ESMA's Maijoor Opening Statement to ECON Scrutiny Hearing on AIFMD Passport

13 October 2015

Steven Maijoor outlined the background to ESMA's work in relation to third-country regimes including the key areas ESMA will now work on in relation to the AIFMD Passport.

ESMA Chair, Steven Maijoor, appeared at the scrutiny session of the Economic and Monetary Affairs Committee at the European Parliament regarding the application of the AIFMD passport.

The key areas included:

• ESMA will continue its assessment of Hong Kong, Singapore and the US with a view to reaching a definitive conclusion on whether to extend the passport to those countries;
• It will start to assess a second group of non-EU countries, namely Australia, Canada, Japan, the Cayman Islands, the Isle of Man and Bermuda;
• It will focus on putting in place the extensive framework foreseen by the co-legislators in case the passport is indeed extended to one or more non-EU countries. This last element includes making preparations for ESMA's role in the functioning of the passporting system and the strengthened supervisory cooperation that will be crucial to its success.

Full statement

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