ESMA Q&A on UCITS and AIFM Directives

ESMA Q&A on UCITS Directive

In its last update of the Q&A on the application of the UCITS Directive, ESMA clarifies that a UCITS management company can notify cross-border activities (MiFID services, collective portfolio management of UCITS) without having to identify a specific UCITS in the notification letter.

The identification of a specific UCITS and its notification to the competent authorities of the home Member State of the UCITS can be done later, when it has identified a UCITS that it wants to manage on a cross-border basis.

ESMA Q&A on AIFM Directive

On 6 April 2017, a question on the categories of “professional investor” and “retail investor” was added in the ESMA Q&A on the AIFMD. The question raised was whether the AIF marketing passport could be extended to further categories of investors introduced by Member States (such as “qualifying investor”, “informed investor”, or “semi-professional investor”), knowing that by their definition, those categories of investors share some, but not all elements of the definition of “professional investor” pursuant to Article 4(1)(ag) of AIFMD.

In its answer, ESMA confirms that the AIF marketing passport may only be used for marketing to professional investors as defined in Article 4(1)(ag) of AIFMD, thus investors that meet all elements of the definition of “professional investor”.