Marketing Passport The marketing passport is only available to authorised EU AIFMs marketing EU AIFs to professional investors (at least until 2015). The passport permits an EU AIFM to market units or shares of any EU AIF that it manages to professional investors in the home Member State of the AIFM as well as other EU Member States. Where the EU AIF is a feeder fund, the right to market is subject to the condition that the master AIF has appointed an authorise Your firm will need to complete the relevant marketing and/or management passport forms if you are a full-scope UK AIFM and wish to provide cross-border services in another EEA State under the AIFMD to manage an EEA AIF or market a UK AIF or EEA AIF (that is not a feeder AIF, the master AIF of which is managed by a non-EEA AIFM or is a non-EEA AIF) to professional clients in another Member State
AIFMD—the marketing of AIFs, passporting and third country provisions This Practice Note explores the measures in the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) relating to the rights and regulatory requirements of an EU alternative investment fund manager (AIFM), to market and manage an alternative investment fund (AIF) in the EU On 19 July 2016, ESMA published its latest advice on the extension of the AIFMD marketing passport to third countries - i.e. extending the right of managers/funds based in third countries to market AIFs to professional investors throughout the EEA on the basis of a single registration. AIFMD includes provision for such an extension of the passport, but requires ESMA's positive advice before the European Commission can legislate for it The focus of AIFMD is regulating the marketing of AIFs to professional investors in the EU. Each member state may, at its discretion, permit marketing of AIFs to retail investors in accordance with local laws - however a harmonised cross-border approach is currently lacking Varying interpretations of what constitutes 'marketing' and 'material changes' under the AIFMD passport in the different Member States. Indeed, what constitutes marketing has kept many busy for the last few years and any guidance on such might greatly alter the landscape (in either a positive or negative way). Advice. The AIFMD makes provision for the passport - which is currently limited. Whenever a UK AIFM wishes (i) to market a UK or EU AIF within the UK or (ii) to take advantage of the EU marketing passport, it must complete and submit an AIFMD Marketing Notification Form (accessible here). The AIFMD Marketing Notification Form should be used by
Externally managed AIFMs authorised in Ireland may passport services set out under Regulation 7(4) of the EU (AIFM) Regulations 2013. If an AIFM wishes to provide these services in another Member State on a standalone basis, the appropriate activities boxes should be ticked on the notification letter. Please note: The 'Management of AIFs' box should remain blank if this is the AIFM's intention Such marketing by EU AIFMs should be allowed only in so far as the AIFM complies with this Directive and the marketing occurs with a passport, without prejudice to the marketing of AIFs by AIFMs falling below the thresholds provided for in this Directive. It should be possible for Member States to allow marketing of AIFs by AIFMs falling below those thresholds subject to national provisions. The AIFMD introduces for the first time a genuine 'single market framework' for this sector, which will allow AIFM to 'passport' their services throughout the EU on the basis of a single authorisation The AIFMD required ESMA to publish its advice on the application of the EEA marketing passport to non-EEA AIFMs and its opinion on the functioning of the passport for EEA AIFMs and NPPRs by July 23, 2015 and requires the Commission - if ESMA's advice is positive - to adopt a delegated act applying the EEA passport to non-EEA AIFMs and AIFs within three months. Although the AIFMD permits Member States to maintain their NPPRs, the laws of several key Member States will eliminate the NPPR. Extension of the AIFMD marketing passport On extending the AIFMD marketing passport, ESMA concentrated its analysis on Guernsey, Jersey, Switzerland, Hong Kong, Singapore and the United States, applying the criteria of investor protection, market disruption, obstacles to competition and monitoring of systematic risk to its evaluation
The AIFMD is a management regulation which aims at ensuring adequate supervision (and regulation) of fund managers (AIFMs), rather than the funds themselves The AIFMD passport allows alternative investment fund managers (AIFMs) to manage or market alternative investment funds (AIFs) across the EU, on the basis of a single authorisation in one EU Member State. Currently, only EU authorised AIFMs managing or marketing EU registered funds can utilise the passport
AIFMD Marketing Passport Update - Non-EU AIFMs and Non-EU AIFs Background Since the Alternative Investment Fund Managers Directive (AIFMD) came into force in the European Union (EU) in June 2011, a marketing passport has only been available to alternative investment fund managers (AIFMs) when both the AIFM and alternative investmen . As a consequence of the U.K.'s withdrawal from the EU, the Financial Conduct Authority (FCA) has ceased to be a member of ESMA's various governance bodies and is no longer able to influence ESMA's policy initiatives. Proposed position - a new definition of marketing The European Commission has recognised that AIFMs face divergent treatment of pre-marketing activities in different national legal systems. Determining where the boundary lies between marketing (which requires a passport) and pre-marketing (which does not) can be difficult to determine
AIFMD Marketing Passport. UK full scope AIFMs managing EEA AIFs can only market to EEA investors by way of the AIFMD marketing passport. For marketing in the UK, a notification of intention to market an AIF in the UK form should have been included with the VoP/authorization application; if not, it should be submitted to the FCA before the firm begins marketing. For marketing elsewhere in the. The main benefit of the AIFMD is the pan-European marketing passport. It was intended to reduce the barriers for fund managers wishing to raise capital throughout Europe. The idea was that an AIFM regulated in one member state and complying with the AIFMD, should not need to concern itself with the local laws in every other EU member state when distributing its funds. Sadly, that intention is.
