AIFMD Passport – Extension Denied to the US, Hong Kong and Singapore Author: Published on August 10, 2015 On 30 July 2015, ESMA published two documents: The Opinion on the functioning of (a) the AIFMD passport for EU AIFMs pursuant to Articles 32 and 33 of the AIFMD and (b) the national private placement regimes (NPPRs) set out in Articles 36 and 42 of the AIFMD; and Its Advice on the extension of the AIFMD passport for non-EU AIFMs and AIFs in accordance with Article 35 and Articles 37 – 41 of the AIFMD. The AIFMD passport is currently only available to EU AIFMs and EU AIFs. However, AIFMD makes provision for access to the passport rights to be possibly extended to non-EU entities at a future date. Although the European Securities and Markets Authority (ESMA) just recommended this extension to managers and funds established in Jersey, Guernsey and, potentially, Switzerland, investment manager and funds set up in the US, Hong Kong and Singapore will not be granted the same right at the present time. Go back