The European Securities & Markets Authority has published an updated set of Q&As about the Alternative Investment Fund Managers Directive.

The only 2016 question so far is: “If an EU AIF decides to offer additional fund units to investors, and the offer is limited to the investors already invested in the AIF, does the AIFM have to submit a new notification to the national competent authority in accordance with Article 31(2) of AIFMD?” Answer: “No“.

If you haven’t looked at the Q&As for a while, they may still be worth a look: 13 new reporting Q&As were added on 2 December; and a depositary Q&A was added on 16 December 2015.

It’s too early to say whether the fall in the number of new Q&As means (a) the mists have cleared, so fewer questions are being asked and answered; (b) questions are still being asked at a decent rate, but ESMA’s falling behind, so the next update will include a large(r) number of new Q&As; and/or (c) the number of Q&As will always be cyclical, with the largest number of new questions being asked and answered in the reporting reason(s), because that’s where most of the complexity still is. I suspect there’s something in (a) and/or (b), but the smart money is more likely to be on (c). We’ll see.