ESMA releases new advice on AIFMD third-country passporting

On 19 July, ESMA released new advice on AIFMD passport for third countries, which concludes that no impediments exist for allowing access to several countries, including Canada and Japan. These two countries are in addition to Jersey, Guernsey and Switzerland which were reviewed last year. Hong Kong, Singapore, Australia and the United States were found to have impediments only in specific areas, while ESMA determined that it cannot give any definitive advice regarding Bermuda, Cayman Islands and the Isle of Man. The advice will now be used by the European Commission, Parliament and Council in their decision whether to allow some of these countries’ managers and funds to access the AIFMD passporting regime.

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AIFMD Reference Guide – An update

The AIFMD reference guide provides a summary of the major provisions of the AIFMD and focuses on two new sections, AIFMD passporting and third-country access.

 

INREV response to AIFMD-UCITS V Remuneration consultation

On 22 October INREV filed its response to ESMA consultation on guidelines on sound remuneration policies under the UCITS Directive and AIFMD, urging adoption of AIFMD Guidelines, including the proportionality principle.

Download full response below.

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What is best practice when operating under the AIFMD?

The AIFMD Manager Guidance report provides a practical guide for managers who fall under the EU regulation.

The report which is presented by the AIFMD Focus Group explains key functions based upon the specific governance requirements of the AIFMD and the more principle-based governance best practices of INREV.

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ESMA issues passporting review and third-country opt-in advice

On 30 July, ESMA issued its review of the current AIFMD passporting regime. ESMA stated that it is still too early to make a final assessment and identified some specific areas for improvement. However, it concluded there is no evidence that the passporting regime is not working.

With regard to extending passporting rights to third-country AIFMs and AIFs, ESMA determined that Guernsey, Jersey and Switzerland meet the directive’s criteria. However, it stated that more time is needed before it can conclude that other countries, specifically including the US, Hong Kong and Singapore, qualify. The opinion and advice closely track comments INREV submitted in January and the Commission now has ninety days to decide whether to issue a delegated act extending a passporting option to qualifying countries. For a full copy of the documents, go to ESMA's website or download below.

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INREV submits evidence to ESMA on AIFMD passport

Last week, INREV filed a response to ESMA’s call for evidence on AIFMD passport and third country AIFMs developed by the Public Affairs Committee.

 

AIFMD Reference Guide July 2014

AIFMD rules came into full effect on 22 July 2014. To mark this we have updated the European reference guide to AIFMD.

This quick reference guide on AIFMD includes an overview of the regulatory framework, lists EC and ESMA publications and  provides links to all relevant documents on the subject.

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AIFMD definition of closed end funds finally released

After months of delay, the European Commission finally came out with a regulation defining closed-end funds under AIFMD just before Christmas.

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ESMA publishes AIFMD reporting requirements Guidelines

Yesterday, ESMA published final guidelines on the reporting obligations under AIFMD.

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AIFMD webinar now online

If you missed the live webinar on AIFMD Authorisation and Operation, you can now view it online (members only).

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