The European Securities and Markets Authority (ESMA) has published updated Q&A documents on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Instrument in Transferable Securities Directive (UCITS Directive).

The purpose of the Q&A documents is to promote common supervisory approaches and practices of both the AIFMD and the UCITS Directive and their implementing measures.

In particular the Q&As on the UCITS Directive consolidate into a single document all previous Q&As on:

  • the Key Investor Information Document for UCITS;
  • ESMA’s guidelines on exchange traded funds and other UCITS issues;
  • Notification of UCITS and exchange of information between competent authorities; and
  • Risk measurement and calculation of global exposure and counterparty risk for UCITS.

Both sets of Q&As include one new Q&A:

  • in relation to the AIFMD, the new Q&A relates to the cross-border marketing of EU alternative investment funds (AIF) by EU alternative investment fund managers under Article 32 of the AIFMD, clarifying that the AIF marketing passport may only be used for marketing to professional investors as defined in the AIFMD; and
  • in relation to the UCITS Directive, the new Q&A relates to cross-border activities by UCITS management companies, clarifying that a UCITS management company can notify cross-border activities without having to identify a specific UCITS.

View ESMA updates Q&A on application of AIFMD and UCITS Directive: April 2017, 6 April 2017

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