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In the week ending 22 July, 2016, On the regulatory front, European Union watchdog ESMA said no significant obstacles would exist to extend the AIFMD passport to Canada, Guernsey, Japan, Jersey and Switzerland. However, market access equivalency concerns remain in respect of Hong Kong, Singapore and the United States, and changes may be required to Australia's regulatory framework before it will be eligible for the passport extension. ESMA also said it can’t give definitive advice with respect to the Cayman Islands or Bermuda until each has implemented its proposed new regulatory regime. ESMA also confirmed that further assessment of the Isle of Man current regime needs to be undertaken..
This new passporting rule is also seen as a post-Brexit blueprint. Separately, ESMA will force hedge funds to verify their OTC derivatives transactions independently in a regulatory update. Sean Tuffy said that the Brexit would not be a threat to UCITS fund passport; hedge funds are also reportedly building a “Brexit task force” to lobby politicians on the implications of the UK’s vote to leave the EU. Luxembourg’s Reserved Alternative Investment Funds is a revolutionary solution for alternative investments; the MFA has submitted a comment letter in support of the CFTC’s proposed rules on the mandatory clearing of certain additional interest rate swap classes; and hedge funds are facing more scrutiny from regulators as they expand into currencies businesses.
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