In our August 2015 client alert, we reported on the European Union's tentative efforts to extend the Alternative Investment Fund Managers Directive (AIFMD) marketing passport to managers and funds established in non-EU jurisdictions.Almost a year later, on July 19, 2016, the European Securities and Markets Authority (ESMA) published its long-awaited advice to the European Commission (the. Any subscription by professional investors in the relevant EU Member State within 18 months of the EU AIFM having begun pre-marketing will be deemed to have been as a result of active marketing (therefore triggering the requirement to use the AIFMD marketing passport) under the Marketing Rules If the AIF is managed or marketed to professional investors outside the Netherlands, a marketing passport needs to be obtained, pursuant to the Dutch implementation of Article 32 of the AIFMD. Registration regime for Small Managers There is an exception from the above-mentioned licence obligation for Dutch AIFMs who can make use of the small managers registration regime (Small Managers.
The AIFMD required ESMA to publish its advice on the application of the EEA marketing passport to non-EEA AIFMs and its opinion on the functioning of the passport for EEA AIFMs and NPPRs by July 23, 2015 and requires the Commission - if ESMA's advice is positive - to adopt a delegated act applying the EEA passport to non-EEA AIFMs and AIFs within three months. Although the AIFMD permits. . On extending the AIFMD marketing passport, ESMA concentrated its analysis on Guernsey, Jersey, Switzerland, Hong Kong, Singapore and the United States, applying the criteria of investor protection, market disruption, obstacles to competition and monitoring of systematic risk to its evaluation. It concluded that the Channel Islands and Switzerland have. This extension is based on the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD). The AIFMD leaves room for the EU passport (currently reserved to EU AIFMs and AIFs) to be potentially extended to non-EU countries (including Switzerland) in the future. Such a move will bring significant benefits from a market access perspective
Initial registration - Once authorised, an EU AIFM can only market the EU AIF within the European Union by using the marketing passport. Ad-hoc notifications - The AIFMD requires that each time there is a material change in the information previously sent to regulators to initially use the passport, the change(s) must be notified, according to specific rules The AIFMD significantly changed the marketing regime for AIFs marketed to institutional investors. Even though there have been marketing rules for retail funds pre-AIFMD, the AIFMD introduced specific rules for marketing AIFs to institutional and professional investors. There are, at the moment, basically three marketing regimes available: an EU marketing passport for fully regulated EU AIFMs. Access to the EU passport will not be granted and marketing to EU investors will continue via national private placement regimes (NPPRs). Such NPPRs may evolve following the transposition of the Directive into national law. Non-EU AIFM should closely monitor such evolution. As from 2015, AIFs managed by non-EU AIFM may be granted access to the EU passport, at which point in time the non-EU. Until the EU marketing passport is extended, firms are required to comply with the National Private Placement Regime as well as the UK's financial promotion rules. Please see Marketing and Third Country Provisions for more information . Please see Marketing and Third Country Provisions for more information. Notification of new funds under management - on-boarding Following initial. On 2 August 2021, changes to fund marketing rules will come into effect in the European Union (EU).The revised rules (the Marketing Rules) amend the existing regime relating to the marketing of alternative investment funds (AIFs) under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD).These changes are brought into effect by EU Regulation 2019/1156.
