The EU Parliament final report does not extend the definition of professional investors.

 The EU Parliament final report exempt AIFs constituted exclusively for the purpose of purchasing company shares and proposed to employees of these companies within the framework of employee savings schemes from Article 31 (Marketing of units or shares of EU AIFs in the home Member State of the AIFM) and Article 43 (Marketing of AIFs by AIFMs to retail investors).

Regarding the provisions of the AIFMD applicable to non-EU AIFs, the EU Parliament final report clarifies that the new requirements in the European Commission proposed directive shall be met at the time of the AIFM’s application for authorization. Also, if a third country where the non-EU AIF is established is added to Annex I to the relevant last updated version of the Council conclusions on the revised EU list on non-cooperative jurisdictions for tax purposes, after the AIFM applied for authorisation, closed-ended funds shall continue to be considered to meet that criterion for a period of two years. A third country that has been continuously mentioned in Annex II to the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes (the ‘grey list’) for over three years shall be considered to be mentioned in Annex I to those conclusions. Regarding the marketing without a passport of AIFs managed by a non-EU AIFM, the third country where the non-EU AIFM or the non-EU AIF is established shall not be identified as an AML/CFT high-risk third country at the time the Member State allows the non-EU AIF to be marketed to professional investors in its territory.

Access the European Parliament Final Report of 2 February 2023 here.