On November 7, the European Securities and Markets Authority (ESMA) published a Call for Evidence (available here) seeking industry views that will be used to help shape its opinion and advice required to be provided by July 22, 2015. Under Article 67(1) of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD), ESMA is required to provide (1) an opinion on the functioning of the passport for EU alternative investment fund managers (AIFMs) pursuant to Articles 32 and 33 and the functioning of the national private placement regimes set out in Articles 36 and 42 of the AIFMD, and (2) advice on the application of the passport to non-EU AIFMs and non-EU alternative investment funds (AIFs). 

Article 67(4) sets forth the criteria that ESMA must consider in determining whether to issue positive advice that includes information related to investor protection (including reciprocity between the EU and non-EU authorities), risk of market disruption and any impact on competition that disadvantages the EU fund industry and the monitoring of systemic risk. As expected, ESMA intends on treating each non-EU country on a case-by-case basis. 

The deadline for comments is January 8, 2015.