FUND 10.3 AIFM marketing passport

Application

FUND 10.3.1G

This section applies to:

  1. (1)

    a full-scope UK AIFM of:

    1. (a)

      a UK AIF; and

    2. (b)

      an EEA AIF;

      that intends to market the AIF it manages in an EEA State other than the UK; and

  2. (2)

    a full-scope EEA AIFM of:

    1. (a)

      a UK AIF; and

    2. (b)

      an EEA AIF;

      that intends to market the AIF it manages in the UK.

Feeder AIFs

FUND 10.3.2G

If the UK AIF or EEA AIF is a feeder AIF, the full-scope UK AIFM or full-scope EEA AIFM may only market the AIF using the marketing passport if the master AIF is a UK AIF or an EEA AIF that is managed by a full-scope UK AIFM or a full-scope EEA AIFM. However, the AIFM of such an AIF will be entitled to market the AIF if it meets the conditions in regulation 57 (Marketing under Article 36 of the directive) of the AIFMD UK regulation, as explained in FUND 10.5.3 G to FUND 10.5.5 G.

Marketing passport for full-scope UK AIFMs

FUND 10.3.3G

Information on the use of the marketing passport by a full-scope UK AIFM is contained in SUP 13 (exercise of passport rights by UK firms), which includes:

  1. (1)

    guidance on the conditions for providing cross-border services to market an AIF in an EEA State other than the UK (SUP 13.4.2FG);

  2. (2)

    the notice of intention that a full-scope UK AIFM must submit to provide cross-border services to market an AIF (SUP 13 Annex 8BR); and

  3. (3)

    guidance on changes to cross-border services to market an AIF in an EEA State other than the UK (SUP 13.7.14G).

Marketing passport for full-scope EEA AIFMs

FUND 10.3.4G

Information on the use of the marketing passport by a full-scope EEA AIFM is contained in SUP 13A (Qualifying for authorisation under the Act) and SUP 14 (Incoming EEA firms changing details, and cancelling qualification for authorisation), which include:

  1. (1)

    guidance on the conditions for providing cross-border services to market an AIF into the UK (SUP 13A.5.3 G); and

  2. (2)

    guidance on changes to cross-border services to market an AIF in the UK (SUP 14.3.9G and SUP 14.3.10G).

FUND 10.3.5G

In accordance with article 32(5) of AIFMD arrangements for the marketing of AIFs (referred to in point (h) of Annex IV of AIFMD) are subject to the laws and supervision of the Host State of the AIFM. This means that a full-scope EEA AIFM that is marketing an AIF in the UK using the marketing passport should have regard to the financial promotions regime, as explained in PERG 8.37.6 G (3) (Communications with investors in relation to draft documentation).

Further guidance on marketing an AIF

FUND 10.3.6G

Further guidance on marketing an AIF can be found in PERG 8.37 (AIFMD Marketing).

Marketing an ELTIF

FUND 10.3.7G

1To market an ELTIF in an EEA State other than the United Kingdom a full-scope UK AIFM should submit a notice to the FCA using the forms in:

  1. (1)

    SUP 13 Annex 8BR (Passporting: AIFMD); and

  2. (2)

    FUND 4 Annex 1R (Additional documentation and information to market an ELTIF).