3rd country passports – No significant obstacles for Guernsey and Jersey
The European Securities and Marketing Authority (“ESMA”) have confirmed that “there are no significant obstacles impeding the application of the AIFMD passport to Canada, Guernsey, Japan, Jersey and Switzerland”.
ESMA issued confirmation of this unqualified assessment in a recent press release which can be found here.
Along with these assessments, ESMA have issued qualified assessments for Australia, the US, Hong Kong and Singapore which means that there could be further requirements and tweaks to their regulatory framework for these jurisdictions to be promoted into the unqualified group.
With regards to Hong Kong and Singapore in particular, ESMA’s advice comments that if ESMA considers the assessments of AIFs only then there are no significant obstacles impeding the application of the AIFMD passport to AIFs, however both countries operate regimes which facilitate the access of UCITS from only certain EU Member States to retail investors in their territories.
Cayman and Bermuda continue to be assessed by ESMA who were unable to give definitive advice on the criteria of investor protection and effectiveness of enforcement since both countries are in the process to implementing new regulatory regimes.
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