On December 16, 2016, the European Securities and Markets Authority (ESMA) published an updated questions and answers paper (Q&A) on the Alternative Investment Fund Managers Directive (AIFMD). The Q&A update amends a question in the existing Q&A on reporting obligations for non-EU alternative investment fund managers (AIFMs) under Article 42 of the AIFMD. Article 42 sets out conditions for non-EU AIFMs to market alternative investment funds (AIFs) in EU member states, including a requirement for those AIFMs to report their activities to each relevant EU member state (among other things). The updated Q&A clarifies that: (1) when reporting information under Article 42, non-EU AIFMs should only take into account those AIFs that are actually marketed in the particular EU Member State; (2) if EU member state regulators request additional information for the effective monitoring of systemic risk under Article 24(5) of the AIFMD, AIFMs should also report information on non-EU master AIFs not marketed in the European Union that have either EU feeder AIFs or non-EU feeder AIFs marketed in the European Union; and (3) non-EU AIFMs should similarly report information on EU master AIFs not marketed in the European Union.
The UK Financial Conduct Authority proposed similar changes to the FCA Handbook rules on reporting requirements for AIFMs in its quarterly consultation paper published in July 2016 (for more information, see the edition of Corporate & Financial Weekly Digest from July 22, 2016 here).
The updated Q&A can be found here.