On November 5, ESMA published a speech given by the Chair of ESMA, Steven Maijoor, at the European Fund and Asset Management Association investment management forum. The speech states that:

• ESMA has finished its work on memoranda of understanding which relate to the AIFMD, although negotiations continue with several non-EU authorities, including those in South Africa, Russia and China.
• ESMA is due to start drafting a report on the extension of the AIFMD passport to non-EU AIFs and AIF managers.

ESMA is examining why retail exposure to exchange traded funds (ETFs) is relatively low. Speech.