Further information on the term marketing and other specific questions can be found in these FAQs.. Further information on marketing EU UCITS in Germany pursuant to section 310 of the KAGB can be found in this guidance notice.. Further information on the notification requirement for EU AIF management companies intending to market EU AIFs to semi-professional and professional investors in. As of today, with the AIFMD depending on whether the domicile of the AIFM/AIFs is EU or non EU, a specific regime or mechanism for marketing must apply: • either, the marketing passport, that applies only to EU authorised AIFMs managing EU AIFs (art 32 of the AIFMD); or • the marketing without passport regime or NPPR applicable only to The EU marketing passport Potentially the marketing passport may come into force in 2015 - this depends on a decision by ESMA and the European Commission and is subject also to potential objections by the European Parliament and Council. So let's cross fingers. If it comes into force, then you can elect to opt into the passport, or carry on marketing under NPPR's (which will potentially. Marketing strategies under AIFMD Four different approaches 1. register for active marketing (Article 42 process) 2. pre-marketing, then register for active marketing if sufficient demand - may rule out reverse enquiry - only works in countries where pre-marketing does not trigger registratio Marketing will continue to be undertaken in accordance with national PPRs until the Directive comes into force. The EU AIFM Position EU AIFM marketing an EU AIF: July 2013 onwards Authorised EU AIFMs may, from 22 July 2013, take advantage of an 'EU Passport' to market EU AIFs, subject to certain notification requirements. Such EU AIFMs must.
AIFMD Marketing Options EU EU Yes Yes Passport EU Non-EU Yes Yes NPPR* Non-EU EU Yes Yes NPPR* Non-EU Non-EU Yes Yes NPPR* * Third country AIFMD passport still under discussion with ESMA. National Private Placement Regimes (NPPR) NPPR is a mechanism to allow AIFMs to market AIFs that are not allowed to be marketed under the AIFMD domestic marketing or passporting regimes. This. Marketing passport . The report credits the AIFMD passport with playing an important role in increasing access to national markets and also doubling the cross border distribution of AIFs. However, the report echoes the findings of the KPMG report and notes that the efficacy of the EU AIFMD passport is limited due to the inconsistent application of the AIFMD marketing rules, coupled with. As marketing can only be done once a fund manager has obtained permission from the relevant regulator, this brings forward the date on which the AIFM must apply for the new fund under management and marketing passports by a number of months. In the diagram below, we show just how much earlier marketing will occur in the UK compared to now. The. However, the AIFMD did provide for the marketing passport to be potentially extended, to non-EU managers and to EU managers of non-EU funds, should this be advised by ESMA. ESMA has now issued this advice, concluding that the passport could be extended to Guernsey, Jersey and (conditionally) Switzerland, on the basis that there are no significant obstacles regarding investor protection, market.
Marketing Passport. The marketing passport system is currently only available to EU/EEA managers of EU/EEA funds. The result is a more onerous regulatory regime but in exchange EU managers have the right to passport their funds throughout the EU/EEA without further authorisation and to passport their services throughout the EU/EEA without additional Member State approvals. Following its. The AIFMD regulates the management and marketing of alternative investment funds (such as hedge funds, private equity and real estate funds) in the EU. It provides for a 'passport' which allows. ESMA's technical advice to the European Commission on integrating sustainability risks and factors in the UCITS Directive and AIFMD, 30 April 2019 (ESMA34-45-688). Nota bene: Publication in the OJEU of Directive (EU) 2019/1160 of 20 June 2019 amending Directive 2011/61/EU, which aims to remove obstacles to cross-border marketing of UCITS, supplemented by Regulation (EU) 2019/1156 of 20 June 2019 AIFMD. Yet, an year after the AIFMD transposition there is no registration of a fund manager in the country With regard to the marketing of the AIFs in Bulgaria, the CIS-OUCIA envisages that a passport will apply to the marketing of EU AIFs by authorized EU managers and will be the only permitted means of marketing such AIFs. All man manage EU or non-EU AIF, are subject to the AIFMD. The AIFMD also governs the marketing in the EU of AIF managed by an AIFM established outside the EU. It is important to note that a non-EU AIFM marketing outside of the EU a non-EU fund which invest in EU equities does not come within the scope of the AIFMD, as this would involve product regulation and the AIFMD is regulating the AIF managers.
