ESMA has updated its AIFMD Q&As to include a new Q&A relating to the impact of EMIR regarding the valuation of centrally cleared OTC derivatives by AIFMs.  ESMA has confirmed that AIFMs cannot rely on the valuation provided by a CCP, although it can serve as a point of reference, as the AIFMD framework requires AIFMs to have in place a process for proper and independent verification of the value of OTC transactions, even if they are centrally cleared. The latest update is highlighted in yellow in the paper.