ESMA has published its final guidelines on the reporting obligations for alternative investment fund managers (AIFMs) under the AIFM Directive (AIFMD). ESMA also suggests introducing additional periodic reporting. The guidelines set requirements for standardised reporting of key aspects of portfolio concentration and risk profile, and ESMA has produced technical supporting material to help AIFMs make their reports. Among the changes ESMA made to the guidelines following consultation is a provision that allows a principles-based approach to when existing AIFMs should start to report. ESMA will now have the guidelines translated and published. After that, Member States will have two months to tell ESMA whether they will comply with them. (Source: ESMA Publishes AIFM Reporting Guidance)