The European Securities & Markets Authority has published its updated questions and answers on the application of the Alternative Investment Fund Managers Directive (AIFMD). The updated Q&As include 4 new questions:

Q: “For the purposes of Article 31 of AIFMD (marketing of units or shares of EU [Funds] in the home Member State of the [Fund Manager]), does it make a difference whether the EU [Fund] to be marketed is domiciled in the home Member State of the EU [Fund Manager] or in another Member State?

A: “No…”

Q: “Can an authorised EU [Fund manager], in its home Member State, market an EU feeder [Fund] with a non-EU master {Fund] pursuant to Article 31 of AIFMD?”

A: “No. Article 31 … allows an EU [Fund Manager] to market an EU feeder [Fund] in the home Member State of the [Fund Manager if] it has an EU master [Fund] which is managed by an authorised EU [Fund Manager]. Marketing of an EU feeder [Fund] with a non-EU master [Fund] is subject to Article 36(1) of AIFMD [(Conditions for the marketing in Member States without a passport of non-EU [Funds] managed by an EU [Fund Manager])“.

Q: “Should ‘committed capital’ be taken into account when calculating the total value of assets under management (AuM) pursuant to Article 3(2) of AIFMD and Article 2 of Commission Regulation…?”

A: No – unless (i) they’ve been drawn down; or (ii) the national valuation rules for the fund require them to be taken into account.

Q: “Should ‘committed capital’ be taken into account when calculating the additional own funds requirement pursuant to Articles 9(3) and 9(7) of AIFMD and Article 14(2) of Commission Regulation …?”

A: “As a general rule, [no], as long as it has not been drawn down by the [Fund Manager]“

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