On 1 October 2013, ESMA published the final guidelines on the reporting obligations for alternative investment fund managers under the Alternative Investment Fund Managers Directive ("AIFMD") (the "Final Guidelines").
Background
Regulation 231/2013 (the "Regulation") provides details on the AIFMD reporting obligations to national competent authorities ("NCAs") under Articles 3 and 24 of the AIFMD.
Annex IV of the Regulation contains a reporting template that Alternative Investment Fund Managers ("AIFMs") will have to use in order to comply with their reporting obligations.
On 24 May 2013, the European Securities and Markets Authority ("ESMA") published a Consultation Paper on ESMA's draft Guidelines on reporting obligations under Articles 3 and 24 of the AIFMD (the "Guidelines") in order to supplement the Regulation and to standardise the format of the information sent to the NCAs.
Comments were to be received by 1 July 2013 and the feedback assisted ESMA in finalising the Guidelines.
The Final Guidelines
The Final Guidelines are accompanied by an opinion setting out details on the collection of information for the effective monitoring of systemic risk pursuant to Article 24(5) of the AIFMD (the "Opinion").
Pursuant to Article 24(5), NCAs can require AIFMs to report additional information on a periodic basis.
The Final Guidelines and Opinion are also accompanied by additional material which is of relevance to the reporting obligations. This includes IT technical guidance and a reporting template.
Once the Final Guidelines are translated into the official languages of the EU, NCAs will have two months from the date of publication on ESMA's website to confirm to ESMA whether or not they intend to comply with the Final Guidelines.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
