ALFI fails to understand what “an entity whose purpose is to manage the underlying assets as part of commercial or entrepreneurial activity” means. What would be the difference with what ESMA further refers to as an ordinary company with general commercial purpose? Or does it refer to an undertaking for collective investment as opposed to a holding company? The absence of clarity as to these terms creates confusion. Furthermore, to the extent that a holding company is already defined in the AIFMD, the above definition (“entity whose purpose is to manage the underlying assets as part of a commercial or entrepreneurial activity”) might unduly limit the scope of activities of a holding company which does not necessarily imply a commercial or entrepreneurial activity.
ALFI shares EFAMA's and ESMA’s view that the applicable restrictions on raising capital should be the decisive criterion and that an undertaking which is not prevented in a legally binding manner from raising capital from more than one investor should be considered collective for the purpose of the AIF definition.
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© ALFI - Association of the Luxembourg Fund Industry
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