ESMA and the Central Bank of Ireland have published guidelines in relation to the reporting obligations pursuant to AIFMD.
On 8 August 2014, ESMA published its guidance on the reporting obligations under AIFMD. The guidelines provide clarification on the information that AIFMs must report to national competent authorities (NCA’s), the timing of such reporting, and the procedures to be followed when AIFMs move from one reporting obligation to another.
The following aspects of AIFMD reporting are considered in ESMA’s guidelines:
- Frequency of reporting periods: Reporting Period end dates are contingent on whether reports are due annually, semi-annually or quarterly. AIFMs who are subject to yearly reporting obligations will report once a year on the last business day of December. AIFMs subject to semi-annual reporting obligations will report twice a year on the last business day of June and December. AIFMs reporting on a quarterly basis will provide reports on the last business day of March, June, September and December.
- First reporting period: There may be cases in which AIFMs do not have any information to report on AIFs, such as where there is a delay between the authorisation or registration being granted to a new AIFM and the actual start of activity or between the creation of an AIF and the first investments. In such a scenario, AIFMs should still provide a report to their NCAs by indicating that no information is available.
- Change in circumstances: Specific reporting procedures apply in circumstances where the AIFM or AIF is liquidated. The last report of the AIFM should be provided by the AIFM to their NCA immediately after the AIF has liquidated or merged.
- New reporting obligations: AIFMs are subject to new reporting obligations in circumstances where there is a shift in the reporting frequency, for example a change from an authorised AIFM with quarterly reporting obligations to an authorised AIFM with half-yearly reporting obligations.
- Types of AIFs: Reporting for specific types of AIF which include Feeder AIFs, Fund of Funds and Umbrella AIFs. AIF specific information should not be reported at sub-fund level.
- Data reporting: The guidelines set out the requirements for both AIF data reporting and for AIFM data reporting. These final sections consist of the bulk of the guidelines.
- Relevant fields to populate: Fields to be completed by AIFMs when reporting include: principal markets and instruments in which it trades on behalf of the AIFs it manages and a breakdown of investment strategies.
Central Bank guidance
On 11 August 2014, the Central Bank of Ireland published guidance on the reporting requirements for AIFMs. The purpose of this guidance note is to provide information to the AIFM on reporting requirements and the extension of the Central Bank of Ireland’s Online Reporting (ONR) System to AIFMs. It is a practical guidance note which details the step by step process to filing with the ONR System. In the first instance, each AIFM will need to set up with a Firm Administrator account that will automatically have unconditional access to all applicable returns.