A) Marketing of units or shares of a Liechtenstein AIF by a Liechtenstein AIFM in other EEA member states (outgoing notification)

Transcription

1 FMA Guidelines Guidelines n EEA AIF and EEA AIFM ntificatin prcedures Guidelines n EEA alternative investment funds ( AIF ) and EEA alternative investment fund manager ( AIFM ) ntificatin prcedures Reference: Addressees: Statutry surce: Place f publicatin: FMA GL AIFMs Article 112 et seqq. AIFM Act Website Date f publicatin: 18 January 2017 Last amended n: These Guidelines prvide an verview f the dcuments t be submitted under the ntificatin prcedures set ut in the Liechtenstein Alternative Investment Fund Managers Act f 19 December 2012 (Gesetz über die Verwalter alternativer Investmentfnds vm 19. Dezember 2012, AIFMG; hereinafter referred t as the AIFM Act ), implementing the prvisins f Directive 2011/61/EU (hereinafter referred t as the AIFM Directive ). The fllwing types f ntificatin are described: A) Marketing f units r shares f a Liechtenstein AIF by a Liechtenstein AIFM in ther EEA Member States (utging ntificatin) B) Marketing f units r shares f an EEA AIF (nn-liechtenstein AIF) by an EEA AIFM in Liechtenstein (incming ntificatin) C) Management f an EEA AIF (nn-liechtenstein AIF) by a Liechtenstein AIFM (utging ntificatin) D) Management f a Liechtenstein AIF by an EEA AIFM (nn-liechtenstein AIFM) (incming ntificatin) A) Marketing f units r shares f a Liechtenstein AIF by a Liechtenstein AIFM in ther EEA member states (utging ntificatin) 1. Example A Liechtenstein AIFM wishes t market a Liechtenstein AIF in an EEA Member State (e.g. Germany). 2. Legal basis The circumstances requiring this type f ntificatin are set ut in Articles 113 t 116 f the AIFM Act (implementing Article 32 f the AIFM Directive). 3. Ntificatin requirement and dcuments t be submitted 3.1 Ntificatin requirement The Liechtenstein AIFM shall submit a ntificatin t the Financial Market Authrity Liechtenstein (hereinafter referred t as the FMA ) in respect f each Liechtenstein AIF that it intends t market. The ntificatin must be submitted electrnically either in English r anther language recgnised by the FMA (Article 113(1) f the AIFM Act). The FMA requires AIF Ntificatin Letters t be submitted in English. Landstrasse 109 P.O. Bx Vaduz Liechtenstein Telephne Telefax inf@fma-li.li

2 Whether translatins f any ther dcuments must be submitted will depend n the hst Member State invlved. Please btain infrmatin t this effect frm the relevant hst Member State. Authrisatin f the Liechtenstein AIFM by the FMA is a prerequisite fr ntificatin. Dcuments t be submitted In accrdance with Article 113(1) and (2) f the AIFM Act, the fllwing dcuments must be sent by t aifmg@fma-li.li: a signed AIFM Ntificatin Letter fr Liechtenstein AIFs in accrdance with Article 113(1) f the AIFM Act, which must specify the categry f investrs and whether the AIF will be marketed exclusively t prfessinal investrs fr MiFID purpses; an AIF Ntificatin Letter cmpleted in English (Article 113(3) f the AIFM Act in cnjunctin with Article 95 f the Liechtenstein Alternative Investment Fund Managers Ordinance [Verrdnung über die Verwalter alternativer Investmentfnds, AIFMV; hereinafter referred t as the AIFM Ordinance ]), which is available n the FMA website; a prgramme f activity and peratins including details f the AIF and its registered ffice this dcument will have been submitted previusly as an attachment t the AIFM prgramme f activity and peratins fr the purpse f authrising a Liechtenstein AIF please submit the AIFM prgramme f activity and peratins including the attachment n the specific AIF that the AIFM intends t market in anther Member State; the cnstitutive dcuments f the AIF; a descriptin f, r any infrmatin n, the AIF available t investrs the registered ffice f the master AIF in the case f feeder AIFs; the marketing infrmatin fr investrs, as specified in Article 105(1) f the AIFM Act, unless this has previusly been submitted in sme ther frm; a descriptin f arrangements established t prevent AIFs frm being marketed t retail investrs, which must als extend t any independent entities upn which the AIFM relies, in accrdance with the legal and regulatry requirements f the cuntry in which AIFs are marketed. 4. Prcedures The FMA will verify that the dcuments are cmplete (Article 114(1) f the AIFM Act). Within ten wrking days fllwing receipt f all dcuments, the FMA will send cnfirmatin f receipt t the AIFM that submitted the ntificatin (Art. 115(1) f the AIFM Act). This perid may be extended in accrdance with Article 115(2) f the AIFM Act. The FMA will nly verify that the AIFM meets the requirements laid dwn in the AIFM Directive and prvide cnfirmatin, in accrdance with Article 115(3) f the AIFM Act, that the AIFM has been duly authrised. The FMA will send the dcuments indicated abve, plus cnfirmatin that the AIFM is duly authrised, t the authrities in the cuntry in which the AIFs are marketed within ten wrking days f receipt f all the requisite dcuments. This perid may als be extended in accrdance with Article 115(3) f the AIFM Act by sending a duly substantiated ntificatin t this effect. 2 / 9

