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FUND 3.12 Marketing in the home Member State of the AIFM

Application

FUND 3.12.1G

This section applies to:

  1. (1)

    a full-scope UK AIFM of:

    1. (a)

      a UK AIF; and

    2. (b)

      an EEA AIF; and

  2. (2)

    a full-scope EEA AIFM of:

    1. (a)

      a UK AIF; and

    2. (b)

      an EEA AIF.

Marketing application

FUND 3.12.2D

Under regulation 54 (FCA approval for marketing) of the AIFMD UK regulation, a full-scope UK AIFM and a full-scope EEA AIFM may apply to market a UK AIF or EEA AIF it manages in the UK by submitting a notice to the FCA in the form set out in FUND 3 Annex 1 D.1

FUND 3.12.3G

If the UK AIF or EEA AIF is a feeder AIF, the master AIF needs to be an AIF that is not managed by a non-EEA AIFM or is not a non-EEA AIF for it to be marketed in accordance with regulation 54 of the AIFMD UK Regulation. If the master AIF is managed by a non-EEA AIFM or is a non-EEA AIF, the AIF may be marketed in the UK in accordance with regulation 57 (Marketing under article 36 of the directive) of the AIFMD UK regulation (see FUND 10.5.3G (Marketing under article 36 of AIFMD)).

FUND 3.12.4G
  1. (1)

    A full-scope UK AIFM may use the form set out in FUND 3 Annex 1 D to apply to market a UK AIF or EEA AIF (that is not a feeder AIF, the master AIF of which is managed by a non-EEA AIFM or is a non-EEA AIF) to professional clients and/or retail clients.

  2. (2)

    A full-scope UK AIFM may inform the FCA of its intention to market such an AIF in the UK in its application to become authorised as a Full-scope UK AIFM, in which case the firm does not also have to submit the form in FUND 3 Annex 1 D in respect of that marketing.

  3. (3)

    A full-scope UK AIFM may also use the form in FUND 3 Annex 1 D to apply to the FCA to market an AIF in other EEA States using the AIFMD marketing passport and to notify the FCA of material changes to domestic and cross-border marketing.2

FUND 3.12.5G
  1. (1)

    A full-scope EEA AIFM that wishes to market a UK AIF or EEA AIF (that is not a feeder AIF, the master AIF of which is managed by a non-EEA AIFM or is a non-EEA AIF) to professional clients should do so using the marketing passport provided for under AIFMD and should, therefore, apply to its Home State regulator for permission to do so.

  2. (2)

    In accordance with regulation 49 (Marketing by full-scope EEA AIFMs of certain AIFs) of the AIFMD UK Regulation, a full-scope EEA AIFM may market such an AIF to retail clients in the UK if the FCA has received a regulator's notice in relation to the marketing in accordance with Schedule 3 to the Act (EEA Passport rights) or if the AIFM has applied to the FCA for permission to market the AIF using the form in FUND 3 Annex 1 D and the FCA has approved such marketing.

  3. (3)

    As such, a full-scope EEA AIFM may use the form in FUND 3 Annex 1D to apply to market such an AIF in the UK to retail clients, but should not use this form to apply to market such an AIF to professional clients in the UK.

FUND 3.12.6G

A full-scope UK AIFM or a full-scope EEA AIFM that intends to market to retail clients should consider the application of the financial promotions regime and ensure it is compliant with the relevant requirements (see PERG 8.37.14 G (Application of the financial promotion and scheme promotion restrictions)).

Marketing an ELTIF3

FUND 3.12.7G

To market an ELTIF in the United Kingdom a full-scope UK AIFM should submit a notice to the FCA using the forms in:3

  1. (1)

    FUND 3 Annex 1D (Notification of intention to market an AIF in the United Kingdom); and3

  2. (2)

    3FUND 4 Annex 1R (Additional documentation and information to market an ELTIF).3