Key takeaways

• On Tuesday, the European regulator (“ESMA”) published its follow-up advice on the extension of the AIFMD passport to fund managers established in certain non-European jurisdictions.
• ESMA’s advice considers 12 non-European jurisdictions–the United States, Hong Kong and Singapore (all as a continuation of the consideration that began as part of ESMA’s initial advice) as well as Australia, Bermuda, Canada, the Cayman Islands, the Isle of Man and Japan.
• As a general matter, the United States “passed” the ESMA tests, but the ESMA advice is that the AIFMD passport should only be extended to U.S. fund managers managing U.S. funds that meet certain criteria.