16 April, 2019
Yesterday, the Parliament voted for an amendment of Article 41 of the AIFMD implementing Law (4209/2013). The amendment concerns the addition of further requirements in respect of the marketing of AIFs to retail (non-professional) investors in Greece. Until now, the relevant requirements only involved a minimum investment amount per investor (€ 100,000) and the execution of a written risk statement by such investors. The new provision has maintained the € 100,000 minimum amount and has also added some requirements including the mandatory involvement of either the fund manager or a local regulated entity in the distribution process, the performance of a suitability review in respect of each retail investor and the conformity of the distribution to retail investors with the laws governing the activity of the AIF as well as its fund regulations.
The amended Article 41 confirms that the general obligation of the AIFM to have a local authorization or EEA passport applies in any event (so the above requirements on retail investors apply on top of this general authorization obligation). It also states that the majority of these requirements do not apply in case the marketing activity is performed by AIFs which are listed on a regulated market or MTF.
Please note that the above is not meant to be legal advice. For additional information about the points covered above or indeed any other issue concerning the distribution and marketing of funds, you may contact Michael Tsibris or Giannis Koumettis of our offices.