ESMA Q&A on UCITS Directive
In its last update of the
Q&A on the application of the UCITS Directive, ESMA
clarifies that a UCITS management company can notify cross-border
activities (MiFID services, collective portfolio management of
UCITS) without having to identify a specific UCITS in the
notification letter.
The identification of a specific UCITS and its notification to
the competent authorities of the home Member State of the UCITS can
be done later, when it has identified a UCITS that it wants to
manage on a cross-border basis.
ESMA Q&A on AIFM Directive
On 6 April 2017, a question on the categories of
"professional investor" and "retail investor"
was added in the
ESMA Q&A on the AIFMD. The question raised was whether the
AIF marketing passport could be extended to further categories of
investors introduced by Member States (such as "qualifying
investor", "informed investor", or
"semi-professional investor"), knowing that by their
definition, those