Since the Alternative Investment Fund Managers Directive (AIFMD) came into force in the European Union (EU) in June 2011, a marketing passport ha July 2, 2020. Share. On 10 June 2020, the European Commission (the Commission) published its long-awaited Report to the European Parliament and the Council assessing the scope and application of the EU Alternative Investment Fund Managers Directive (AIFMD).The Report was mandated under Article 69 of the AIFMD and follows KPMG's report to the. PERG 8.37 AIFMD Marketing Introduction and purpose. PERG 8.37.1 G 01/01/2021 RP (1) 1Part 6 (Marketing) of the AIFMD UK regulation contains restrictions on an AIFM or an investment firm marketing an AIF. Such a person may not market an AIF in the UK or Gibraltar2 unless the relevant conditions set out in the AIFMD UK regulation are met. (2) The purpose of this section is to give guidance on. The AIFMD marketing passport is available to all funds which are managed by an authorised AIFM2, irrespective of whether the funds are supervised or not. In Luxembourg, the management supervision introduced by the AIFMD has come as an additional layer of supervision on top of the existing Luxembourg product supervision. In certain circumstances, the double layer of supervision may seem.
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. 23 March 2018. The Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) is designed to bring greater transparency and oversight of the investment funds industry in Europe and imposes rules in a number of areas, chief amongst which are reporting and disclosure requirements imposed on fund managers and rules governing their ability to. In particular, ESMA notes that the Commission should provide guidance on the depth of the analysis by NCAs under the marketing passport in article 32 of the AIFMD. ESMA also proposes to further clarify home and host NCA rules in cross-border cases under the management passport in article 33 of the AIFMD and to harmonise the rules around branch supervision. VI. Loan origination in AIFMD.
With the AIFMD marketing passport and pan-EU approval associated with the AIFMD brand, EU managers are no longer confined to Ucits for pan-European distribution. As awareness increases, they may. . The Directive requires all covered AIFMs to obtain authorisation, and make various disclosures as a condition of operation Marketing AIFs under the AIFMD? The AIFMD passport is available to EEA Managers of EEA AIFs under the AIFMD. I t is worth noting that in practice the AIFMD has yet to be incorporated into the EEA Agreement, which makes the technical status of the AIFMD in Norw ay, Iceland and Liechtenstein 2unclear. It would not, however, be unreasonable to expect the AIFMD to be incorporated into the EEA.
on marketing and the marketing passport: the efficacy of the AIFM passport regime is impaired by gold-plating, differences in national marketing rules and varying interpretations of AIFMD across Member States . NPPRs have been an important factor in developing the AIF market in the EU, given the fact that the AIFM passport regime has not been activated for non-EU AIFMs or AIFs. however. As from 2013, the AIFMD introduces a passport for EU AIFs managed by EU-based AIFMs for the distribution to professional investors. This means, that authorised an EU AIFM can, in principle, distribute its EU AIFs to investors in other EU member states without obtaining additional regulatory approval. In case of non-EU AIFs managed by EU or non-EU AIFMs, marketing to EU investors will. As an EU fund manager, you can apply to your chosen EU regulator with the relevant marketing and/or management passport forms if you wish to provide cross-border services in another EU country under the AIFMD. If you are looking for a quicker, more cost effective and compliant route to market then a professional and experienced third-party AIFM enables a fund to benefit from the EU marketing. As the AIFMD third country passport regime has never been activated, third country AIFMs that want to market AIFs in the EU will have to rely on a given Member State's National Private Placement regime (NPPR) - not all Member States have a NPPR and some of these only permit marketing to professional investors. UCITS ManCos or EU AIFMs which are subsidiaries of UK entities are, themselves.
EU Marketing Passport 28 National private placement regime 29 Third country scenarios 30 VI. The Depositary Requirements 35 Core duties of the depositary 35 Eligible entities for an EU AIF 36 Eligible entities for a non-EU AIF 37 Delegation of safe-keeping duties 38 The depositary bank liability regime 39 VII. Transposition in Luxembourg 40 The law of 12 July 2013 40 Revamping of limited. under the AIFMD domestic marketing or passport regimes. To market under the NPPR, the AIFM must satisfy the conditions of the local country into which it wishes to market. 5 Current planned timing for the availability of this EU Passport for Non-EU entities. Further updates are expected from ESMA after their call for evidence AIFMD passport and third country AIFMs . The third country. Given that there is no specified marketing route under AIFMD for managers in France and Spain (absent a passport), reverse solicitation has historically been relied on for firms looking to source capital from these jurisdictions, so the loss of MiFID passporting is more of a theoretical issue. Germany, however, has always been an open market and its effective closure to UK MiFID firms does.
