The European Securities and Markets Authority (ESMA) has published updated Q&As on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities Directive (UCITS Directive). The purpose of the Q&As are to promote common supervisory approaches and practices of both the AIFMD and the UCITS Directive and their respective implementing measures.

The AIFMD Q&As include three new questions and answers on:

• the reporting to national competent authorities on the breakdown between retail and professional investors;

• the notification of alternative investment fund (AIF) managers on the alternative investment funds (AIF) to be managed, if domiciled in another Member State; and

• the use by an AIF of the exemption for intragroup transactions under Article 4(2) of the European Market Infrastructure Regulation (EMIR), if subject to the clearing obligation of Article 4(1) of EMIR.

The UCITS Directive Q&As include one new question and answer on the application to UCITS of the exemption for intragroup transactions under Article 4(2) of EMIR, if subject to the clearing obligation of Article 4(1) of EMIR.

View ESMA updates Q&A on application of AIFMD and UCITS Directive: May 2017, 25 May 2017