Italy has now included Cayman Island funds on its white list. This means Cayman funds will be free to invest in Italian securities such as bonds and securitisation instruments and receive interest payments gross of withholding tax.
The European Securities Markets Authority (Esma) has issued its advice on the extension of the alternative investment fund managers' directive (AIFMD) passport to investment fund managers and investment funds based in 12 non-EU countries.
The European Securities and Markets Authority (Esma) has decided to recommend extension of the coveted AIFMD marketing passport to only three non-EU jurisdictions. Several countries are less than happy with the decision.