jurisdiction

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Jurisdiction Can EEA Passport Rights be Exercised? Process Notification Can non-EEA AIFMS Market in this Jurisdiction? Fees Is pre-marketing permissible? 
AustriaYes The EEA AIFM requests their home State authority to submit a notification and certificate of permission to the FMA. Once the EEA AIFM receives confirmation that the documents have been submitted, the EEA AIFM may begin activity.  Notification must be accompanied by all information required under Section 31 AIFMA.  Yes – the non-EEA AIFM must appoint a legal representative in Austria. The notification must be accompanied by a confirmation of compliance with AIFMA / AIFMD issued by the competent authorities of the home State.  Processing fee of EUR 1,100 and EUR 220 per sub-fund. Annual monitoring and compliance fee of EUR 600 per fund and EUR 200 per sub-fund.  Yes – an EEA licensed AIFM must inform FMA about pre-marketing activities to potential professional investors within two weeks after the start of the first pre-marketing activity. 
Belgium Yes The EEA AIFM requests their home State authority to submit a notification to BFSMA. Once submitted, the AIFM may begin activity. Notification is required regardless of whether a passport under another single market directive is held.  Yes – the non-EEA AIFM must comply with the National Private Placement Regime and financial promotion rules.  Variable supervisory fee for AIFMs acting through a Belgian branch.  Yes – EEA AIFMs may commence pre-marketing of EEA AIFs which are not yet established or established but not yet compliant with the applicable marketing procedures, to potential professional investors in Belgium, provided that the FSMA receives a pre-marketing notification letter from the AIFM within two weeks of starting such pre-marketing activity. 
Bulgaria Yes The EEA AIFM requests their home State authority to submit a notification to the FSC. Once submitted, the AIFM may begin activity. Notification must be accompanied by a certificate of licence in the home State as well as all documents required under CISOUCIA.  Yes – there must be cooperation arrangements between Bulgaria and the home State. The non-EEA AIFM must have approval from FSC and satisfy the CISOUCIA requirements. One off license fee of EUR 4,000. Annual supervision which varies depending on the type and extent of the license/registration and on the number of managed funds.  Yes – EEA AIFMs may commence pre-marketing AIFs which are not yet established or established but not yet compliant with the applicable marketing procedures, to potential professional investors in Bulgaria, provided that the Bulgarian Financial Supervision Commission receives a pre-marketing notification letter within two weeks of starting such pre-marketing activity. 
Channel Islands (Jersey and Guernsey)Yes – neither are within the EEA so are known as ‘third countries’ for the purposes of AIFMD. 

Jersey: the fund (or its governing body) will need to obtain a COBO consent from the JFSC to permit the circulation of the fund’s prospectus in Jersey. Certain exemptions to that requirement are available for companies and unit trusts.  

Guernsey: the EEA AIFM must obtain a licence from GFSC.  

Jersey: notification requirements will generally apply if a Jersey service provider will be appointed to the fund.  

Guernsey: Individual requirements under the GFSC must be complied with.  

AIFMD does not apply to the selling of securities of funds into Jersey and Guernsey. Jersey and Guernsey funds may be marketed into the EEA using member states’ NPPR regimes and are expected to be two of the first non-EEA countries to benefit from the passporting regime. Statutory fees may apply.  Yes – both EEA AIFMs and non-EEA AIFMs may commence pre-marketing AIFs which are not yet established (or established but have not obtained all regulatory consents required in the AIF's home jurisdiction) to potential investors in Jersey and Guernsey. 
CroatiaYes 

The EEA AIFM requests their home State authority to submit a notification to HANFA.  

Upon notification by the home State authority that the passport notification has been sent to HANFA, the AIFM may market to professional investors.  

Notification must detail the services that the AIFM intends to perform and the AIFs it intends to manage. authorisation from HANFA is required in order to market to retail investors.  Yes – the non-EEA AIFM must have been granted authorisation by the Member State of reference. HANFA’s authorisation is also required in order to market to retail investors.  

Notification fee of up to HRK 60,000 (approximately  

EUR 8,100). Supervision fees of HRK 20000 – 30,000 (approximately EUR 2,700 – 4,000).  

