On 27 March 2014, ESMA published its final technical advice to the European Commission setting out the information that ESMA considers national regulators should be mandated to provide to ESMA under delegated regulations to be adopted by the Commission. Under the Alternative Investment Fund Managers Directive ("AIFMD"), EU alternative investment fund managers ("AIFMs") use the EU passport for managing and marketing of EU alternative investment funds ("AIFs") in the EU. Non-EU AIFs and non-EU AIFMs are subject to the national private placement regime of each member state where they manage or market AIFs. The AIFMD makes provision for the EU passport to potentially be extended in the future. Before consideration of such an extension, ESMA must provide the European Parliament, Council and Commission by 22 July 2015 with an opinion on the functioning of the EU passport and the national placement regimes under the AIFMD and advice on the application of the passport to non-EU AIFMs and AIFs. The opinion and advice is to be based on information provided to ESMA by national regulators about the EU and non-EU AIFMs under their supervision. The technical advice to the European Commission sets out the information that ESMA considers it should receive from the national regulators to inform its opinion and advice. The information is likely to be required on a quarterly basis according to ESMA's proposed schedule.
ESMA's final report is available at: http://www.esma.europa.eu/content/Technical-advice-European-Commission-information-competent-authorities-should-provide-ESMA-p.
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