Europe’s regulatory watchdog has until June to decide whether to extend the pan-European passport to nine key fund markets, under the Alternative Investment Fund Managers Directive (AIFMD).
The European Securities and Markets Authority (ESMA) has to assess the countries, which include the US, Hong Kong, Singapore, Japan and Australia, by 30 June 2016, according to a letter from the European Commission.
European regulators need to determine whether the jurisdictions have sufficient regulatory frameworks to grant funds in those countries passports to market themselves in the EU.
ESMA had previously recommended that the passport be extended to funds based in Switzerland, Jersey and Guernsey.
The European regulator decided to opt for a country-by-country assessment of the potential extension of the AIFMD passport, and will continue to assess other non-EU jurisdictions not covered within its initial assessments.
ESMA initially announced the application of passports for non-EEA managers (AIFMs) and funds (AIFs) on 30 July 2015.
Passport deadline set for nine non-EU countries
Europe’s regulatory watchdog has until June to decide whether to extend the pan-European passport to nine key fund markets, under the Alternative Investment Fund Managers Directive (AIFMD).