Article Post on 16 May 2017

ESMA Updates its Q&A on the UCITS and AIFM Directives

_ On 6 April 2017, the European Securities and Markets Authority (ESMA) updated its Q&As on the application of the UCITS Directive (UCITS Q&A) and the AIFMD (AIFMD Q&A).

In its AIFMD Q&A, ESMA confirmed that the marketing passport under AIFMD may only be used for marketing to professional investors within the meaning of AIFMD. Therefore, the marketing passport cannot be extended to other categories of investors, such as qualifying investors, informed investors, or semi-professional investors, that have been introduced by individual EU member states.

ESMA was asked whether a UCITS management company that wishes to pursue cross-border activities (MiFID services and collective portfolio management of UCITS) through the UCITS management company passport has to identify a specific UCITS in which it wants to pursue the aforementioned activities in the notification letter. ESMA confirmed in its UCITS Q&A that the UCITS management company may notify cross-border activities without having to identify a specific UCITS. However, once the UCITS management company has identified a UCITS it wants to manage on a cross-border basis, it must notify the competent authorities in the home member state of the UCITS in question.

Share this content