Delay in ESMA’s opinion and advice on Article 67 (1) AIFMD.

Written by Olivier Hermand 29 July 2015


ESMA has announced that its final opinion and advice on passporting of EU AIFMs and national private placement regimes, as well as on the extension of the AIFMD passport to non-EU AIFMs and non-EU AIFs, has been delayed.

On 22 July 2015, the European Securities and Markets Authority (ESMA) announced that it is still finalising its opinion and advice to the European Commission, Council and Parliament on Article 67 (1) of the Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as published in the Official Journal of the European Union of 1 July 2011 (AIFMD).

The opinion relates to the passporting of EU alternative investment fund managers (AIFM) and national private placement regimes.

The advice relates to the passporting of non-EU AIFMs and AIFs into the European Union in accordance with Article 35 and Articles 37 to 41 of AIFMD.

Within three months of receipt of a positive advice and opinion from ESMA, the Commission will adopt a delegated act specifying the date when the rules set out in Article 35 and Articles 37 to 41 of AIFMD become applicable in all Member States. As a consequence, the EU passport would be extended to non- EU AIFs and non-EU AIFMs.

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