3 The FMA will ntify the AIFM immediately upn submitting the dcuments. Once the FMA has issued such ntificatin, in accrdance with Article 115(4) f the AIFM Act, the AIFM may start marketing the AIF indicated t prfessinal investrs in the relevant cuntry (Article 115(5) f the AIFM Act). 5. Cnfirmatin and fees In accrdance with Article 155 f the AIFM Act in cnjunctin with Article 30(1) f the Liechtenstein Financial Market Supervisin Act (Finanzmarktaufsichtgesetz, FMAG; hereinafter referred t as the FMA Act ) and Appendix 1(C)(1)(f)(mm), first indent f the FMA Act the fllwing fees are payable in respect f prcessing ntificatins under Article 113 f the AIFM Act: Single funds: CHF 500 per single fund Umbrella funds: CHF 500 plus CHF 500 fr each sub-fund On issuing cnfirmatin that the dcuments have been submitted (Article 115(4) f the AIFM Act), the FMA will send an invice and a payment slip, which may be used t pay the fee (withut bank charges). 6. Marketing t retail investrs As prvided in Article 118 f the AIFM Act, AIFs will be marketed t retail investrs in accrdance with the law f the hst cuntry. Accrdingly, Liechtenstein AIFMs marketing EEA AIFs n a crss-brder basis t retail investrs in anther EEA Member State shall cmply with applicable legislatin in the cuntry cncerned. As part f the ntificatin prcedure, they shall therefre prvide any additinal ntificatin dcuments required in such cuntry and/r submit such dcuments directly t the supervisry authrity in the cuntry cncerned where required (see als FMA Cmmunicatin 2015/3). 7. Updating dcuments and ntifying changes AIFMs shall give the FMA ntice f any material changes affecting the dcuments submitted in accrdance with Article 113(2) f the AIFM Act nt less than ne mnth prir t implementing a planned change r immediately after an unplanned change has ccurred (Article 116(1) f the AIFM Act). Ntices must be sent by t fnds@fma-li.li. Article 23 f the AIFM Ordinance prvides that changes are nt deemed t be material if they slely invlve editrial amendments t the infrmatin ntified. Hwever, all ther changes are deemed t be material and must be duly ntified in writing. The FMA shall immediately give ntice f any changes that are cnsistent with the requirements f the AIFM Directive t all authrities fr the cuntries in which the AIFs are marketed (Article 116(3) f the AIFM Act). 3 / 9

