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Benedicte Gravrand, Opalesque Geneva:

The European Securities and Markets Authority (ESMA) was due to provide its initial recommendation to the European Commission, Council and Parliament, as to which jurisdictions should be considered for a Passport under the AIFMD (Alternative Investment Fund Managers Directive) by 22nd July 2015.

But on that day, ESMA announced it was still in the process of finalizing its opinion and advice on Article 67 (1) of the AIMFD.

The authority should publish it next week from 27th July.

The AIFMD regulates the management and marketing of Alternative Investment Funds (AIFs) and aims to provide for and harmonise an internal market for Alternative Investment Fund Managers (AIFMs) within the EU. It currently offers a marketing passport to compliant EU AIFMs of EU AIFs.

It is widely expected that this Passport will be extended to non-EU AIFs and to non-EU AIFMs from 2015.

Keith Hale, executive vice president at Multifunds, an investment fund software provider, commented on the delay: "The industry will be waiting with baited breath over the next week while ESMA finalises its opinion on the EU passport. Th......................

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