Europe's AIFMD Passport — And Why It Must Try Harder
Law360, New York (August 25, 2015, 12:20 PM EDT) -- On July 30, 2015, the pan-European Union securities regulator, European Securities and Markets Authority, published two papers covering the application of the marketing "passport" under the Alternative Investment Fund Managers Directive.[1] The first paper contained ESMA's advice to the European Parliament, Council and Commission (referred to collectively as the trilogue) on the potential application of the AIFMD passport to non-EU alternative investment fund managers (AIFMs) and alternative investment funds (AIFs). The second paper contained ESMA's opinion on the current functioning of the AIFMD passport (currently used by EU AIFMs marketing EU AIFs in the EU[2]) and National Private Placement Regimes (used for marketing by non-EU AIFMs and non-EU AIFs)....
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