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.