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AIFM - 19. Marketing of AIF to retail investors


Article 43 provides that, subject to compliance with other European Union law, Member States may allow AIFM to market shares or units of AIF that they manage to retail investors. Article 43 does not distinguish between EU AIF and non-EU AIF or whether AIF are marketed on a domestic cross-border basis.

Article 43 allows Member States to impose stricter requirements on the AIFM or the AIF than those imposed on professional investors, provided that domestic AIF and cross-border AIF are treated consistently.

Member States that permit the marketing of AIF to retails investors will be required to inform before 22 July 2014 the Commission and ESMA of any types of AIF which AIFM may market to retail investors in that Member State, together with any additional requirements imposed by that Member State in relation to such marketing.

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