beinformed: EU-passport for non–EU fund manager

Following the implementation of the AIFMD, AIFMs, which have their seat in an EU Member State, are permitted to manage EU AIFs in all EU Member States and market such EU AIFs to professional investors without obtaining the authorization of the relevant national competent authority. The competent authority of the AIFM’s home Member State must merely be notified of the intended management or marketing of an EU AIF in another EU Member State.

The AIFMD also envisages making the so-called EU passport available to AIFs and AIFMs from third countries. However, this will only go into effect when the European Commission adopts a delegated act (Article 67 (6) of the AIFMD). Prior to the Commission undertaking the necessary steps in connec­tion therewith, ESMA must submit positive advice on the application of the passport to the marketing of non-EU AIFs by EU AIFs in the Member States and the management and/or marketing of AIFs by non–EU AIFMs in the Member States by July 22, 2015. ESMA has published its initial Advice in relation to six non-EU countries.

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