Select a legislative/policy area

ID 1199. Issues related to master AIFs and feeder AIFs Back

Relevant provisions
Article 36(1) of Directive 2011/61/EU

Question
According to Article 36 (1) AIFMD, Member States may allow an authorised EU-AIFM to market to professional investors, in their territory only, units or shares of non EU AIFs it manages or EU feeder AIFs that do not fulfil the requirements referred to in the second subparagraph of Article 31 (1) AIFMD provided that the (minimum) requirements listed in (a), (b) and (c) are met. Consequently, there is no obligation of the Member States to allow the marketing of such funds in their territories. In contradiction thereto, Article 31 (2) AIFMD provides only for a right of the Member States to impose stricter rules on the AIFM in respect to the marketing of units or shares of non-EU AIFs to investors in their territory. In any case, the requirements of Article 31 (1) AIFMD and the imposition of stricter rules pursuant to Article 36 (2) AIFMD should also apply to non-EU Master-AIFs and its non-EU AIFM.

Answer
Member States may impose stricter rules with regard to the marketing by virtue of Article 36. Such stricter rules may cover also master-feeder structures established for circumventing the provisions in Article 36 of the AIFMD

Date
Submitted on 25/03/2013