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Blog: ESMA Publishes Updated Q&As On The Use Of The AIFMD

Blog: ESMA Publishes Updated Q&As On The Use Of The AIFMD

The Ecu Securities & Markets Authority has printed its updated questions and solutions on the use of the choice Investment Fund Managers Directive (AIFMD). The updated Q&As include 4 new questions:

Q: “For the needs of Article 31 of AIFMD (marketing of units or shares of EU [Funds] in your home Member Condition from the [Fund Manager]), will it really make a difference if the EU [Fund] to become marketed is domiciled in your home Member Condition from the EU [Fund Manager] or perhaps in another Member Condition?

A: “No…”

Q: “Can an authorised EU [Fund manager], in the home Member Condition, market an EU feeder [Fund] having a non-EU master enables an EU [Fund Manager] to promote an EU feeder [Fund] in your home Member Condition from the [Fund Manager if] we have an EU master [Fund] that is managed by an authorised EU [Fund Manager]. Marketing of the EU feeder [Fund] having a non-EU master [Fund] is susceptible to Article 36(1) of AIFMD [(Conditions for that marketing in Member States with no passport of non-EU [Funds] managed by an EU [Fund Manager])“.

Q: “Should ‘committed capital’ be taken into consideration when calculating the entire worth of assets under management (AuM) pursuant to Article 3(2) of AIFMD and Article 2 of Commission Regulation…?”

A: No – unless of course (i) they’ve been attracted lower or (ii) the nation’s valuation rules for that fund require these to be taken into consideration.

Q: “Should ‘committed capital’ be taken into consideration when calculating the extra own funds requirement pursuant to Articles 9(3) and 9(7) of AIFMD and Article 14(2) of Commission Regulation …?”

A: “As an over-all rule, [no], as lengthy because it is not attracted lower through the [Fund Manager]“

[View source.]

 

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