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ID 1206. Passport issues Back

Relevant provisions

Article 36 of Directive 2011/61/EU
Article 42 of Directive 2011/61/EU


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.


Submitted on 25/03/2013

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Asset management
Capital Requirements Directives (CRD)
Markets in Financial Instruments Directive
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