The European Securities and Markets Authority ("ESMA") has said that there are "no significant obstacles" impeding the application of the Alternative Investment Fund Managers Directive ("AIMFD") passport to Canada, Guernsey, Japan, Jersey and Switzerland, as it published its advice on extending the passport to 12 non-European Economic Area countries on 19 July 2016. The conclusions ESMA reached mean that it would be difficult for the European Commission, Parliament and Council not to grant these five jurisdictions AIMFD passporting rights in the future.