Yes – EEA AIFMs are authorised to conduct pre-marketing activities in Croatia, unless the information provided to professional investors are sufficient for investors to commit to acquiring units of a certain AIF, have features of forms for registration of units or similar documents, whether in draft or final form or have the features of a prospectus, rules, AIF’s articles of association or offer documents of an AIF that has not yet been established, in its final form. 
Cyprus Yes The EEA AIFM requests their home State authority to submit a notification to CySEC. Once submitted, the AIFM may market to professional investors. Once granted authorisation from CySEC, the AIFM may market to retail investors. For non-EEA AIFMs, the notification must be accompanied by certification of license in home State and a statement containing all of the information required by Annex IV of compliance with the AIFMD. Yes – the non-EEA AIFM must comply with AIFM Act requirements and the national private placement rules.  

Application fee for non-EEA AIFMs or the marketing of non-EU AIFs.  

Application fee for marketing to retail investors, payable to CySEC.  

Yes – an EEA AIFM can engage in pre-marketing of an AIF in Cyprus to the extent that the information provided to potential professional investors does not enable such investors to commit to acquiring units or shares of a particular AIF; and does not amount to a subscription form or similar document, whether in draft or final form; and does not amount to constitutional documents, a prospectus or offering documents of a not-yet established AIF in a final form. 

 

Czech RepublicYes 

The EEA AIFM requests their home State authority to submit a notification to the CNB. Once the home State authority confirms to the AIFM that the notification has been forwarded to the CNB, the AIFM may market non-publicly to the professional investors.  

Public offering in any EEA AIF in the Czech Republic is subject to a registration of the fund in the relevant list maintained by the CNB. 

The notification is a condition for a private placement in relation to the EEA AIF to the professional investors in the Czech Republic.  

In respect of a public offering to the qualified investors, the notification must be accompanied by documentation of a manager’s licence under the AIFMD as well as registration with the CNB.  

Additional conditions apply in respect of private placement to persons other than professional investors or public offering to the nonqualified investors 

Yes – the non‑EEA AIFM must be granted marketing permission by the CNB, and the fund must be registered in the relevant CNB list. 

 Registration and renewal fee related to the registration of the fund no longer apply.Administration fee of EUR 200 for an evaluation of comparability.

License application fee of CZK 50,000 - 100,000 (approximately EUR 2,000 - 4,000) for non‑EEA AIFM. 

Yes – both above-threshold EEA may commence pre-marketing AIFs which are not yet established or established but not yet compliant with the applicable marketing procedures, to potential professional investors in the Czech Republic, provided that the CNB receives a pre-marketing notification letter within two weeks of starting such pre-marketing activity. 
Denmark Yes 

The EEA AIFM requests their home State competent authority to submit a notification to the Danish FSA. 

A separate application is required when marketing to retail investors.  

The notification and/or application must be accompanied by all relevant information required by the Danish AIFM Act. 

Yes – non-EEA AIFM can be granted marketing permission by the Danish FSA. In addition to the requirements under the AIFMD Article 42 regime a depository must be appointed and a reciprocity statement must be provided by the home State competent authority or by a qualified lawyer.  

Further, documentation must be provided from the relevant authorities in the home country of the non-EEA AIF and non-EEA AIFM that evidences that the non-EEA AIF and non-EEA AIFM are covered by a corporation agreement (MoU) between the Danish FSA and the relevant authorities in their respective home country. 

