European Commission exempts non-EU AIFs from SFTR for business not conducted in EU

From ISLA’s Reflections of the CEO, February 14, 2020

Whilst we are nearing some sort of conclusion in respect of the implementation of both SFTR and CSDR, there is still much to be done. This was highlighted in the submission of a letter by the Alternative Investment Management Association (AIMA) to the European Commission (EC) and the European Securities and Markets Authority (ESMA) on 14 January, regarding the scope of SFTR in respect of non-EU AIFs, and its conflict in relation to the drafting of the Level I text.  In their responses on 10 February, they provided confirmation that “Non-EU AIFs (i.e. AIFs not established in the Union), are not subject to the obligations set out in Article 4(1) of SFTR, even if the AIFM is authorised or registered in accordance with Directive 2011/61/EU, except in respect of SFTs concluded in the course of the operations of a branch in the Union of the Non-EU AIF.”

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