ESMA Publishes Update To AIFMD Q&A

On 12 May 2015, ESMA published an updated Q&A regarding the application of AIFMD. In particular, the Q&A document provides that:

• In the case of AIFs pursuing private equity strategies, AIFMs should consider actual capital drawdowns and not commitments when they report information on subscriptions (Section III, Question 57).
• A registered AIFM that has opted in under the Directive has to comply with the Directive in its entirety. Therefore, an AIFM that has opted in has to comply with the reporting obligations to its national competent authorities. However, the fact that the AIFM has opted in to the Directive does not impact the reporting frequency (Section III, Question 58).
• Non-EU AIFMs whose total value of assets under management does not exceed the AIFMD thresholds and that market their AIFs in the EU under a national private placement regime should at least report to the competent authorities where they market their AIFs information on the main instruments