The Directive on Alternative Investment Fund Managers (Directive 2011/ 61/EU or "AIFMD"), regulates the management and marketing of Alternative Investment Funds ("AIFs") and aims to provide for and harmonise an internal market for Alternative Investment Fund Managers ("AIFMs") within the EU. AIFMD currently offers a marketing passport ("Passport") to compliant EU AIFMs of EU AIFs. This Passport is expected to be extended to non-EU AIFs, and to non-EU AIFMs from 2015.

The European Securities and Markets Authority ("ESMA") was due to provide its initial recommendation to the European Commission as to which jurisdictions should be considered for a Passport under AIFMD by 22 July 2015. ESMA has today released a statement to stat that it is still in the process of finalising its opinion and advice to the European Commission and that intends to publish this advice instead during the week beginning 28 July rather than on 22 July as previously expected.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.