ESMA updates fund marketing questions

ESMA has updated its FAQs on the AIFMD and UCITS Directive:

• on the AIFMD, the most interesting new question seeks clarification on who is responsible for compliance with the marketing provisions in the AIFMD when an AIF is marketed by a third party distributor.  ESMA provides the European Commission’s response, which is that marketing is part of management, and therefore the responsibility of the AIFM and is subject to the delegation provisions.  It adds that the AIFM remains responsible regardless of whether it has a contractual relationship with the third party or not;
• on the UCITS Directive, there is an identical new question, as well as clarifications on reconciliation requirements.