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ID 1201. Cooperation between Member States' competent authorities Back

Relevant provisions

Article 39 of Directive 2011/61/EU
Article 40 of Directive 2011/61/EU
Article 31 of Directive 2011/61/EU

Question

The AIFMD mentions feeder AIF and master AIF in Article 31 (1), 32 (1), 35 (1), 36 (1), Annex III and Annex IV.
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In order to avoid circumventions of the AIFMD, Article 39 AIFMD should only apply to EU feeder AIFs that fulfil the requirements referred to in the second subparagraph of Article 31 (1) AIFMD. For EU feeder AIFs that do not fulfil the requirements referred to in the second sub-paragraph of Article 31 (1) AIFMD, Article 40 AIFMD should apply.

Answer

The proposed interpretation of the second question appears to be reasonable in order to avoid circumventions of the AIFMD.
A "feeder AIF" is defined in Article 4(1)(m) of the AIFMD.

Date

Submitted on 25/03/2013

Legislative Area

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Asset management
Capital Requirements Directives (CRD)
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