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---
title: "ESMA Q&A 2547 — Q&A — Does DORA also apply to non-EU AIFM? [Answer Published]"
shortTitle: "ESMA Q&A 2547 — Q&A — Does DORA also apply to non-EU AIFM? [Answer Published]"
answer_id: ESMA_QA_2547
topic: "Other DORA topics"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "DORA"
dora_level3: true
mica_level2: false
legal_basis: "DORA"
date: 27 May 2025
source_link: https://www.esma.europa.eu/publications-data/questions-answers/2547
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 27 May 2025"
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 27 May 2025 [Answer Published]**

*Answer Published · ESMA Q&A register, 27 May 2025 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2547)*

| | |
|---|---|
| **Full title** | ESMA Q&A 2547 — Q&A — Does DORA also apply to non-EU AIFM? \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_2547 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 27 May 2025; question submitted 27 May 2025 |
| **Legal basis** | DORA |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Does DORA also apply to non-EU AIFM?**

### Question

The regulation applies to managers of alternative investment funds according to [Article 2](../../../articles/2.md), point (k) of DORA. According to [Article 3](../../../articles/3.md), (point 44), of DORA a manager of alternative investment funds is defined as “a manager of alternative investment funds as defined in Article 4(1), point (b), of Directive 2011/61/EU”.

According to Article 4(1), point (b), of Directive 2011/61/EU (AIFM Directive) “AIFMs’ means legal persons whose regular business is managing one or more AIFs”. We are of the understanding that Article 4(1), point (b), does not exclude non-EU AIFM. EU AIFM and non-EU AIFM are defined in Article 4(1), point (L) and point (ab). Since DORA only refers to [article 4(1)](../../../articles/4.md), point (b), of the AIFM Directive and not to [article 4(1)](../../../articles/4.md), point (L), we are wondering if DORA applies to both EU and non-EU AIFM as the definition implies.

***

### Answer

DORA applies to managers of alternative investment funds according to [Article 2](../../../articles/2.md), point (k) of DORA, except for those managers of alternative investment funds referred to in Article 3(2) of Directive 2011/61/EU. According to [Article 3](../../../articles/3.md), (point 44), of DORA, a manager of alternative investment funds is defined as “a manager of alternative investment funds as defined in Article 4(1), point (b), of Directive 2011/61/EU”.

However, the definition of the managers included in Article 4(1), point (b), of Directive 2011/61/EU should be read in conjunction with the scope of application of Directive 2011/61/EU, contained in Article 2 of that Directive.

Hence, in general terms - and provided that this answer is not carrying out a detailed recollection of all the criteria referred to in Article 2 of Directive 2011/61/EU - Article 4(1), point (b), in conjunction with Article 2 of Directive 2011/61/EU implies that DORA applies to EU AIFMs and also to non-EU AIFMs, which manage one or more EU AIFs, and to non-EU AIFMs which market one or more AIFs in the Union irrespective of whether such AIFs are EU AIFs or non-EU AIFs, to the extent that they benefit from the management and marketing passport in accordance with Articles 39, 40 and 41 AIFMD. Non-EU AIFMs will only be subject to DORA obligations once the European Commission adopts Delegated Acts extending the marketing and management passport to them.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2547)