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AIFM - 03. Limited application of the Directive

Back to Directive on Alternative Investment Fund Managers (AIFM) main page.

Pursuant to Article 3(2), there is a limited application of the Directive to AIFM managing:

  • AIF with assets - including leveraged assets – up to a threshold of EUR 100 million; or
  • AIF with assets up to a threshold of EUR 500 million and no redemption rights exercisable during a period of 5 years following the date of initial investment in each AIF.

Requirements for the limited application of the Directive

Pursuant to Article 3(3), AIFM described here which are subject to limited application of the Directive need only:

  • register with the competent authorities;
  • at the time of registration identify itself and the AIF that it manages;
  • at the time of registration provide information on the investment strategies of the AIF;
  • provide information regularly on the main instruments in which they are trading and on the principal exposures and most important concentrations of the AIF in order to enable the competent authorities to effectively monitor systemic risk; and
  • notify the competent authorities of the relevant Member State in the event that they no longer comply with the conditions qualifying to the limited application of the Directive.

Such AIFM will not benefit from any of the rights granted under the Directive (such as passporting), unless it chooses to opt-in to the full scope of the Directive (Article 3(4)).

Back to Directive on Alternative Investment Fund Managers (AIFM) main page.

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