4 B) Marketing f units r shares f an EEA AIF (nn-liechtenstein AIF) by an EEA AIFM in Liechtenstein (incming ntificatin) 1. Example An EEA AIFM (e.g. frm Austria) wishes t market an EEA AIF (nn-liechtenstein AIF) which it manages t prfessinal investrs in Liechtenstein. 2. Legal basis The circumstances requiring this type f ntificatin are set ut in Article 117 f the AIFM Act (implementing Article 32 f the AIFM Directive). 3. Ntificatin requirement and dcuments t be submitted 3.1 Ntificatin requirement The EEA AIFM shall submit a ntificatin t the authrities in its hme cuntry fr each EEA AIF it intends t market in Liechtenstein. The FMA accepts dcuments in German r English. Dcuments submitted by the authrities in the hme cuntry cncerned may be submitted by t the fllwing address: passprt.aif@fma-li.li. Authrisatin f the EEA AIFM by the authrities in the AIFM s hme cuntry is a prerequisite fr ntificatin. 3.2 Dcuments t be submitted EEA AIFMs shall submit the dcuments required under Article 32 f the AIFM Directive t the authrities in their hme cuntry. 4. Prcedures The FMA will receive the relevant ntificatin frm the authrities in the hme cuntry f the EEA AIFM. Once the ntificatin has been received, the EEA AIF may be marketed t prfessinal investrs in Liechtenstein in accrdance with Article 117(3) in cnjunctin with Article 115(4) f the AIFM Act. The FMA will add the EEA AIF t the list f EEA AIFs apprved fr marketing in Liechtenstein. 5. Fees and charges A ne-ff administratin fee will be charged fr prcessing ntificatins under Article 117(1) f the AIFM Act. An annual base fee will als be payable fr all nn-liechtenstein AIFs apprved fr marketing in Liechtenstein. 5.1 Administratin fee applying t ntificatins In accrdance with Article 155 f the AIFM Act in cnjunctin with Article 30(1) f the FMA Act and Appendix 1(C)(1)(f)(mm), secnd indent f the FMA Act the fllwing fees are payable in respect f prcessing ntificatins under Article 117(1) f the AIFM Act: Single funds: CHF 750 per single fund Umbrella funds: CHF 750 plus CHF 500 fr each sub-fund 4 / 9

5 5.2 Annual supervisry fee The FMA will charge nn-liechtenstein AIFs with n sub-funds and each sub-fund under umbrella structures, which are subject t FMA versight, an annual base fee f CHF 1,250 (Article 155 f the AIFM Act in cnjunctin with Article 30(1) f the FMA Act and Appendix 2 II.(D)(a) and (b) f the FMA Act). The annual base fee will be billed during the year in which it falls due and is payable (withut bank charges) using the payment slip enclsed with the invice. 5.3 Payment instructins The administratin fee fr ntificatins (sectin 5.1) is t be transferred in advance t the fllwing accunt f the FMA: Liechtensteinische Landesbank AG 9490 Vaduz BIC LILALI2XXXX Clearing N IBAN LI The names f the AIF and AIFM t which the ntificatin relates is t be prvided as a reference fr the fee. Prf f payment is t be enclsed with the ntificatin. 6. Marketing t retail investrs AIFMs wh are based in anther EEA Member State and market EEA AIFs n a crss-brder basis t retail investrs in Liechtenstein shall cmply with the requirements set frth in Chapter II f the AIFM Act (Article 119 f the AIFM Act). The fund must therefre apply fr authrisatin t market the AIF t retail investrs in Liechtenstein. Where there is n private placement within the meaning f Articles 83 and 84 f the AIFM Ordinance, the prvisins f Articles 129 t 132 f the AIFM Act als apply. An authrisatin fee is payable in respect f authrisatins t market AIFs t retail investrs (as specified in Article 155 f the AIFM Act in cnjunctin with Article 30(1) f the FMA Act and Appendix 1(C)(1)(c)(aa) f the FMA Act fr AIFs with n sub-funds and Appendix 1(C)(1)(c)(bb) fr AIFs with sub-funds): Single funds: CHF 750 per single fund Umbrella funds: CHF 750, plus CHF 375 fr each sub-fund The ntificatin fee previusly paid will be ffset against the authrisatin fee. Accrdingly, nly the difference between the authrisatin fee and ntificatin fee is chargeable, prvided that the FMA receives the applicatin fr authrisatin t market the AIF t retail investrs within ne mnth f receipt f the ntificatin frm the authrities in the hme cuntry f the EEA AIFM. 7. Updating dcuments and ntifying changes EEA AIFMs marketing EEA AIFs in Liechtenstein are required t prvide all infrmatin and dcuments and any updates and amendments theret t investrs in Liechtenstein. The dcuments t be submitted are the same dcuments as the EEA AIFM wuld prvide t investrs in the relevant hme cuntry. 5 / 9

