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...