The European Securities and Markets Authority (ESMA) has published the letter it received from the European Commission (EC) in respect of its advice on the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU AIFMs and AIFs, and ESMA’s opinion on the functioning of the passport for EU AIFMs and on the national private placement regimes’ (NPPRs).

The EC has asked ESMA to complete its assessment of the regimes of the USA, Hong Kong, Singapore, Japan, Canada, Isle of Man, Cayman Islands, Bermuda and Australia by 30 June 2016.

The European Commission agrees with ESMA’s suggestion that it produce another opinion on the functioning of the EU passport and NPPRs once the AIFMD has been fully transposed in all the EU and there is more experience on the functioning of this framework. ESMA suggested it produce another opinion because the delay in implementing the AIFMD, together with the delay in the transposition of the Directive in some Member States, made it difficult for ESMA to provide a definitive assessment by July 2015, the initial legislative deadline.