ESMA updates its Q&As on Application of AIFMD – EU umbrella AIFs and the Article 33 management passport

On 04 October 2018, the European Securities and Markets Authority (ESMA) further updated its Q&As on Application of the AIFMD. A new Q&A clarifies what information an EU AIFM intending to make use of the management passport under Article 33 of AIFMD must include in its notification in respect of compartments of an EU umbrella AIF.

On 04 October 2018, the European Securities and Markets Authority (ESMA) updated its Q&As on Application of the AIFMD by including a new Q5 in Section IV (Notification of AIFMs).

Article 33 of AIFMD requires that an authorised EU AIFM which wishes to manage an EU AIF in a different Member State must first send a notification, containing specified information, to the competent authorities of its home Member State.

The new Q&A confirms that, where such a notification is made in respect of an EU umbrella AIF, the AIFM must identify all the compartments of the umbrella AIF, as well as each compartment’s name and investment strategy. This is “to facilitate administrative procedure in home and host Member States”.

ESMA also notes that Article 33(6) of AIFMD requires that any change in the composition of an umbrella AIF managed on a cross-border basis must be notified to the relevant competent authorities.

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