Alternative Investment Fund Managers Directive – ESMA’s technical advice on third countries


Following the publication by the European Securities and Markets Authority (ESMA) of its technical advice on implementing the Alternative Investment Fund Managers Directive (AIFMD), this briefing, the last in our series, examines the outstanding issues in relation to third countries.

ESMA’s advice addresses four key areas in relation to third countries which relate to discussions raised in ESMA’s second consultation paper on the AIFMD implementing measures dated 23 August 2011. In summary, those four areas are:

  • the delegation of portfolio management or risk management to third country undertakings;
  • co-operation arrangements between EU and non-EU regulators;
  • the procedure for determining the member state of reference; and
  • the criteria for assessing the effective prudential regulation and supervision of third country depositaries.

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