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ID 1204. Responsibility of Member States' competent authorities Back

Relevant provisions
Article 24 of Directive 2011/61/EU
Article 42 of Directive 2011/61/EU

Question
Article 42 states that, where a non-EU AIFM markets AIF in the EU, the competent authority of the member state where the AIF is marketed will receive the reports with regard to Article 24. According to Article 24 para. 2 and para. 4 subpara. 3, those reports must be provided by the non-EU AIFM for each of the managed EU-AIFs and each AIF marketed in the EU. Does that imply that the competent authority of member state A (were the non-EU AIFM markets some AIF) also receives reports on AIF marketed solely in member state B? Or does it in that case just refer to AIFs managed or marketed in its jurisdiction?

Answer
Reporting obligations apply in respect of each AIF marketed, whereby the competent authority is deemed to be the authority of the Member States where the AIF is marketed without a passport. Hence Member State A will receive reporting for AIFs marketed in A, Member State B for those marketed in B.

Date
Submitted on 25/03/2013