ESMA has published an updated version of its Questions and Answers on the application of the AIFMD.
Specifically, ESMA added one Section XVII to the document relating to Marketing – full quote:
#### Section XVII: Marketing
Question 1: Are non-EU AIFMs allowed to carry out pre-marketing activities pursuant to Article 30a of the AIFMD? (new) // page 62
Answer 1: No, Article 30a of the AIFMD does not cover premarketing activities by non-EU AIFMs. Therefore, non-EU AIFMs should not be allowed to carry out pre-marketing activities pursuant to the AIFMD. However, national laws, regulations and administrative provisions may allow non-EU AIFMs to carry out pre-marketing activities at national level and where this is the case, non-EU AIFMs do not benefit from a passport allowing them to carry out these activities in other Member States.
In line with recital 12 of Directive (EU) 2019/1160, such national laws, regulations and administrative provisions should not in any way disadvantage EU AIFMs vis-à-vis non-EU AIFMs.
[ESMA34-32-352] Q&A on the Application of the AIFMD
ID
23429
Other Features
AIF
AIFM
fund management
marketing
Date Published: 2023-05-26
Regulatory Framework: Alternative Investment Fund Managers Directive (AIFMD)
Regulatory Type: Q&As
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