How does passporting work under the AIFMD?
If I am an EU AIFM managing an EU AIF?
Passporting will depend on whether the target market is in the EU or else in a non-EU country.
In the case of an EU AIFM managing an EU AIF marketed in the EU, it may use a passport to manage the EU AIF in any Member State, either directly or through the establishment of a branch.
On the other hand, a passport will at no time become available to EU AIFM managing an EU AIF marketed in a non-EU country
If I am an EU AIFM managing a non-EU AIF?
Passporting will vary according to whether the non-EU AIF is marked in the EU or else in a non-EU country.
Where an EU AIFM is managing a non-EU AIF marketed in the EU, no passporting rights will be available during between 22nd July 2013 till mid-2015. However, from mid-2015, the EU AIFM may opt to be subject to the full Directive and to acquire passporting rights.
If an EU AIFM is managing a non-EU AIF marketed in a non-EU country, a passport will at no time become available.
If I am a non-EU AIFM managing an EU AIF?
Once again, passporting will depend on whether the AIF is marketed in the EU or else in a non-EU country.
In the case of a non-EU AIFM managing an EU AIF marketed in the EU, no passporting rights will be available between 22nd July 2013 till mid-2015. Nevertheless, in mid-2015, the non-EU AIFM may opt for passporting rights subject to fulfilling all the requirements of the Directive.
On the contrary, where a non-EU AIFM is managing an EU AIF whose target market is a non-EU country, a passport will not be available.
If I am a non-EU AIFM managing a non-EU AIF?
Where a non-EU AIFM is managing a non-EU AIF marketed in a non-EU country, a passport may only be attained from mid-2015.
On the other hand, a scenario where a non-EU AIFM is managing a non-EU AIF marketed in a non-EU country has no connecting factors with the EU, hence the passporting framework does not apply.
