ESMA_QA_1030

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1030

---

Regulatory Context

Regulation : AIFMD

Level 1 Regulation: Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Costs and fees

Subject Matter: ESMA’s guidelines on performance fees in UCITS and certain types of AIFs

---

Question

Submission Date: 28 May 2021

Are registered AIFMs referred to in Article 3(2) of the AIFMD subject to ESMA’s Guidelines on performance fees while marketing to retail investors units or shares of AIFs they manage?

---

ESMA Answer

Answer Date: 28-05-2021

[ESMA 34-32-352 AIFMD Q&A, Section 15, 4] The Guidelines on performance fees do not apply to registered AIFMs referred to in Article 3(2) of the AIFMD. Such registered AIFMs are only subject to the requirements referred to in that Article, which are outside the scope of the Guidelines. However, Member States may decide to impose stricter requirements on registered AIFMs and to allow them to market AIFs to retail investors in their territory, in accordance with Articles 3(3) and 43(1) of the AIFMD. In such cases, National Competent Authorities may also decide to apply the Guidelines to registered AIFMs.

---

This document was automatically extracted from the ESMA EMIR Q&A database.