Global Registration Services – Market Update, Q3 2017

AIFMD

ESMA Q&A on AIFMD
On 11 July 2017, the European Securities and Markets Authority ("ESMA") published an updated Q&A on the application of AIFMD and its implementing measures.  The Q&A contains three new questions which address the following matters relating to Annex IV reporting:

• AUM calculation: how AIFMs should convert the total value of AUM into Euro;
• Leverage calculation: where an AIF purchases a loan in a secondary market, how it should measure its exposure in relation to that loan; and
• Reporting currency of NAV: the currency in which the NAV of the AIF should be reported.

Europe

Capital Markets Union: Update

On 20 September 2017, the European Commission issued a press release outlining a large number of proposed reforms designed to strengthen and integrate EU financial market supervision.  Under the proposals, ESMA will be granted a number of direct supervisory powers, including the authorisation and supervision of data reporting