AI Summary of Article 33 Conditions for managing EU AIFs established in other Member States and for providing services in other Member States
This directive establishes the framework for authorised EU Alternative Investment Fund Managers (AIFMs) to manage EU AIFs across Member States. AIFMs may do so directly or via a branch, provided they have the appropriate authorisation to manage the specific type of AIF and to offer services as outlined in Article 6(4). Before commencing activities, AIFMs must notify their home Member State’s competent authorities, detailing their intended operations.
Changes to this information must be communicated promptly to ensure compliance with regulatory directives. Member States' competent authorities are mandated to transmit documentation to host Member States, facilitating seamless operational transitions for AIFMs across borders while prohibiting additional local requirements.
Article 33 Conditions for managing EU AIFs established in other Member States and for providing services in other Member States
1. Member States shall ensure that an authorised EU AIFM may, directly or by establishing a branch:
(a) manage EU AIFs established in another Member State, provided that the AIFM is authorised to manage that type of AIF;
(b) provide in another Member State the services referred to in Article 6(4) for which it has been authorised.
2. An AIFM intending to provide the activities and services referred to in paragraph 1 for the first time shall communicate the following information to the competent authorities of its home Member State:
(a) the Member State in which it intends to manage AIFs directly or to establish a branch, and/or to provide the services referred to in Article 6(4);
(b) a programme of operations stating in particular the services which it intends to perform and/or identifying the AIFs that it intends to manage.
3. If the AIFM intends to establish a branch, it shall provide the following information in addition to that referred to in paragraph 2: