ESMA updates Q&A on AIFMD

On 9 January 2015, ESMA published an updated Q&A on the Application of the AIFMD. There are now four additional questions (49 - 53) on reporting to national competent authorities under Articles 3, 24 and 42:

How should AIFMs report information on subscriptions and redemptions over the reporting period?

ESMA clarifies that AIFMs should report the value of subscription and redemption orders for the month of the cash-flows.

How should AIFMs report information on the change in NAV per month?

ESMA clarifies what information should be taken into account and that information of the change in NAV should be reported for each month of the reporting period. In addition, they confirm that where there is no official NAV available for the calculation, AIFMs should use estimates of the NAV.

How should AIFMs report information on the percentage of gross and net investment returns per month?

ESMA confirms that the information should be reported for each month of the reporting period.

An AIFM manages both funds and funds of funds. When should the AIFM report aggregated information at the level of the AIFM?

ESMA confirms that the AIFM should report aggregated information at the level of the AIFM for:

  • AIFs which do not take the form of funds of funds, within one month of the end of the reporting period
  • fund of funds, within 45 days of the end of the reporting period.

UK FCA message on AIFMD Annex IV transparency reporting

On 13 January 2015, the FCA updated their AIFMD reporting webpage on the submission of AIFMD Annex IV transparency information to the FCA for the reporting period ending 31 December 2014.

In the release, the FCA states that it is, as a matter of priority, trying to ensure that all AIFMs have access to GABRIEL and will update the webpage again with an update early next week.