On 26 March 2015, the European Securities & Markets Authority published its updated Questions and Answers on the Application of the Alternative Investment Fund Managers Directive.

The Q&As cover:

  • Remuneration;
  • Notifications of AIFs;
  • Reporting to the national regulators under articles 3, 24 and 42;
  • Notification of AIFMS;
  • MiFID Services under article 6(4) of the AIFMD;
  • Depositaries;
  • Calculation of leverage;
  • Delegation;
  • Calculation of the total value of assets under management;
  • Additional own funds; and
  • Scope.

The ESMA Q&A mechanism is used “to promote common supervisory approaches and practices“. The answers are not therefore subject to consultation, and they do not have formal level 3 guideline status. They are, however, continually edited and updated as new questions are received; and some of the answers may be converted into “level 3 guidelines” (following consultation) if and when it’s necessary or desirable for that to happen.