It further benefits from the EU AIFMD management and marketing passport. As of today, more than 1,000 Lux LPs have been established. Establishment of a Lux LP operating under AIFMD. Generally, a parallel fund will co-invest and divest alongside the main fund (the Master) at the same time and pro rata based on their respective commitments. It is formed under substantially the same terms. . By Kam Dhillon, Gowling WLG (UK) LLP. Published: 31 January 2020. The Cross-border Distribution Directive EU/2019/1160 (CBDD) and Cross-border Distribution Regulation EU/2019/1156 (CBDR) amend the Alternative Investment Fund Managers Directive EU/2011/61 (AIFMD) and introduce new rules relating to the marketing of.
The section focuses on the general functioning of the AIFMD licence and passport procedures. It also raises questions about: a potential extension of the marketing passport to allow marketing to retail investors and suitability of mandatory investor disclosure. The section also touches upon depositary-related questions like the interaction of third-party collateral managers and prime. Marketing challenges under a new passport regime While the AIFMD introduces a new European passport system that EU AIFMs can use to market AIFs throughout the EU, non-EU AIFMs will not have access to an equivalent passport until at least the second half of 2015. It is also worth noting this development would be dependent on the European Securities and Markets Authority (ESMA) making such a. The AIFMD contemplates that a third country passport will be made available to qualifying non-EU managers who opt in to full compliance with the AIFMD and submit to the jurisdiction of one of the EU's regulators. The timetable for introducing this passport has already slipped, but it is expected to be made available to managers in some countries (including the Channel Islands. Marketing can initiate in the Host state of choice within 20 days just after submission of complete marketing passport application. European investors have always been helpful for the growth of non-EU AIFMs. AIFMD helps for the extension of the marketing passport of AIFMD even to the third country. The procedure which is involved in the application of the passport and an authorization process. •The AIFMD passport (the Passport) allows for the management and/or marketing of AIFs in multiple Member States based on a single authorisation in one Member State (the Member State of Reference). •The Passport is currently reserved only for AIFMs established in the EU. Authorisation and Passports 1
A QIAIF may access the EU marketing passport by appointing an AIFMD compliant manager or may be a self-managed structure whereby it acts as both the AIF and the AIFM. An AIFM with assets of less than €100 million can operate as a registered AIFM. Such entities are subject to only limited obligations under AIFMD. AIFMs with assets in excess of €100 million (€500 million where the. UK managers marketing in the EU under AIFMD In the third country scenario, UK AIFMs would lose their marketing passports within the EEA. In July 2016, ESMA 3 stated that there were no significant obstacles impeding the application of the AIFMD marketing passport to the following non-EEA countries: Canada, Guernsey, Japan, Jersey and Switzerland About AIFMD. The AIFM passport allows marketing only to professional investors, restricting the cross-border activities of AIFMs as semi-professional and retail investors can only be approached under various National Private Placement Regimes (NPPRs). As AIF distribution is subject to MiFID II rules, which differentiate between retail and professional investors any change to the definitions of. As the RIAIF is a retail fund product, it cannot avail of the automatic right to market across Europe under the AIFMD marketing passport, which is only for professional investors. Access to individual markets may, however, be granted on a case by case basis. Furthermore, with retail investor protection in mind, the Central Bank has stipulated that a RIAIF may only have a fully authorised AIFM.
