Consultation on notifications for cross-border marketing and management of AIFs and UCITS

Directive 2009/65/EC (the UCITS Directive) and Directive 2011/61/EU (the AIFMD) empower ESMA to develop implementing technical standards (ITS) and regulatory technical standards (RTS) to specify the information to be provided, as well as the content and format of notification letters to be submitted by UCITS, management companies and alternative investment fund managers (AIFMs) to the national competent authorities (NCAs) to undertake cross-border marketing or cross-border management activities in host Member States, as well as the procedure for the communication of the notification file by the relevant home NCA to the host NCAs of the Member States where these activities are envisaged.

This consultation paper (CP) is the first stage in the development of the draft ITS and RTS described above and sets out proposals on those ITS and RTS on which ESMA is seeking the view of stakeholders.

Responses should be submitted online, by 9 September 2022.

Next Steps

ESMA will consider the feedback it received to this consultation and expects to publish a final report by the beginning of 2023.