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Passport for US hedge funds in Europe to become available?

July 19, 2016 - Regulatory Updates

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Hedge funds from the US, Singapore and Hong Kong should be allowed to market themselves in the EU according to advice published by ESMA (European Securities and Markets Authority), the EU's financial watchdog.

ESMA has advised that there are no significant obstacles impeding the application of the AIFMD passport to these jurisdictions. However, in terms of the US, it has also stated that the EU institutions consider options to mitigate the risk of a potential un-level playing field between EU and non-EU AIFMs in the case of funds marketed by managers to professional investors which do involve a public offering. 

This positive news may provide an indication of how the UK may be treated post-Brexit and suggests that, potentially, passporting may still remain an option for the UK in some form.

This advice will now be considered by the European Commission, Parliament and Council.

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