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| {{aifmdprov|36(1)}}. Member States may allow an authorised EU [[AIFM]] to market {{aifmdprov|non-EU AIF}}s to [[Professional investor fund|professional investors]], in their territory only as long as: <br> | | {{Nutshell AIFMD 36(1)}} |
| :(a) '''A light depositary''': the [[AIFM]] complies with all of AIFMD except for having a {{aifmdprov|depositary}} — though the AIFM must appoint someone to:
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| ::(i) '''Cashflows''': monitor cashflows (art. {{aifmdprov|21(7)}}),
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| ::(ii) '''Custody''': hold assets in custody (art. {{aifmdprov|21(8)}}), and
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| ::(iii) '''Subscriptions and redemptions''': issue and cancel units and calculate [[NAV]] (art. {{aifmdprov|21(9)}})
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| :and the [[AIFM]] may not do this itself. It must tell the regulator who it has appointed. <br>
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| :(b) '''Regulatory cooperation''': there must be suitable arrangements between regulators in the {{aifmdprov|AIFM}}’s member state and the AIF's home regulator to exchange information and cooperate to monitor systemic risks;<br>
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| :(c) '''No dodgy money-laundering types''': the [[AIF]]’s home jurisdiction is not listed as a Non-Cooperative Country and Territory by [[FATF]].<br>
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| {{aifmdprov|36(2)}}. Member States may impose stricter rules on the {{aifmdprov|AIFM}} on marketing of units non-EU AIFs to investors in their territory. <br> | | {{aifmdprov|36(2)}}. Member States may impose stricter rules on the {{aifmdprov|AIFM}} on marketing of units non-EU AIFs to investors in their territory. <br> |
| {{aifmdprov|36(3)}}. The Commission must adopt measures to cooperate with third countries. <br> | | {{aifmdprov|36(3)}}. The Commission must adopt measures to cooperate with third countries. <br> |
| {{aifmdprov|36(4)}}. ESMA must develop guidelines as to what counts as regulatory cooperation arrangements referred to in paragraph 1. <br> | | {{aifmdprov|36(4)}}. ESMA must develop guidelines as to what counts as regulatory cooperation arrangements referred to in paragraph 1. <br> |