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ID 1209. Passport issues Back

Relevant provisions
General question on Directive 2011/61/EU

Question
Shall it be possible for an AIFM to transfer the management of an AIF to an AIFM in another Member State?

– If so, is this regardless of the AIF is subject to a fund legislation, e.g. a Special Funds Act, in its home Member State or subject only to the AIFMD (and applicable national corporate law)?

– If so, is this regardless of the AIF is a fund that is established before 22 July 2013 or a fund established that date or later?


Answer
Under the AIFMD the transfer, understood as appointment of a new AIFM for an AIF should be possible, provided that the new AIFM is AIFMD compliant. The new appointment is not dependent on national fund law and/or corporate law since "[t]he fact that a Member State may impose requirements additional to those applicable in other Member States on AIFs established in its territory should not prevent the exercise of rights of AIFMs authorised in accordance with this Directive in other Member States" (Recital 10).

Whether the fund is being managed by an AIFM before or after 22 July 2013 is relevant only for the purposes of the transitional provisions in Article 61 that should be interpreted as indicated above.

Date
Submitted on 25/03/2013