There is no application fee, but the AIFM is required to pay an annual fee to the Danish FSA. The annual fee is between DKK 4,100 and DKK 8,000 (depending on the type of marketing license) and is subject to annual adjustments.Pursuant to the Danish AIFM Act 88 a (implementing the AIFMD article 30a) an EEA AIFM may commence pre-marketing except where the information presented to potential professional investors is sufficient to allow investors to commit to acquiring units or shares of a particular AIF; amounts to subscription forms or similar documents whether in a draft or a final form; or amounts to constitutional documents, a prospectus or offering documents of a not-yet-established AIF in a final form. 
Estonia Yes The EEA AIFM requests their home State authority to submit a notification and the relevant documents to the EFSA. Once submitted, the AIFM may begin activity. Notification must be accompanied by all relevant information required by the Investment Funds Act.  Yes – the non-EEA AIFM may market a non-EEA AIF provided that (i) the AIF is not marketed in any other EEA countries and (ii) the marketing is done in the course of private placement.  Processing fee of EUR 600 per registration of public placement for both EEA and non-EEA AIFMs.   Yes – an EEA AIF can be marketed by an EEA AIFM to professional investors and an AIFM must ensure the documentation of pre-marketing does not constitute as an offer or an invitation to subscribe for the units or shares and that the provided information is not conclusive. 
Finland Yes The EEA AIFM requests their home State authority to submit a notification and the relevant documents to the FINFSA. The EEA AIFM may start marketing the EEA AIF in Finland as of the date of receiving a notification to that effect from its home State authority. 

No separate authorisation/notification (in addition to Article 32 passporting) is required in case the EEA AIF is only marketed to professional clients.  

A separate authorisation from the FIN-FSA is required if the EEA AIFM intends to market units in EEA AIF to retail investors.  

Yes – the non-EEA AIFM must submit a written notification to FINFSA. Marketing may begin on receipt of a marketing authorisation from the from FINFSA.  Fixed notification charges (and in certain circumstances periodic supervisory charges) may applyYes – both EEA AIFMs and non-EEA AIFMs may commence pre-marketing AIFs which are not yet established or established but not yet compliant with the applicable marketing procedures, to potential investors in Finland, provided that the FIN-FSA receives a pre-marketing notification letter within two weeks of starting such pre-marketing activity. 
France Yes The EEA AIFM requests their home State authority to submit a notification to the AMF. Once submitted, the AIFM may begin activity.  Notification must be accompanied by relevant documents depending on whether the AIFM intends to manage a French AIF on a cross-border basis or exercise a branch passport in France.  Yes – the non-EEA AIFM must be granted marketing permission by the AMF.  Annual supervisory fees that are calculated in relation to the management assets.  Both EEA AIFMs and, theoretically, non-EEA AIFMs may commence pre-marketing AIFs which are not yet established or established but not yet compliant with the applicable marketing procedures, to potential professional investors in France, provided that the AMF receives a pre-marketing notification letter within two weeks of starting such pre-marketing activity.  

Germany 

 

Yes The EEA AIFM requests their HMSA to submit a notification to BaFin. Once HMSA has confirmed the submission to BaFin the AIFM may market to professional investors.  Notification must be accompanied by certification of licence in the home State. Notification must be approved by BaFin if the AIFM intends to market to retail investors. Yes – the non-EEA AIFM must apply for marketing permission by the BaFin. Notification fee of EUR 466 per single EU AIF or sub-fund for an EEA AIFM and EUR 1,641 per single EU AIF or sub-fund for a non-EEA AIFM. Annual marketing fee of EUR 113.  Yes –The EEA AIFM requests their HMSA to submit a notification to BaFin. Non-EEA AIFMs must inform BaFin about pre-marketing activities to Semi Professional and Professional Investors in Germany within two weeks after the start of the first pre-marketing activity. Pre-marketing vis-à-vis retail investors is not permitted. 
GreeceYes The EEA AIFM requests their home State authority to submit a notification to the HCMC. Once submitted, the AIFM may begin activity. Notification must be accompanied by certification from the home State that the relevant EU AIFM is authorised to manage AIFs. No – non-EEA AIFMs are not allowed to manage or market any AIFs in Greece. 

Notification fee of EUR 1,000 per sub-fund/compartment or AIF for AIFMs seeking to market AIF in Greece; fee of EUR 150 per sub-fund/compartment and per target country for Greek AIFMs seeking to market abroad.

In addition, annual contribution fee of EUR 1,000 (plus a marginal percentage of turnover for additional services) for AIFMs providing extra  investment services. 

Yes – EU AIFMs can initiate pre-marketing as long as the information provided by them to professional investors is not adequate for the latter to subscribe to the units or shares of an AIF; does not amount to subscription forms or similar documents (whether in draft or final form) and does not amount to constitutional documents, any prospectus or offering documents of a not-yet established AIF in a final form. 
Hong Kong

No, Hong Kong is not subject to any EU AIF requirements and has its own regulations.

