Asset Management

FR1198 / 16 March 2023

Overview

  • AIFMD, EuSEF and EuVECA Regulations, Crowdfunding Regulation - ESMA updates Q&As

European Securities and Markets Authority

AIFMD, EuSEF and EuVECA Regulations, Crowdfunding Regulation - ESMA updates Q&As - 10 March 2023

 The European Securities and Markets Authority (ESMA) has published updated versions of three Q&A documents:

  • Q&A (ESMA34-32-352) which contains updated Q&As on the application of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD). A new section XVI has been added on exemptions. It contains a new Q&A (question 1) on how the notion of ‘substantive direct or indirect holding’ in Article 3(2) of the AIFMD should be interpreted. This Q&A was last updated in December 2022.
  • Q&A (ESMA34-36-253) which contains updated Q&As on the application of the Regulations on European venture capital funds (EU) 345/2013 (EuVECA) and European social entrepreneurship funds (EU) 346/2013 (EuSEF). A Q&A (question 5) has been added on investment in another qualifying venture capital fund/qualifying social entrepreneurship fund. ESMA last updated this Q&A in May 2016.
  • Q&A (ESMA35-42-1088) which contains an updated Q&A relating to payment services performed under Article 10 of the European Crowdfunding Service Providers Regulation ((EU) 2020/1503) (Crowdfunding Regulation).

Q&As: AIFMD

Q&As: EuSEF and EuVECA Regulations

Q&As: Crowdfunding Regulation