ESMA Q&As on UCITS and AIFM Directives: update

Posted - 10.07.2023

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Now reading : 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.

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