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Editor’s Letter


AIFMD is still being shaped, as was discussed at the ALFI European Alternative Investment Funds Conference held in Luxembourg in January 2016.

ESMA should decide by June 2016 if the third country passport already granted to Jersey, Guernsey and Switzerland, can be extended to one or more of the USA, Hong Kong, Singapore, Cayman Islands, Bermuda, Canada, Australia, Japan and the Isle of Man. But the passport currently entails financial and bureaucratic obstacles that make ‘visa’ a more appropriate moniker than ‘passport’. AIMA has raised concerns about regulators charging fees, which add to costs of management time and service provider advice. National Private Placement Regimes (NPPRs) also impose costs. Even the biggest hedge fund managers and platforms need to prioritise resources, and some only choose to use passports or NPPRs, or both, in a handful of the major fund markets. Some larger allocators access some strategies via managed accounts outside AIFMD scope. But in many EU member states, those reliant on funds face a choice of alternative funds restricted to managers prepared to navigate the legal vagaries of disparate reverse solicitation regimes, which sometimes force managers to spurn investors. ESMA could opine on these obstacles that are, arguably, making the EU a travesty of a single market for alternative funds located in Europe – let alone those outside it.

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