ESMA_QA_707

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/707

---

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: Cross-border distribution of funds

Subject Matter: Whether the rules governing pre-marketing, which are set out in Directive (EU) 2019/1160 on cross-border distribution of funds, apply to non-EU AIFMs.

---

Question

Submission Date: 28 March 2023

Are non-EU AIFMs allowed to carry out pre-marketing activities pursuant to Article 30a of the AIFMD?

---

ESMA Answer

Answer Date: 26-05-2023

[ESMA34-32-352 Section XVII Q&A 1]   No, Article 30a of the AIFMD does not cover premarketing activities by non-EU AIFMs. Therefore, non-EU AIFMs should not be allowed to carry out pre-marketing activities pursuant to the AIFMD. However, national laws, regulations and administrative provisions may allow non-EU AIFMs to carry-out pre-marketing activities at national level and where this is the case, non-EU AIFMs do not benefit from a passport allowing them to carry out these activities in other Member States. In line with recital 12 of Directive (EU) 2019/1160, such national laws, regulations and administrative provisions should not in any way disadvantage EU AIFMs vis-à-vis non-EU AIFMs.

---

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