AIFM: Update of ESMA's Q&A

In October 2018, ESMA added a new question in its Q&A on the AIFM Directive.

In answer to the question on whether an AIFM that intends to manage an EU umbrella AIF on a cross-border basis by way of the AIF management passport (Article 33 of AIFMD) has the obligation to identify all the compartments of the umbrella AIF in the notification to its competent authority, ESMA replies positively and confirms that the AIFM has to identify the name and investment strategy of all the compartments of the AIF, in order to facilitate the administrative procedure in home and host Member States.

ESMA also adds that any change in the composition of the compartments of an umbrella AIF that is managed on a cross-border basis has to be notified to the competent authorities pursuant to Article 33(6) of AIFMD.