Marketing of funds in or into Hong Kong generally requires a Type 1 licence (Dealing in Securities) issued by the SFC, unless exemptions apply.

N/AN/AN/AN/AThere is no separate regime for pre-marketing. Any marketing activity undertaken in respect of the fund is subject to the licensing and offering restrictions under the SFO and CWUMPO.
Hungary Yes The EEA AIFM requests their home State authority to submit a notification to the MNB. Once submitted, the AIFM may begin activity. Separate notification for retail investors is not required. However, unregulated CISs may not be promoted to Hungarian investors.  Yes – there must be cooperation arrangements between the MNB and the home State. The non-EEA AIFM must comply with provisions in the IFA.  Supervisory fees for all EEA AIFMs passporting into Hungary via a branch. No fees are payable in the notification process. Yes – EU AIFMs may commence pre-marketing AIFs which are not yet established or established but not yet compliant with the applicable marketing procedures, to potential professional investors in Hungary, provided that the MNB receives a pre-marketing notification letter within two weeks of starting such pre-marketing activity. 
Ireland Yes The EEA AIFM requests their home State authority to submit a notification to the CBI. Once approved, the AIFM may begin activity.Notification must be accompanied by certification from the home State that the relevant EU AIFM is authorised to manage AIFs. Yes – the non-EEA AIFM must be granted marketing permission by the CBI.  Currently, there are no fees.  Yes - EEA AIFMs may commence pre-marketing AIFs which are not yet established, to potential investors in Ireland subject to the requirements of regulation 31A of the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013) as amended. 
ItalyYes The EEA AIFM requests their home State authority to submit a notification to Consob. Once submitted, the AIFM may begin activity. Notification must be accompanied by a certification from the home State that the relevant EEA AIFM is authorised to manage AIFs. Yes – the non-EEA AIFM must be granted marketing permission by the Bank of Italy and Consob. Each year, Consob issues specific resolutions to determine all fees payable.  Yes – EEA AIFMs can carry out pre-marketing activities of reserved AIFs vis-à-vis professional investors in Italy provided that CONSOB receives a prior notification by the competent home state Authority of the relevant EEA AIFM, to whom Consob can request further information on the pre-marketing activities that are envisaged or that have already been performed. 
Latvia Yes The EEA AIFM requests their home State authority to submit a notification and the relevant documents to the Bank of Latvia. The AIFM may begin activity once a notification has been received from its State authority.Notification must be accompanied by necessary documents required under Art. 68 of the Law on Alternative Investment Funds and their Managers of Latvia and an attestation on authorisation in the EEA AIFM’s home State.  Yes – the non-EEA AIFM must be granted marketing permission by the Bank of Latvia to market EEA AIFs and appoint a legal representative in Latvia. Marketing of non-EEA AIFs managed by non-EEA AIFMs is prohibited. One-off supervision fee of EUR 1,209 per each EEA AIF or non-EEA AIF. Additional registration and yearly supervision fees apply to locally established AIFs and operations through a branch in Latvia. Yes – Only EEA AIFMs may commence pre-marketing of EEA to potential professional investors in Latvia without having to notify the. Bank of Latvia provided that a prior notification in accordance with the respective legal regulations of the EEA AIFM’s home country has been made to the national competent authority.   Nonetheless, the Bank of Latvia is entitled to request the national competent authority of the respective EEA AIFM to disclose information pertaining to pre-marketing having taken place in Latvia. 
Liechtenstein Yes The EEA AIFM sends a notification to their home member State authority (HMSA) which forwards the notification to the FMA. Once submitted, the AIFM may begin activity. 

Notification must be accompanied by all required documents according to Art 32 AIFMD.  

For marketing to retail investors additional documentation is necessary according to Art 151 AIFMGL. 

Yes – if the home member state of the non-EEA AIFMs is not on the FATF list of noncooperative countries. A cooperation agreement between FMA and HMSA is a further precondition. 

Notification fee professional investors only; CHF 500 per (sub) fund for the notification.  

Notification fee retail investors: CHF 750 for single funds and CHF 1’125 for Umbrella Funds including one sub-fund, CHF 375 for each additional sub-fund.

