August 2015

Fund managers ("AIFMs"), which are based in a non-EU country, such as Switzerland, are subject with respect to the marketing of their funds ("AIFs") into EU countries to the national private placement regime of each EU Members State and cannot take benefit of the "EU passport" under the Alternative Investment Fund Managers Directive ("AIFMD"). The AIFMD provides that the passport may be extended to non-EU AIFMs and AIFs, provided that (i) ESMA issues to the attention of the EU Parliament, Council and Commission (the "Trilogue") an advice on the application of the passport to non-EU AIFMs and AIFs and (ii) the EU Commission thereupon resolves to expand the passport to the relevant third countries.  

This advice has now been published by ESMA addressing some of the non-EU jurisdictions only, including Switzerland. This Newsflash outlines the implications for Swiss AIFMs and AIFs.