Newsletter-21

249 CAPITAL MARKETS LAW United States, Bermuda and the Cayman Islands, as well as the Isle of Man 17 . Conclusion and Future Projections According to PwC, by 2020, the trend of AIFs will have largely developed (PwC). While AIFMD implements a comprehensive frame- work for the regulation of AIFMs within Europe, such activity tar- geted on AIFs will provide an alternative for those investors seeking a profitable and reliable alternative to the UCITS with the extensive requirements with which AIFMs must comply 18 . Regulations in Turkey as a Non-EU Example As per the regulations with regard to fund managers that are for- eign, relative to the country wherein the investment is targeted, it is also worth noting that under the Capital Markets Board Communique numbered VII-128.4 titled Communique Regarding Foreign Capital Market Instruments, Depository Receipts and Foreign Investment Fund Shares published on the Official Gazette dated 23 October 2013 and numbered 28800, foreign capital market instruments to be sold through a public offering or without a public offering are subject to an application to the Capital Markets Board. Passporting Practice Ahead According to the preliminary timeline for the dynamic regulatory process for alternative investment vehicles, by 22 October 2018, the ESMAwill issue its opinion as to whether to turn-off domestic private placement regimes. Finally, it is hoped that by 22 January 2019, de- pending on the ESMA’s recommendation, the European Commission may turn-off private placement 19 . 17 ESMA Press Release dated 19 July 2016 and numbered ESMA/2016/1138. 18 Questions and Answers Application of the AIFMD dated 16 December 2016 and numbered ESMA/2016/1669. 19 Financial Services > Financial Services regulation—getting started; EU FS regulation—timelines > Alternative Investment Fund Managers Directive (AIFMD)—timeline (https://www.lexisnexis.com/uk/lexispsl/financialservices/ document/393814/5J10-F9F1-F18F-P19T) (Accessed on 26/12/2016).