Annual supervisory fee of CHF 1’250 per (sub) fund. 

Yes – EEA AIFMs may commence pre-marketing AIFs which are not yet established to potential professional investors in Liechtenstein, provided that the FMA receives a pre-marketing notification letter within two weeks of starting such pre-marketing activity. 
Lithuania Yes The EEA AIFM requests their home State authority to submit a notification to the BoL. Once submitted, the AIFM may begin activity. Notification must comply with the Law on Management Companies of Alternative Collective Investment Undertakings of the Republic of Lithuania and Commission Implementing Regulation (EU) 2024 / 914. Notification is sufficient in case of marketing to professional investors. The permission of the BoL is required if the AIFM intends to market to retail investors.  Yes – non-EEA AIFMs which are authorised in another EEA State of reference are entitled to same passporting rights as EEA AIFMs. No fees for marketing. State fee of EUR 223 – EUR 826 for establishing a collective investment.  Yes – pre-marketing of AIFs which are not yet established or established, but not yet compliant with the applicable marketing procedures, to professional investors is allowed. AIFMs must inform BoL about pre-marketing activities to professional investors in Lithuania within two weeks after the start of the first pre-marketing activity. 
Luxembourg Yes The EEA AIFM requests their home State authority to submit a notification to the CSSF. Once submitted, the AIFM may begin activity.  Notification may only be made in relation to a passport for marketing to professional investors. Yes – the non-EEA AIFM must notify the CSSF prior to any marketing activities in Luxembourg.  Annual marketing fee of EUR 3,000 for a standalone foreign law AIF and EUR 5,500 for a foreign law AIF with compartments.  Yes – both EEA AIFMs and non-EEA AIFMs may commence pre-marketing AIFs which are not yet established, or established but not yet compliant with the applicable marketing procedures, to potential professional investors in Luxembourg, provided that the CSSF receives a pre-marketing notification letter within two weeks of starting such pre-marketing activity. 
Malta Yes The EEA AIFM notifies their home State authority of their intent to market in Malta. Once the EEA AIFM’s home State authority confirms to the EEA AIFM that it transmitted the notification to the MFSA, the EEA AIFM may begin activity.  Notification may only be made in relation to a passport for marketing to Professional Investors and it must comply with the Investment Services Act (Marketing of Alternative Investment Funds) Regulations.  Yes – the non-EEA AIFM must comply with the Investment Services Act (AIFM) (Third Country) Regulations and the local private placement regime.  

For marketing of an EEA AIF by EEA AIFM - Notification fee of EUR 2,500 and annual supervisory fee of EUR 4,000 in 2025 and EUR 4,500 in 2026 and EUR 450 notification fee per AIF sub-fund and EUR 500 annual supervisory fee per AIF sub‑fund.

For marketing of an EEA AIF by a non-EEA AIFM - Notification Fee of 2,500 and annual supervisory fee of EUR 3,000 and EUR 450 notification fee per AIF sub-fund and EUR 1,000 annual supervisory fee per AIF sub-fund.

Yes – EU AIFMs are allowed to engage in pre-marketing of an EU AIF in Malta to Professional Investors to test their interest in an EU AIF or compartment which is not yet established or which is established but not yet notified for marketing and which does not amount to an offer or placement to the potential investor to invest in the units or shares of that AIF or compartment. In Malta, pre-marketing rules were not extended to non-EU AIFMs and/or non-EU AIFs. 
Mauritius No, Mauritius is not subject to any EU AIFs requirement and has its own regulatory requirements. N/A N/A Yes - marketing of securities of foreign funds to retail investors may only be made through the holder or a representative of an investment dealer licence or an investment adviser licence. N/A Mauritian laws do not provide for specific pre-marketing rules. 
The Netherlands Yes The EEA AIFM requests their home State authority to submit a notification to the AFM. Once submitted, the AIFM may begin activity. Separate notification is required if the AIFM intends to manage a Dutch AIF that offers units to nonprofessional investors.  Yes – the non-EEA AIFM must comply with the Dutch third country regime. Supervisory fees may apply for EEA AIFMs established via branch. Yes - EEA AIFMs engaging in pre-marketing activities in the Netherlands need to submit a pre-marketing notification form to their competent regulator prior to engaging in pre-marketing activities. 
Norway Yes The EEA AIFM requests their home State authority to submit a notification to the FSAN. Once submitted, the AIFM may begin activity.  Separate application is required if the AIFM intends to manage a Norwegian AIF that offers units to nonprofessional investors. Yes – the non-EEA AIFM must comply with the Norwegian private placement regime. 

