FUND 10.1 Application and purpose
Application
- (1)
2This chapter applies to the following types of firm in relation to the activities in (2):
- (a)
- (b)
- (c)
a small non-EEA AIFM; and
- (d)
- (2)
The activities to which this chapter relates are the management and marketing on a cross-border basis, into or from the UK of:
- (a)
a UK AIF;
- (b)
an EEA AIF; and
- (c)
a non-EEA AIF.
- (a)
Purpose
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
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).
- (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:
- (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
- (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.
- (a)
- (2)
The following types of AIFM are allowed to operate on a cross-border basis using the management and marketing passport:
- (a)
a full-scope UK AIFM of:
- (b)
a full-scope EEA AIFM of:
- (a)
- (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)
In line with these provisions, the following types of AIFM are allowed to manage a non-EEA AIF from an EEA State:
- (a)
a full-scope UK AIFM; and
- (b)
- (a)
- (3)
In addition, EEA States may allow the marketing by the following types of AIFM in their territory only:
- (a)
a full-scope UK AIFM of:
- (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;
- (ii)
a non-EEA AIF;
- (i)
- (b)
a full-scope EEA AIFM of:
- (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
- (ii)
a non-EEA AIF; and
- (i)
- (c)
a non-EEA AIFM of:
- (i)
a UK AIF;
- (ii)
an EEA AIF; and
- (iii)
a non-EEA AIF.
- (i)
- (a)