The European Securities and Markets Authority (ESMA) has published an updated version of its Q&A on the application of the Alternative Investment Fund Managers Directive (AIFMD).
New Q&As can be found under the following sections:
- III: Reporting to national competent authorities under Article 3, 24 and 42. The answer to question 37 is updated to provide that alternative investment fund managers (AIFMs) shall take into account all the alternative invest funds (AIFs) they manage as well as AIFs they market in the EU in order to calculate reporting frequency. Additionally, new Q&As are added concerning: (i) how AIFMs should report information on long and short term value exposures before currency hedging; and (ii) should non-EU AIFMs marketing their AIFs in the EU under Article 42 of the AIFMD report the results of stress tests under Articles 15 and 16 of the AIFMD?
- IV: Notification of AIFMs. A new Q&A is added relating to whether an AIFM is required to provide a new notification when it wishes to manage a new AIF established in a Member State where it already manages AIFs;
- VII: Calculation of leverage. A new Q&A is added which discusses whether AIFMs should exclude the value of all cash held in the base currency of the AIF when calculating the exposure of an AIF in accordance with the gross method under Article 7(a) of the implementing Regulation;
- X: Additional own funds. A new Q&A makes states that AIFMs should exclude investments by AIFs in other AIFs they manage for the calculation of additional own funds under Article 9(3) of the AIFMD. Another Q&A states that AIFMs should not exclude investments by AIFs in other AIFs they manage for the calculation of additional own funds to cover potential liability risks arising from professional negligence under Article 9(7) of the AIFMD; and
- XI: Scope. A new Q&A covering article 36 of the AIFMD and a non-EU AIFM managing a non-EU master AIF.
View ESMA publishes updates to Q&As on the AIFMD application, 26 March 2015