Fees between NOK 5,000 and NOK 30,000 per fund will be levied.

Annual fees of up to NOK 10,000 will be levied per manager with one or more funds approved for marketing in Norway.

See full section for specific fee levels.

Yes –EEA AIFMs may commence pre-marketing AIFs which are not yet established or established but not yet compliant with the applicable marketing procedures, to potential professional investors in Norway, provided that the Norwegian Financial Supervisory Authority (NSF) receives a pre-marketing notification letter within two weeks of starting such pre-marketing activity. 
Poland Yes The EEA AIFM requests their home State authority to submit a notification to the PFSA. Once submitted, the AIFM may begin activity. Notification must detail the EEA AIF internal regulations and be accompanied by certification that the AIFM is authorised in their home State. Currently, Polish regulations do not allow third country AIFMs to operate in the territory of Poland. The registry fee is EUR 300.00 for each AIF in case AIFs are marketed solely within professional investors and EUR 1,200.00 in other cases (with another EUR 1,200.00 for each consecutive sub-fund, starting with a second one or EUR 300 for each sub-fund marketed solely within professional investors). Additional annual fees apply (EUR 300 or EUR 1000 depending on if the AIF is marketed within retail investors and EUR 200 or EUR 500 depending on the same criterion. Yes – EEA AIFMs may commence pre-marketing of AIFs which are not yet established or established but not yet notified for marketing in accordance with the regular procedure, to potential professional investors in Poland, provided that the PFSA receives a pre-marketing notification within 2 weeks from the starting date of pre-marketing activities. 
Portugal Yes The EEA AIFM requests their respective home State authority to submit a notification to the CMVM. Upon receipt of acknowledgement by CMVM, the AIFM may begin activity. 

Notification must comply with the Asset Management Regime in force in Portugal and may have to include some additional information considering the AIF and the AIFM home country (EU or third country). 

 

Yes. Certain conditions may have to be met.  If the AIF is managed by an entity registered with CMVM, there is a monthly fee of EUR 125.  Yes – the provision of information or communication, directly or indirectly, about investment strategies or investment ideas by or on behalf of an AIFM to gauge the interest of potential professional investors in an AIF, which is not authorised or has not been notified for marketing in the Member State where the potential investors have their domicile or registered office  is allowed in Portugal.  
Romania Yes The EEA AIFM requests their home State authority to submit a notification and to the RFSA. The AIFM may begin activity once it is registered in the registry kept by RFSA.  Notification must be accompanied by relevant documents depending on whether the AIFM intends to manage a Romanian AIF on a cross-border basis or exercise a branch passport in Romania.  Yes – the non-EEA AIFM must have been granted authorisation by the RFSA as Member State of reference and appoint a legal representative in Romania.  Annual supervision fee ranging from EUR 1,000 to EUR 4,000. 

Yes – EEA AIFMs may commence pre-marketing AIFs which are not yet established or established but not yet compliant with the applicable marketing procedures, to potential professional investors in Romania, provided that the EEA AIFM sent a pre-marketing notification letter to their home State competent authority within two weeks of starting such pre-marketing activity, which in turn is directly transmitted to the RFSA.  

 

Singapore 

No, Singapore is not subject to any EU AIF requirements and has its own regulations. 

 

However, offers of such funds may be made in limited circumstances and on a restricted basis pursuant to applicable exemptions under Singapore law (such as only to institutional investors or accredited investors). 

