E.U. – ESMA Update UCITS, AIFMD FAQ

E.U. – ESMA Update UCITS, AIFMD FAQ

On 4 October 2018, EU ESMA updated the AIFMD FAQs on cross-border umbrella AIFs.

  • In section IV, notification of AIFMs, new question 5 on when AIFM intends to manage an EU umbrella AIF on a cross-border basis by way of the AIF management passport.
  • Whether AIFM must identify all compartments of the umbrella AIF in the notification.
  • Answer: yes, in the notification, AIFM must identify umbrella AIF as well as the name and investment strategy of compartments, to facilitate procedure in home / host MS.
  • Any change in the composition of an umbrella AIF that is managed on a cross-border basis has to be notified to the competent authorities pursuant to art. 33(6) of AIFMD.