// Financial Law Update
ESMA Advises on Extension of AIFMD Passport to Swiss Asset Managers
On July 30, 2015 the European Securities and Markets Authority ESMA published its advice regarding the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU alternative investment fund managers (AIFMs) and alternative investment funds (AIFs). As regards Switzerland it concluded that “there will be no significant obstacles impeding the potential application of the AIFMD passport”. Consequently, Swiss asset managers supervised by FINMA will be allowed to market their AIFs in the European Union under the AIFMD passport once ESMA’s advice will be implemented by the European Commission. According to the Swiss Funds & Asset Management Association (SFAMA), the extension of the AIFMD passport to Swiss alternative investment fund managers can be expected in fall 2016 at the earliest. We will keep you informed on further developments.
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