In addition, the marketing provisions of the AIFM Directive do not apply to the marketing of AIF’s shares or units that are subject to a current offer to the public on an EU-regulated stock exchange under a prospectus that has been drawn up and published in accordance with the Prospectus Directive (Directive 2003/71/EC) before mid-2013, as long as this prospectus is still valid. Small and mid-sized AIFMs falling below the de minimis thresholds4 are expected to be allowed to continue marketing cross-border in the EU under national PPRs, subject to additional conditions set by the Directive. This may continue to be.
