ESMA_QA_2636
10/09/2025
Subject Matter
Questions on the new exemption foreseen for distributors under Article 20(6a) AIFMD and Article 13(3) UCITS Directive
    It follows from Article 1(9)(d) and Article 2(4)(b) AIFMD II that where the marketing function of an AIFM or UCITS management company is performed by one or several distributors, which are acting on their own behalf, such function shall not be considered to be a delegation subject to the requirements set out in those Articles. In which cases is a distributor considered to be acting on its own behalf?
    In cases where a distributor of an investment fund manager is acting on its own behalf, as referred to under Article 1(9)(d) and Article 2(4)(b) AIFMD II, the AIFM or UCITS management company is exempted from applying the provisions set out in Article 20 AIFMD and Article 13 UCITS Directive. In such cases, is the AIFM or UCITS management company required to monitor the distributor? What is the approach for insurance-based investment products marketed in accordance with Directive (EU) 2016/97? What is the approach for distributors located in a third country marketing UCITS or AIFs in the EU?
    Status: Forwarded to EC/Public Consultation/Other

    Additional Information

    Level 1 Regulation
    Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU
    Additional Legal Reference
    New exemption foreseen for distributors under Article 20(6a) AIFMD and Article 13(3) UCITS Directive
    Topic
    AIFMD scope