The European Securities and Markets Authority has published an updated questions and answers (Q&A) document on the application of the Alternative Investment Fund Managers Directive (AIFMD). The Q&A has been amended to include new questions and answers on the following topics:

  • notifications of alternative investment funds (AIFs); and
  • delegation.

On the topic of delegation, answers to the following questions have been given:

  • where the alternative investment fund manager (AIFM) does not itself perform the functions set out in Annex I of the AIFMD, does this release the AIFM from its responsibility to ensure compliance of the relevant function(s) with the AIFMD?
  • can an externally-managed AIF itself perform the investment management functions set out in point 1 of Annex I or functions set out in point 2 of Annex I of the AIFMD or would it be possible that the external AIFM delegates the performance of these functions to the governing body or any other internal resource of the externally managed AIF?

View ESMA updates Q&A on application of AIFMD: November 2016, 16 November 2016

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