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The AIFMD Rules, 2013 state that the Commission will have regard to the provisions of AIFMD and AIFMD Level 2 in interpreting these Rules.
Any guidance issued by ESMA, for example, in respect of remuneration practices, or the definition of an AIF may be used by the Commission to interpret the obligations created by these Rules.
The Commission has commenced, and will continue to, work with the Guernsey investment fund industry in developing relevant guidance for the Bailiwick of Guernsey.
The principle of the passport is that, in order to enjoy the same rights, non-EEA AIFMs should comply with the same obligations, which means that non-EEA AIFMs will be able to benefit from the European passport so long as they abide by the rules of AIFMD.
This does not mean that the non-EEA country where an AIFM is established would need to have AIFMD-equivalent rules, but that non-EEA AIFMs willing to operate in the EEA will have to comply with the AIFMD rules of a nominated EEA Member State of Reference as if they were European AIFMs.
As a consequence, European competent authorities will have responsibility for supervising compliance with the AIFMD by AIFMs situated in non-EEA countries.
In order to do this the European authorities would need the co-operation of the relevant non-EEA authority.
However, from the date of transposition of AIFMD (i.e.