ESMA_QA_1073
Topic
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?
ESMA_QA_1072
Topic
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?
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?