oversight, registration, and distribution of alternative investment funds (AIFs) and their managers. One of the primary benefits of registration under the AIFMD is the availability of a UCITS-like passport that enables managers of AIFs to offer their funds and to manage AIFs on a cross-border basis in the EU under a single set of regulations and private placement rules. Upon implementation of the AIFMD in 2013, and up to now, registration and access to the passport has only been available to EU-based AIF managers and funds, and ESMA was required to provide further advice to the European Commission, Council and Parliament with respect to possible extension of the passport to non-EU entities, such as US managers. ESMA issued that further advice yesterday, and recommended that the passport should only be extended outside the EU at this point to managers and AIFs in Jersey, Guernsey and, subject to certain legislative changes that are in process, Switzerland. ESMA declined to recommend the extension of the AIFMD passport to Hong Kong, Singapore and the United States at the present time.2

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About The Hedge Fund Journal

INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry. Highlights of Issue 106: Championing Customization: Amundi Alternative Investments Tackling UK Farming’s Funding Shortfall: Helping reform UK’s agriculture and alternative energy industries Shareholder Activism as Private Equity Allocation: The resurgence of the strategy a decade after first rising CME Group Crude Oil Spread Options Suite: Volumes advance with screen-based trading growing fastest Adding Dynamic Beta to Double Alpha: UBS Equity Opportunity Long Short UCITS