ARTICLE · 20 APRIL 2015

AIFMD | ESMA Updated Q&A

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On March 26th 2015, the European Securities and Markets Authority published an updated questions and answers on the application of the Alternative Investment Fund Managers Directive.

European UnionFinance and Banking

Bonn Steichen & Partners

On March 26^th 2015, the European Securities and Markets Authority ("ESMA") published an updated questions and answers ("Updated Q&A") on the application of the Alternative Investment Fund Managers Directive ("AIFMD"). The update of the Q&A relates to reporting, notification, leverage, additional own funds and scope of the directive.

Regarding the reporting aspect, the Updated Q&A clarifies that Alternative Investment Fund Managers ("AIFMs") should take into account all the EU Alternative Investment Funds ("AIFs") they manage and AIFs they market in the European Union to calculate the reporting frequency. The AIFM should therefore calculate a unique reporting frequency taking into account all the AIFs it markets in the Union and apply the same reporting frequency to all Member States where it markets its AIFs.

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