On 14 February 2025, the European Securities and Markets Authority (ESMA) issued a press release stating that it was launching a common supervisory action (CSA) with Member State competent authorities on compliance and internal audit functions of UCITS management companies and Alternative Investment Fund Managers (AIFMs) across the EU. ESMA explains that the CSA will be conducted this year and will assess to what extent UCITS management companies and AIFMs have established effective compliance and internal audit functions with the adequate staffing, authority, knowledge, and expertise to perform their duties under the AIFM and UCITS Directives. ESMA will publish a final report with the results of the exercise in 2026.