6 C) Management f an EEA AIF (nn-liechtenstein AIF) by a Liechtenstein AIFM (utging ntificatin) 1. Example A Liechtenstein AIFM wishes a) t manage an EEA AIF (e.g. a Luxemburg AIF) directly r b) manage an EEA AIF (e.g. a Luxemburg AIF) indirectly thrugh a branch ffice. 2. Legal basis The circumstances requiring this type f ntificatin are set ut in Articles 120 t 123 f the AIFM Act (implementing Article 33 f the AIFM Directive). 3. Ntificatin requirement and dcuments t be submitted 3.1 Ntificatin requirement The AIFM shall ntify the FMA f its intentin t manage an AIF based in anther Member State n a crss-brder basis. The ntificatin must be sent electrnically in English. The FMA requires AIF Ntificatin Letters t be submitted in English. Whether translatins f any ther dcuments must be submitted will depend n the hst Member State invlved. Please btain infrmatin t this effect frm the relevant hst Member State. Authrisatin f the Liechtenstein AIFM by the FMA is a prerequisite fr ntificatin. All dcuments must be sent by t the fllwing address: aifmg@fma-li.li. 3.2 Dcuments t be submitted a) Fr the purpse f managing AIFs n a crss-brder basis thrugh the supply f crss-brder services: The fllwing dcuments must be submitted electrnically in accrdance with Article 120(2) f the AIFM Act: an AIF Ntificatin Letter cmpleted in English (Article 120(4) f the AIFM Act in cnjunctin with Article 97 f the AIFM Ordinance), which is available n the FMA website; a prgramme f activity and peratins setting ut the prpsed activities and services and the details f the AIF t be managed in the hst Member State. b) Fr the purpse f establishing a branch ffice in the hst Member State: The fllwing dcuments must be submitted electrnically in accrdance with Article 120(3) f the AIFM Act: an AIF Ntificatin Letter cmpleted in English (Article 120(4) f the AIFM Act in cnjunctin with Article 97 f the AIFM Ordinance), which is available n the FMA website; a prgramme f activity and peratins setting ut the prpsed activities and services and details f the AIF t be managed in the hst Member State; the rganisatinal structure f the branch ffice; 6 / 9

7 an address in the hst Member State where dcuments may be accessed; the name and cntact details f the persns respnsible fr the management f the branch ffice. 4. Prcedures The FMA will verify that the dcuments are cmplete (Article 121(1) f the AIFM Act). The FMA will als verify whether the AIFM is authrised t engage in the activities described in Liechtenstein (Article 121(2)(a) f the AIFM Act). Within ten wrking days fllwing receipt f all dcuments, the FMA will send the dcuments indicated abve and cnfirmatin that the AIFM is authrised t perate in Liechtenstein t the authrities in the cuntry in which the AIFs are marketed (Article 122(1) f the AIFM Act). This perid may be extended in accrdance with Article 122(2) f the AIFM Act by sending a duly substantiated ntificatin t this effect. The FMA will ntify the AIFM immediately upn submitting the dcuments (Article 122(4) f the AIFM Act). Once the ntificatin has been received, the AIFM may start perating in the hst Member State (Article 122(5) f the AIFM Act). 5. Fees In accrdance with Article 155 f the AIFM Act in cnjunctin with Article 30(1) f the FMA Act and Appendix 1(C)(1)(f)(nn), first indent f the FMA Act the fllwing fees are payable in respect f prcessing ntificatins under Article 120 f the AIFM Act: Single funds: CHF 500 per single fund Umbrella funds: CHF 500 plus CHF 500 fr each sub-fund On issuing cnfirmatin that the dcuments have been submitted, the FMA will send an invice and a payment slip, which may be used t pay the fee (withut bank charges). 6. Updating dcuments and ntifying changes AIFMs shall give the FMA ntice f any material changes affecting the dcuments submitted in accrdance with Article 120(2) and (3) f the AIFM Act nt less than ne mnth prir t implementing a planned change r immediately after an unplanned change has ccurred (Article 123 f the AIFM Act). Ntices must be sent by t fnds@fma-li.li. The FMA shall immediately give ntice f any changes that are cnsistent with the requirements f the AIFM Directive t all authrities fr the cuntries in which the AIFs are marketed (Article 123(3) f the AIFM Act). 7 / 9

