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 AIMFD and UCITS Directive and their respective implementing measures.

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

• loans purchased on the secondary market;
• conversion of the total value of assets under management; and
• currency of the net asset value.

The UCITS Q&As include two new questions and answers on:

• issuer concentration; and
• group links, independence and cooling-off periods.

View ESMA updates Q&A on application of AIFMD and UCITS Directive, 11 July 2017