On 4 December 2019, ESMA added a new question in its Q&A on AIFMD. The question relates to the reporting obligation for AIFMs, and to the reporting of the results of liquidity stress tests for closed-ended unleveraged AIFs in particular. In its answer, ESMA refers to the exemption provided for those funds in Article 16 (1) of the AIFM Directive and recommends that AIFMs which manage closed-ended unleveraged AIFs (i) indicate in the AIFM consolidated reporting template published by ESMA that the question is not applicable, and (ii) report in this field the fact that the relevant fund is a closed-ended unleveraged AIF.

However, in the event where an AIFM does decide to conduct liquidity stress tests for the unleveraged closed-ended AIFs that it manages, ESMA states that it should report the results of the liquidity stress tests in the same field.

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