ESMA · ESMA_QA_2429 Forwarded to EC/Public Consultation/Other

Premarketing of units or shares of AIFs

Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
Topic
Cross-border distribution of funds
Submitted
2025-02-04
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Question

Article 32a, paragraph 3, third sub-paragraph of Directive (EU) 2011/61/EU (as modified by CBDF Directive) states the following: "(…) For a period of 36 months from the date referred to in point (c) of the first subparagraph of paragraph 1, the AIFM shall not engage in pre-marketing of units or shares of the EU AIFs referred to in the notification, or in respect of similar investment strategies or investment ideas, in the Member State identified in the notification referred to in paragraph 2.” How should "similar investment strategies or investment ideas" be interpreted?
No answer published yet.
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