ID 1206. Passport issues
The interaction between (a) articles 42 and 36, and (b) article 3 – and whether the sub-threshold regime can be applied to non-EU AIFMs and EU AIFMs managing and / or marketing non-EU AIFs. We’re getting questions around the apparent anomaly that sub-threshold third country managers operating under private placement regimes are subject to higher transparency requirements than domestic registration-only managers.
The Directive has a limited applicability as regards sub-threshold AIFMs; therefore it is up to Member States how to apply the national private placement regimes to non-EU AIFMs that would qualify as sub-threshold AIFMs.
Article 3 only requires registration, but does not differentiate between EU and non-EU managers, being both within the scope of the Directive under article 2.1.