On 4 December 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the application of the Alternative Investment Fund Managers Directive (AIFMD).

The updated Q&As insert a new question and answer into Section III on reporting to national competent authorities under Articles 3, 24 and 42, explaining how AIFMs should report the results of liquidity stress tests for closed-ended unleveraged funds that they manage.