8 D) Management f a Liechtenstein AIF by an EEA AIFM (nn-liechtenstein AIFM) (incming ntificatin) 1. Example An EEA AIFM (e.g. frm Luxemburg) wishes a) t manage a Liechtenstein AIF based in Liechtenstein directly r b) manage a Liechtenstein AIF indirectly thrugh a branch ffice. 2. Legal basis The circumstances requiring this type f ntificatin are set ut in Article 124 f the AIFM Act (implementing Article 33 f the AIFM Directive). 3. Ntificatin requirement and dcuments t be submitted 3.1 Ntificatin requirement The EEA AIFM shall ntify the authrities in its hme cuntry f its intentin t manage a Liechtensteinbased AIF n a crss-brder basis. The ntificatin must be sent electrnically in English. The FMA accepts dcuments in German r English. Dcuments submitted by the authrities in the hme cuntry cncerned may be submitted by t the fllwing address: passprt.aif@fma-li.li. Authrisatin f the EEA AIFM by the authrities in the AIFM s hme cuntry is a prerequisite fr ntificatin. 3.2 Dcuments t be submitted EEA AIFMs shall submit the dcuments required under Article 33 f the AIFM Directive t the authrities in their hme cuntry. 4. Prcedures The FMA will receive the relevant ntificatin frm the authrities in the hme cuntry f the EEA AIFM. Once the ntificatin has been received, the EEA AIFM may start perating in Liechtenstein. The FMA will add the apprved AIFM t the list f EEA AIFMs authrised t manage EEA AIFs in Liechtenstein. 5. Fees and charges A ne-ff administratin fee will be charged fr prcessing ntificatins under Article 124(1) f the AIFM Act. An annual supervisry fee will als be payable n an nging basis in respect f Liechtenstein AIFs. 5.1 Administratin fee applying t ntificatins In accrdance with Article 155 f the AIFM Act in cnjunctin with Article 30(1) f the FMA Act and Appendix 1(C)(1)(f)(nn), secnd indent f the FMA Act the fllwing fees are payable in respect f prcessing ntificatins under Article 124(1) f the AIFM Act: Single funds: CHF 500 per single fund 8 / 9

9 Umbrella funds: CHF 500 plus CHF 500 fr each sub-fund 5.2 Annual supervisry fee The supervisry fee applying t Liechtenstein AIFs is payable in accrdance with the requirements laid dwn fr dmestic AIFs in Article 155 f the AIFM Act in cnjunctin with Article 30(1) f the FMA Act and Appendix 2 II.(B) f the FMA Act. The annual supervisry fee will be billed during the year in which it falls due and is payable (withut bank charges) using the payment slip enclsed with the invice. 5.3 Payment instructins The administratin fee fr ntificatins (sectin 5.1.) is t be transferred in advance t the fllwing accunt f the FMA: Liechtensteinische Landesbank AG 9490 Vaduz BIC LILALI2XXXX Clearing N IBAN LI The names f the AIF and AIFM t which the ntificatin relates is t be prvided as a reference fr the fee. Prf f payment is t be enclsed with the ntificatin. 6. Updating dcuments and ntifying changes EEA AIFMs managing EEA AIFs in Liechtenstein shall ntify the authrities in the hme cuntry f the AIFM immediately f any changes t the infrmatin prvided in accrdance with Article 33(2) and/r (3) f the AIFM Directive. Such changes must be ntified by t fnds@fma-li.li ne mnth prir t implementing a planned change r immediately after an unplanned change has ccurred. The authrities in the hme cuntry f the EEA AIFM will send the amended dcuments t the FMA. 9 / 9