General Question 3: Status of counterparties covered by AIFMD [last update 21 May 2014]
What is the status of the following counterparties under EMIR?
i. EU AIFs and non-EU AIFs referred to in Article 61(3) of AIFMD (i.e. closed-ended AIFs that do not make any investments after 22 July 2013) and in Article 61(4) of AIFMD (i.e. closed-ended AIFs whose subscription period had closed prior to entry into force of AIFMD) that are managed by AIFMs that are exempt from authorisation due to the provisions of Article 61(3) and (4).
ii. AIFs referred to in Article 61(3) of AIFMD (i.e. closed-ended AIFs that do not make any investments after 22 July 2013) and in Article 61(4) of AIFMD (i.e. closed-ended AIFs whose subscription period had closed prior to entry into force of AIFMD) that are managed by AIFMs authorised or registered under AIFMD because they also manage other types of AIF.
iii. Securitisation special purpose entities referred to in Article 2(3)(g) of AIFMD.
iv. Special purpose vehicle (SPVs) created by real estate and private equity AIFs.
General Answer 3
i. These EU AIFs should be classified as non-financial counterparties and these non-EU AIFs should be classified as third country entities.