AIFMD: EP Rapporteur welcomes progress made in COREPER on third-country managers and funds
07 October 2010
Apparently France is now supporting the EU passport for third country managers if it is subjected to stricter conditions. France also wants ESMA to be in charge of authorising the EU passports to third country managers.
MEP Jean-Paul Gauzès, rapporteur on the AIFMD proposal has expressed his satisfaction at the progress made in COREPER on the Regulation applicable to third-country managers and funds.
He also welcomed the Belgian Presidency's and Commissioner Michel Barnier's involvement.
"The negotiation on a European passport for third countries is well underway and going in the direction wished for by a large majority of the European Parliament.
The conditions for granting the passport to non-European actors and funds and the control of its use must be defined and undertaken at European level, notably as regards the attribution of real powers to the new competent European authority, the ESMA.
Investors who invest in non-European funds must use the necessary diligence to ensure that these funds are not managed according to rules that are not compatible with the underlying principles in the European Regulation", Jean-Paul Gauzès said.
© European Parliament
