Clarification on the SFTR Scope of Non-EU AIFs

On 14 January 2020, the Alternative Investment Management Association (AIMA) submitted a letter to the European Commission (EC) and the European Securities and Markets Authority (ESMA) regarding the SFTR scope of non-EU AIFs, and its conflict in relation to the drafting of the Level 1 text.

Responses provided by both the EC as well as ESMA provide explicit confirmation that “Non-EU AIFs (i.e. AIFs not established in the Union), are not subject to the obligations set out in Article 4(1) SFTR, even if the AIFM is authorised or registered in accordance with Directive 2011/61/EU, except in respect of SFTs concluded in the course of the operations of a branch in the Union of the Non-EU AIF.”

To view these documents, please click here.

If you are not part of the ISLA SFTR work groups or streams, and would like more information, please visit our SFTR page or contact

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