The AIFMD Passport and the non-EU Alternative Investment Funds

Pedro Simões Coelho, Carlos Couto and Alexandre Oliveira, partner and associates (respectively) of the Banking & Finance practice, are the authors of the article entitled “The AIFMD Passport and non-EU Alternative Investment Funds” published by Funds People Portugal.

The article analyses the impact of the advice ESMA/2016/1140 of 18 July 2016 which addressed the compatibility of twelve non-EU jurisdictions with the legal framework set out by AIFMD, considering the potential broadening of the AIFMD passport to alternative investment funds of third countries as a way to simplify the existing national private placement regimes that entail more demanding requirements.

The advice of ESMA is generally favourable in what concerns the compatibility of the analysed jurisdictions with the AIFMD framework. However, ESMA opted for advising the European Commission to hold back the decision to broaden the AIFMD passport until ESMA has completed a positive assessment on more jurisdictions.