FUND 10.1 Application and purpose

Application

FUND 10.1.1G
  1. (1)

    1This chapter applies to the following types of firm in relation to the activities in (2):

    1. (a)

      a full-scope UK AIFM;

    2. (b)

      a full-scope EEA AIFM;

    3. (c)

      a small non-EEA AIFM; and

    4. (d)

      an above-threshold non-EEA AIFM.

  2. (2)

    The activities to which this chapter relates are the management and marketing on a cross-border basis, into or from the UK of:

    1. (a)

      a UK AIF;

    2. (b)

      an EEA AIF; and

    3. (c)

      a non-EEA AIF.

Purpose

FUND 10.1.2G

The purpose of this chapter is to provide guidance on the requirements that apply to the types of firm set out in FUND 10.1.1 G when operating on a cross-border basis into or from the UK.

Introduction

FUND 10.1.3G

An AIFM operates on a cross-border basis when it manages or markets an AIF in an EEA State other than the state in which it has its registered office (which may include, in certain cases, a state which is a non-EEA State).

FUND 10.1.4G
  1. (1)

    AIFMD allows certain types of AIFM to operate on a cross-border basis using a passport. There are two types of passport that are provided for in AIFMD:

    1. (a)

      a management passport, which allows an AIFM to establish a branch in, or provide cross-border services into, another EEA State to manage an AIF; and

    2. (b)

      a marketing passport, which allows an AIFM to provide cross-border services into another EEA State to market an AIF to investors that are professional clients.

  2. (2)

    The following types of AIFM are allowed to operate on a cross-border basis using the management and marketing passport:

    1. (a)

      a full-scope UK AIFM of:

      1. (i)

        a UK AIF; and

      2. (ii)

        an EEA AIF; and

    2. (b)

      a full-scope EEA AIFM of:

      1. (i)

        a UK AIF; and

      2. (ii)

        an EEA AIF.

FUND 10.1.5G
  1. (1)

    AIFMD also contains specific provisions for third country AIFs and AIFMs (ie, in relation to non-EEA AIFs and non-EEA AIFMs) and the marketing of a UK AIF or an EEA AIF that is a feeder AIF, the master AIF of which is managed by a non-EEA AIFM or is a non-EEA AIF.

  2. (2)

    In line with these provisions, the following types of AIFM are allowed to manage a non-EEA AIF from an EEA State:

    1. (a)

      a full-scope UK AIFM; and

    2. (b)

      a full-scope EEA AIFM.

  3. (3)

    In addition, EEA States may allow the marketing by the following types of AIFM in their territory only:

    1. (a)

      a full-scope UK AIFM of:

      1. (i)

        a UK AIF or an EEA AIF that is a feeder AIF, the master AIF of which is managed by a non-EEA AIFM or is a non-EEA AIF and;

      2. (ii)

        a non-EEA AIF;

    2. (b)

      a full-scope EEA AIFM of:

      1. (i)

        a UK AIF or an EEA AIF that is a feeder AIF, the master AIF of which is managed by a non-EEA AIFM or is a non-EEA AIF; and

      2. (ii)

        a non-EEA AIF; and

    3. (c)

      a non-EEA AIFM of:

      1. (i)

        a UK AIF;

      2. (ii)

        an EEA AIF; and

      3. (iii)

        a non-EEA AIF.