It is understood that offshore funds will be able to passport into Europe, but only after a delay of two years, once the Alternative Investment Fund Managers Directive takes effect in July 2013. In the meantime, existing private placement rules will remain in force.
In July, the European Securities and Markets Authority (ESMA) issued a formal consultation paper on the directive, seeking responses by 13 Sept. ESMA has to deliver its final decision on the directive by 16 Nov.
However, last month’s consultation did not address those elements of the directive relating to the matter of passports for third-country entities, which ESMA said were “less urgent as they…would not be operational until at least two years following the transposition deadline for the AIFMD”.
It said that draft proposals for these “implementing measures” were being worked on, and would be contained in a separate consultation “to be published later in the summer” in order for comments to be compiled by the same date as those pertaining to the other AIFMD elements.
For most people who are not astronomers — (who typically regard "summer" as lasting until the Autumn equinox in the third week in September) — this suggests the separate consultation covering third-country fund managers may be expected by the last day of August.
To see the 438-page consultation document, minus the third country passporting elements, click here.
