While E.U. hedge fund managers are able to market their funds throughout Europe via AIFMD’s passport mechanism, that option is currently unavailable to non-E.U. managers wishing to market in Europe. Instead, non-E.U. alternative investment fund managers and non-E.U. alternative investment funds (AIFs) are subject to the national private placement regime of each Member State where the AIF is marketed or managed. ESMA published its “Advice to the European Parliament, the Council and the Commission on the application of the AIFMD passport to non-E.U. AIFMs and AIFs” on July 30, 2015. This article examines the assessment criteria and methodology adopted by ESMA; highlights the key commentary regarding the six jurisdictions assessed; summarizes stakeholder feedback; and discusses certain implications of the advice. See “Passports, Platforms and Private Placement: Options for Marketing Funds in Europe in the Post-AIFMD Era
,” Hedge Fund Law Report, Vol. 8, No. 17 (Apr. 30, 2015); “Navigating the Patchwork of National Private Placement Regimes: A Roadmap for Marketing in Europe by Non-EU Hedge Fund Managers That Are Not Authorized Under the AIFMD
,” Hedge Fund Law Report, Vol. 7, No. 28 (Jul. 24, 2014); and “Application of the AIFMD to Non-EU Alternative Investment Fund Managers (Part Two of Two)
,” Hedge Fund Law Report, Vol. 6, No. 24 (Jun. 13, 2013). For more on marketing under AIFMD, see “Four Approaches to Fund Marketing and Distribution Under the AIFMD
,” Hedge Fund Law Report, Vol. 7, No. 21 (Jun. 2, 2014); and “What Is the Difference Between Marketing and Reverse Solicitation Under the AIFMD?
,” Hedge Fund Law Report, Vol. 7, No. 42 (Nov. 6, 2014).