The European Securities and Markets Authority (ESMA) has published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD).

The aim of the Q&A is to promote common supervisory approaches and practices in the application of the AIFMD and its implementing measures. The answers are also intended to help alternative investment fund managers by providing clarity as to the content of the AIFMD rules.

The Q&A relate to the following matters:

  • first application of the remuneration rules;
  • remuneration rules in the case of delegation of portfolio management or risk management activities;
  • Annex IV of the AIFMD;
  • notification of alternative investment funds; and
  • reporting under Article 42 of the AIFMD.

ESMA intends to continually edit and update the Q&A as and when new questions are received. It will periodically review the Q&A to identify if, in a certain area, there is a need to convert some of the material into ESMA guidelines and recommendations.

View Questions and answers – application of the AIFMD, 17 February 2014

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