ESMA Q&As on UCITS and AIFM Directives: update

ESMA has recently updated its Q&As on the application of (i) the UCITS Directive (ESMA34-43-392) and (ii) the AIFMD (ESMA34-32-352).
 

1. The Q&A on the application of the UCITS Directive was updated to deal with the following topics:

• permitted activities of UCITS management companies; and
• de-notification requirements if there are no investors in a host Member State.
   

2. The Q&A on the application of the AIFMD was updated to deal with the following topics:

• notion of "substantive direct or indirect holding" in the context of sub-threshold/registered AIFMs;
• pre-marketing activities by non-EU AIFMs;
• pre-marketing conducted by an EU AIFM or by a third party on behalf of an authorised EU AIFM;
• pre-marketing by registered AIFMs not qualifying as EuSEF managers or EuVECA managers;
• de-notification requirements if there are no investors in a host Member State;
• permitted activities of AIFMs; and
• calculation of leverage of AIFs acquiring real estate assets indirectly through non-listed companies.