ESMA Opinion on the practical arrangements for the late
transposition of the AIFMD
On 1st August 2013, the European Securities and Markets
Authority published its opinion on arrangements for the late
transposition of the AIFMD.
Arrangements before implementation of the Directive in all
Member States
Notification of marketing of EU AIFs when the host Member
State (MS) of the AIFM has not transposed the Directive (Articles
31 and 32 of the Directive)
ESMA believes that, if the Directive has been transposed in the
home MS of the AIFM, the competent authority of the host MS of the
AIFM (Article 32) or home MS of the AIFM (Article 31), may not
refuse a valid notification under the Directive on the ground that
the Directive has not yet been transposed in the host MS. This
applies irrespective of whether the marketing is done using the
freedom to provide services or by means of a branch.