 

     
Slovakia Yes The EEA AIFM requests their home State authority to submit a notification to the National Bank of Slovakia. Once informed of the submission by the home state authority, the AIFM may begin activity to professional investors.  Notification is sufficient in case of marketing to professional investors. The permission of the National Bank of Slovakia is required if the AIFM intends to market to retail investors.  Yes – the non-EEA AIFM with Slovakia as reference state must be granted the permission by the National Bank of Slovakia. Application fee for permission by the National Bank of Slovakia. Annual supervision fees may apply. Yes – EEA AIFMs may commence pre-marketing AIFs which are not yet established or established but not notified to the NBS, to potential professional investors in Slovakia, provided that the NBS receives a pre-marketing notification letter within two weeks of starting such pre-marketing activity in writing or in an electronic form. 
Slovenia Yes The EEA AIFMs must request their home State authority to submit a notification to the ATVP. When they are notified by their home State authority that such submission was made, they may begin marketing activity. Notification must be accompanied by all the documentation required by ZUAIS. Yes – the non-EEA AIFM must go through the set authorisation process. Notification fee and an annual supervision fee apply. Fees are subject to periodic updates.Yes – EEA and non-EEA AIFMs may exercise pre-marketing activities of AIFs to professional investors on the Slovenian market within the limited scope provided by the law.    
Spain Yes The EEA AIFM requests their home State authority to submit a notification and to the CNMV. Once submitted, the AIFM may begin activity. Notification must be approved by the CNMV if the AIFM intends to market to retail investors. Yes – the non-EEA AIFM must go through the set authorisation process.  

Registration fee of EUR 2,601.51 and an annual flat fee of EUR 3,121.81. Periodic marketing fees may apply. 

(Fee amounts subject to periodic updates) 

Yes – the management companies of AIFs may exercise pre-marketing activities of AIFs to potential professional investors in order to test their interest in a qualifying fund which is not yet established, or in a qualifying fund which is established, but not yet notified for marketing. An AIFM needs to submit a pre-marketing notification form to the CNMV prior to engaging in pre-marketing activities in Spain. 
SwedenYes The EEA AIFM requests their home State authority to submit a notification and to the SFSA. Once submitted, the AIFM may begin activity.  Notification through home state authority is sufficient for marketing to professional investors. A license is required from the SFSA if the AIFM intends to market to retail investors.Yes – the non-EEA AIFM must apply for a marketing licence with the SFSA.  Application fee for all licence applications. The application fees vary from approximately EUR 250 to 7,500 depending on relevant notification or licence required. (Fee amounts subject to periodic updates).Yes – a foreign EEA-based AIFM, which has been authorised in its home state in accordance with the AIFMD may without further authorisation engage in pre-marketing in Sweden of an EEA-based AIF, under the conditions as set out in the AIFMD. No legislation has been introduced regarding pre-marketing by non-EEA based AIFMs. 
SwitzerlandAIFs may be distributed in Switzerland. However, unlike with EEA UCITS, passporting of AIFs (i.e. a registration with FINMA) is usually not possible. Therefore, distribution is restricted to qualified investors and / or prudentially supervised financial intermediaries. Besides further requirements described below, client advisers (i.e. the individuals deploying the marketing activities) may need to register with an advisers’ register, an affiliation with an ombudsman’s office may be required, and the fund may be required to appoint a Swiss representative and a Swiss paying agent. In order to be registered with the advisers’ register, to be affiliated with the ombudsman’s office and / or to appoint the Swiss representative and paying agent, as the case may be, all documentation needs to be provided which is required for such purposes. Yes, the pertinent requirements being basically the same as with EEA AIFs. There are no specific governmental fees related to the distribution of AIFs. However, the advisers’ register, the ombudsman’s office and / or the Swiss representative and paying agent will charge fees. Swiss law does not provide for specific pre-marketing rules, i.e. a list of specific activities which do not fall within the scope of the applicable marketing rules at all, or trigger lower requirements (such as a mere notification duty).  
United Kingdom Only funds that are deemed to offer equivalent consumer protection to UK authorised funds under the Overseas Funds Regime (“OFR”) can be marketed to UK retail investors. At present, the only category of funds that are currently deemed “equivalent” for the purposes of the OFR are EEA UCITS. EEA AIFs can be marketed to UK professional investors via the UK’s National Private Placement Regime.    The UK does not have a separate regime for pre-marketing. Pre-marketing is subject to the same financial promotion rules as any other marketing of a fund in the UK.