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:
- 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;
- Calculation of leverage;
- Calculation of the total value of assets under management;
- Additional own funds; and
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.