Industry waits with “baited breath” over AIFMD passporting

Stamped_passportsThe European Securities and Markets Authority (Esma) is due to publish proposals for the passporting of alternative funds from outside of the EU this week after delaying publication from last week.

Esma said last week that it was still in the process of finalising its opinion and advice to the European Commission on passporting funds regulated by the Alternative Investment Fund Managers Directive (AIFMD).

The opinion relates to the passporting of non-EU alternative investment fund managers and non-EU alternative investment funds into the European Union.

Keith Hale, executive vice president for client and business development at Multifonds, which provides fund processing software, says: “The industry will be waiting with baited breath over the next week while Esma finalises its opinion on the EU passport.”

The expansion of the AIFMD passport is a “critical moment” if the directive is to truly establish itself as a global brand for alternatives, says Hale.

“While it remains to be seen whether Esma’s guidance will prove to be the decisive factor in the directive’s success, it will certainly go some way in shaping its future.”

AIFMD already offers a
marketing passport for EU alternative managers and funds, but the passport is expected to be extended to certain non-EU managers and funds this year.

Esma did not give a reason for the delay.

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