Indeed, the passport for marketing of EU AIFs in Member States other than in the home Member State of the AIFM is widely used and reflective of the approach adopted by many asset managers to set up their AIFM and AIFs in one Member State to prevail of the marketing passport under the AIFMD for the distribution of AIFs across the EU using the AIFMD marketing passport; - Euro 100,000 minimum subscription requirement (Euro 500,000 for QIAIFs seeking to disapply certain rules in respect of investment in underlying collective investment schemes); - QIAIFs are available in 5 different legal structures; - QIAIFs are not subject to Irish tax on income or gains and no Irish withholding taxes on redemption payments or dividends. AIFMD marketing passport: Marketing in the EU of EU AIFs (included AIFs set up in Luxembourg) by AIFMs established in Luxembourg.....22 12. AIFMD marketing passport: Marketing in Luxembourg of EU AIFs (including Luxembourg AIFs) by AIFMs established in another EU Member State.....24 13. AIFMD marketing passport: General conditions applicable to Luxembourg Authorised. Under AIFMD, the National Private Placement Regime ('NPPR') applies until such time as a marketing passport for Third Countries is made available. NPPR permits the marketing of non- European Economic Area (EEA) alternative investment funds in the EEA, subject to national law and regulation. In addition, certain conditions set out in AIFMD must be met. Those conditions include the. AIFMD passports to non-EEA AIFMs and non-EEA AIFs before 22 July 2015. If ESMA's advice is positive then a non-EEA AIFM will (from a date to be determined by the EU Commission) be able to get authorised as an AIFM in the EEA and use the AIFMD's marketing passport (i.e. it will not have to rely on the numerou
marketing directive, which INREV filed comments in response to, will determine the degree to which we continue to agree that AIFMD's effectiveness is still impaired by national legislation or existing market practice. There are other non-ITS-related issues in this regard, however, including the amount of time national regulators often take to process applications for passport authority and. Marketing: Third country passport kicked into the long grass. Plans to extend the AIFMD marketing passport, which gives EU-based managers with EU domiciled funds the right to distribute and sell products across member states, to some non-EU managers and funds have come to a standstill. While ESMA provided positive opinions recommending that AIFMD passporting rights be given to a handful of.
Ex tendigh AIFMD marketing passport Sof ar, nd ethAIFMD m k ig p asr th n ly bevi EUma nger skti fud. EUma ger skti o- fud a nd o-EU m g ers k th th eir EUo- fu ds av , b enrq u id ts h 'mak g w ith ou ap sr' e, g l p iv a t elc mn g s(N PR). Key Points n ESMA recommends extension of passport to Guernsey, Jersey and potentially Switzerland n ESMA has delayed its decision on Hong Kong. Media: Press Releases | 04 August 2015 Media Briefing Note: Delays to the AIFMD Marketing Passport for non-European Managers. 3 August 2015. On 30 July 2015, the European Securities and Markets Authority (ESMA) published its advice on the extension of the marketing passport under the Alternative Investment Fund Managers Directive (the AIFM Directive) to non-EU fund managers, as well as an. AIFMD marketing passport is a special directive, which makes provision for a single marketplace within the European Union for the marketing of AIFs largely known as the 'marketing passport'. The AIFMD marketing passport directives are applicable to managers based outside EU as well. This directive makes provision for AIFMs to market their AIF's freely across the European Economic Area. The AIFMD marketing passport allows an EEA AIFM to apply for a passport to market to professional investors within the EEA AIFs which it manages. This marketing passport is currently only available to EEA AIFMs in respect of their EEA AIFs and is not available to either (a) EEA AIFMs in respect of their non-EEA AIFs or (b) non- EEA AIFMs in respect of the AIFs they manage, irrespective of. Sub-threshold AIFMs may not benefit from the AIFMD's marketing and management passports; however, they have the right to opt-in to full authorisation to access AIFMD passports; conduct of business (fair treatment of investors, conflicts of interest, remuneration, risk management, valuation, disclosure to investors and regulators) regulatory capital - initial capital, 'own funds' and.
If these 'sub-threshold' AIFMs wish to benefit from the AIFMD's marketing and management passports, they can opt-up to full AIFMD authorisation. The AIFMD does not include any limits on hedging or leverage, but it allows European Securities and Markets Authority (ESMA) or national regulators to do so. Regulators already had in place or have introduced measures for AIFs sold to retail. It is also possible that the Commission may delay producing the delegated act beyond the three-month period mentioned and until more information on the suitability of other non-EU countries for the AIFMD marketing passport is available from ESMA. Indeed, ESMA has indicated that the European Council, Parliament and Commission may wish to consider whether to wait until ESMA has delivered. The European Commission is continuing to lay foundations for the development of the Capital Markets Union (CMU) with the publication of a number of proposals on 12 March 2018.In an investment funds context, this legislative initiative includes measures to reduce current national regulatory barriers which reduce the effectiveness of the UCITS and AIFMD marketing passports due to differing. AIFMD Marketing Passport: ESMA Provides European Commission With Advice on Its Possible Extension to Non-EU Jurisdictions . Neil Robson . Katten Muchin Rosenman LLP + Follow Contact. LinkedIn. Changes to AIFMD Marketing Rules from August 2021 - How will these New Rules Impact Fund Managers? Kirsten Lapham, Michael Singh, Amar Unadkat, John Verwey. Proskauer Rose LLP + Follow Contact.