Pursuant to Article 67 of the Directive 2011/61/EU on Alternative Investment Fund Managers ("AIFMD"), the European Securities and Markets Authority ("ESMA") has until 22nd July 2015 to issue to the European Parliament, the Council and the Commission:
(a) an opinion on the functioning of the passport for EU Alternative Investment Fund Managers ("AIFMs") pursuant to Article 32 and 33 of the AIFMD and on the functioning of the national private placement regimes set out in Article 36 and 42 of the AIFMD; and
(b) an advice on the application of the passport to non-EU AIFMs and Alternative Investment Funds ("AIFs") in accordance with the rules set out in Article 35 and Articles 37 to 41 of the AIFMD.
In order to form its response, on 7 November 2014 ESMA issued a 'call for evidence' concerning:
(a) the functioning of the EU passport under the AIFMD; and
(b) the functioning of (i) the marketing of non-EU AIFs by EU AIFMs in the EU; and (ii) the management and/or marketing of AIFs by non-EU AIFMs in the EU.
In order to issue positive advice, ESMA should be convinced that "no significant obstacles regarding investor protection, market disruption, competition and the monitoring of systematic risk" impede the application of the passport to the marketing of non-EU AIFs by EU AIFMs in the Member States and the management and/or marketing of AIFs by...