within the EU. To fulfill the reporting requirements, AIFMs must file an Annex IV report within 30 days of the end of the applicable reporting period, which is determined by the amount of an AIFM's assets under management. Reporting periods range from quarterly to half-yearly to annually. The Annex IV report is a government regulatory document comprising 41 questions, analysing a fund's investment portfolios, exposures, leverage ratios, liquidity and risk analysis. In chapter V, section 2, articles 26–30, additional obligations apply for AIFs acquiring controlling influence in non-listed companies. This is essentially directed at private equity firms, and partly aims to stop asset stripping. Article 26(5) defines "control" as holding over 50% of voting rights, including as a ‘club deal’. This was watered down from 30% in the draft (formerly in article 26(1)(a)). Article 27(1) states that funds have to notify investee companies and shareholders when they acquire control, and article 28(4) requires them to disclose the acquisition to stakeholder groups including employees or representatives via the investee's board. Article 29 places an obligation on the central Private Equity management company (rather than an investee companies) to give information on operational and financial developments in firm's annual reports. Article 30 lists distribution requirements, which are intended to prevent asset stripping in the first 24 months from acquiring control). Chs VI-VIII, Marketing and passport For the purposes of the directive, marketing is defined as any offering or placement (sale) of an AIF at the initiative of the AIFM, or on behalf of the AIFM, to investors domiciled in the EU. Member state laws and rules determine whether a fund is engaged in marketing for purposes of the directive. EU funds managed by EU managers may be marketed across the EU under the passport of Directive 2011/61/EU, provided the manager complies with all of the requirements of the directive. EU or non-EU funds managed by non-EU managers may currently be marketed within the EU only under national private placement regimes, as non-EU managers cannot obtain the marketing passport. Likewise, non-EU funds managed by EU managers may only be marketed under the private placement regimes. Funds marketed under national private placement regimes are subject to compliance with certain provisions of Directive 2011/61/EU related to reporting, regulatory co-operation agreements, and the jurisdiction of the fund and the manager not being listed as a "non-cooperative country and territory" by the Financial Action Task Force (FATF).