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.
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:
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).