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AIFMD Passport ESMA next to assess Australia, Canada, Japan, the Cayman Islands, the Isle of Man and Bermuda

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Yesterday Steven Maijoor* Chair European Securities and Markets Authority appeared at a scrutiny session of the Economic and Monetary Affairs Committee at the European Parliament regarding the application of the AIFMD passport.**

ESMA will continue its assessment of Hong Kong, Singapore and the US to reach a definitive recommendation.

Australia, Canada, Japan, the Cayman Islands, the Isle of Man and Bermuda will need to focus on preparations for ESMA’s requirements of the passporting system strengthening supervisory cooperation with ECON and ECOFIN respectively.

It will be another five months wait to see if ESMA will recommend allowing the AIFMD passport extension to be given to those non-EU third countries. By 2018 the main timeline for the NPPR will expire and potentially create further uncertainty with regards to marketing funds in the EU.

*Last Thursday ESMA announced its decision to extend the terms of office for both the Chair, Steven Maijoor, and Executive Director, Verena Ross, for a further five years. http://www.mondovisione.com/media-and-resources/news/esma-chair-steven-maijoor-and-executive-director-verena-ross-extended-for-second/

 

** Link to statement given by Steven Maijoor to ECON: http://www.esma.europa.eu/system/files/2015-1535_econ_scrutiny_hearing_aifmd_passport_opening_statement_steven_maijoor.pdf

 

Posted by Allen Foley, Managing Partner, Oyster Consulting (Europe)
www.oyster-eu.com

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