The European Securities and Markets Authority published on October 4 the latest edition of its Questions and Answers document regarding the application of the AIFMD and its implementing measures in order to promote standardised supervisory approaches and practices, incorporating a new question 5 in section IV of the Q&A regarding notification of alternative investment fund managers.

ESMA clarifies that the AIFM must identify all compartments of an umbrella alternative investment fund in the notification it makes when intending to manage an EU umbrella AIF on a cross-border basis through a management passport under Article 33 of the Alternative Investment Fund Managers Directive.

In the notification, the AIFM must identify the umbrella fund as well as the name and investment strategy of its sub-funds to facilitate administrative procedure in its home and host member states. Any change in the composition of an umbrella AIF managed on a cross-border basis must be notified to the appropriate regulators as required by Article 33(6) of the AIFMD.