ESMA_QA_1073
Topic
Leverage
12/06/2023
Subject Matter
Calculation of the leverage of AIFs investing in real estate
Question
When calculating the leverage of an AIF whose core investment policy is to invest in real estate directly or indirectly, shall the AIFM include the exposure contained in financial or legal structures involving third parties controlled by that AIF as referred to in Article 6(1) and (3) of Delegated Regulation (EU) 231/2013?
Level 1 Regulation
Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU
ESMA_QA_1072
Topic
AIFMD scope
12/06/2023
Subject Matter
Scope of activities that an AIFM may carry out in a host Member State
Question
When an AIFM intends to provide the activities and services for which it has been authorised in a host Member State, either directly or through a branch, may that AIFM passport in that host Member State only the other functions that an AIFM may additionally perform in the course of the collective management of an AIF, which are referred to in point (2) of Annex I to the AIFMD, without also passporting investment management functions?
Level 1 Regulation
Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU
ESMA_QA_1071
Topic
Cross-border distribution of funds
12/06/2023
Subject Matter
De-notification in the absence of investors in the host Member State
Question
In case there are no investors in a host Member State, do AIFMs wishing to de-notify the arrangements previously made for marketing the units or shares of the EU AIFs they manage have to comply with the obligations set out in Article 32a(1) of the AIFMD?
Level 1 Regulation
Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU
ESMA_QA_1070
Topic
Cross-border distribution of funds
12/06/2023
Subject Matter
Pre-marketing by registered AIFMs
Question
Are registered AIFMs referred to in Article 3(2) of the AIFMD, which do not qualify as EuSEF manager or EuVECA manager, subject to the obligation to notify pre-marketing pursuant to Article 30a(1) of the AIFMD?
Level 1 Regulation
Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU
ESMA_QA_1069
Topic
Cross-border distribution of funds
12/06/2023
Subject Matter
Pre-marketing by third-parties
Question
Where an investment strategy is developed by a third party (the fund initiator), are the obligations set out in Article 30a of the AIFMD applicable to this third party?
Level 1 Regulation
Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU