ESMA Q&As on UCITS and AIFM Directives: update
- Articles and memoranda
- Posted 10.07.2023
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.