The European Securities and Markets Authority (ESMA) has published its updated Questions & Answers on the Application of the Alternative Investment Fund Managers Directive.

The new questions, which ESMA has answered, include:

On reporting:

Q56: How do the reporting obligations apply to AIFMs that are sister companies owned by another AIFM?

Q57: Should AIFMs consider commitments or actual capital draw downs when they report information on subscriptions over the reporting period for AIFs pursuing private equity strategies (questions 255 to 266 of the consolidated reporting template)?

Q58: What are the reporting obligations for a registered AIFM that decides to opt in under the Directive?

Q59: What information should a “sub-threshold” non-EU AIFM marketing AIFs in the EEA under a national private placement regime report to the regulators?

Q60: What information should an AIFM report for questions 128 to 130 of the consolidated reporting template, when an AIF invests exclusively in assets denominated in the base currency of the AIF?

Q61: Should AIFMs consider distribution of dividends to investors as redemptions for the purpose of questions 267 to 278 of the consolidated reporting template?

Q62: Should AIFMs always apply the same reporting frequency to AIFs that are sub-funds of the same umbrella AIFs?

Q63: Should AIFMs take into account cash and cash equivalents for the purpose of the main instruments in which the AIF is trading (questions 64 to 77 of the consolidated reporting template), the principal exposures of the AIF (questions 94 to 102 of the consolidated reporting template) and the five most important portfolio concentrations (questions 103 to 112 of the consolidated reporting template)?

Q64: What should be the procedure for the first reporting on AIFs?

On calculation of leverage:

Q5: Which positions should AIFMs take into account when calculating their exposure under the commitment method in Article 8 of the Implementing Regulation (Commitment method for calculating the exposure of an AIF)?


Posted by Cooley