Template:Nutshell AIFMD 36

36(1). Member States may allow an authorised EU AIFM to market non-EU AIFs to professional investors, in their territory only as long as:

(a) A light depositary: the AIFM complies with all of AIFMD except for having a depositary — though the AIFM must appoint someone to:

(i) Cashflows: monitor cashflows (art. 21(7)),

(ii) Custody: hold assets in custody (art. 21(8)), and

(iii) Subscriptions and redemptions: issue and cancel units and calculate NAV (art. 21(9))

and the AIFM may not do this itself. It must tell the regulator who it has appointed.

(b) Regulatory cooperation: there must be suitable arrangements between regulators in the AIFM’s member state and the AIF's home regulator to exchange information and cooperate to monitor systemic risks;

(c) No dodgy money-laundering types: the AIF’s home jurisdiction is not listed as a Non-Cooperative Country and Territory by FATF.

36(2). Member States may impose stricter rules on the AIFM on marketing of units non-EU AIFs to investors in their territory.
36(3). The Commission must adopt measures to cooperate with third countries.
36(4). ESMA must develop guidelines as to what counts as regulatory cooperation arrangements referred to in paragraph 1.