ESMA_QA_1097
Topic
13/06/2023
Subject Matter
Scope of activities that a management company may carry out in a host Member State
Question
When a management company intends to pursue the activities for which it has been authorised in a host Member State, either directly or through a branch, may that management company passport in that host Member State only the administration or marketing functions referred to in Annex II of the UCITS Directive, without also passporting investment management functions?