Guidelines on key concepts of the AIFMD - Esma - Europa

(b) disclosure by the undertaking or the legal person managing it of any changes to the investmentpolicy should be made to the investors, and their informed consent to those changes obtained,before any such changes are made to the investment policy.34. This deletion (as compared to the elements included in the discussion paper) is due to the fact that theaforementioned disclosures are required by Article 23(1)(a) and (b) of the AIFMD (i.e. they are a consequenceof being an AIF) and are not an element determining whether or not an entity should be consideredan AIF.Q12: Do you agree with the proposed indicative criteria for determining whether a‘defined investment policy’ exists for the purposes of the definition of AIF? If not,please explain why.Q13: Please provide qualitative and quantitative data on the costs and benefits thatthe proposed indicative criteria for determining whether a ‘defined investmentpolicy’ exists would imply.Q14: Do you consider appropriate to add in Section IX, paragraph 16(b) of the draftguidelines (see Annex V) a reference to the national legislation among the placeswhere (in addition to the rules or instruments of incorporation of the undertaking)the investment policy of an undertaking is referenced to?12