Does SFDR apply to non-EU AIFMs marketing funds into the EU?

It follows from points (1) and (4) of Article 2 of Regulation 2019/2088 that for the purposes of the Regulation a ‘financial market participant’ comprises an ‘alternative investment fund manager’, as defined in point (b) of Article 4(1) of Directive 2011/61/EU, including those which have their registered office in a Member State (EU AIFMs) and those which have their registered office in a third country (non-EU AIFMs). Directive 2011/61/EU lays down the conditions under which a non-EU AIFM, i.e. an AIFM from a third country, may carry out its activities within the Union. Given the absence of the activation of the AIFMD third country passport under Article 67(4) and (6) of that Directive, access to and investors in individual Member States may be on the basis of national laws set out in National Private Placement Regimes. When a non-EU AIFM from a third country enters the market of a given Member State by means of a National Private Placement Regime, that AIFM must ensure compliance with Regulation 2019/2088, including the financial product related provisions.