Passport and third countries managers AIFM For AIFM / Collective investment schemes

The EU Directive for managers of alternative investment funds (Alternative Investment Fund Managers Directive or AIFMD) allows the possibility of a passport system between countries, including managers of third country investment firms.

Offering to non-professional investors by licensed European AIFM managers

It is possible for a licensed AIFM manager in a country outside The Netherlands to offer European investments to non-professional investors in The Netherlands or to manage a European alternative investment fund that offered investments to non-professional investors and in which those investors still participate.

The manager needs to comply to specific criteria as they apply in The Nederland for offering investment units to non-professional investors (the ‘retail top-up’).

You have to follow this procedure:

1. Passport procedure

You have to follow the passport procedure as indicated in article 32 or 33 of the AIFM directive.

2. Inform the AFM

You need to inform the AFM by filling out and sending our retail distribution form to

Apart from the form, you also need to include with your email a signed statement from your manager in which he explicitly declares to meet the criteria as the apply in The Netherlands.

Write the following information in your email subject:

  • the name of the manager
  • the investment firm
  • your country of residence

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