On the 28 July 2014, the Central Bank published a tenth edition of the AIFMD Q&A.
Amendments were made to question ID 1021 (MiFID firms may provide Article 36 safe – keeping services where they have the necessary authorisations). New questions 1072-1077 were also included. These new questions deal with remuneration and reflect some of the clarifications previously made by the European Securities and Markets Authority (ESMA) and other regulators. Q&A 1072 confirms that CRD/MiFID firms (including firms still subject to CRD III and which have availed of the CRD IV exemptions) can be identified by the AIFM (on an ongoing basis) as subject to equally effective regulatory requirements on remuneration as AIFMD remuneration rules. This also applies to non-EU firms which are subject to group remuneration policies that are equally as effective as MiFID or CRD. Q&A 1074 confirms that AIFMs can substitute payment in AIF units with payment in an appropriate proxy such as shares in the AIFM. Q&A 1075 confirms that the starting date for the remuneration disclosures in the AIF annual report would be the first full financial reporting year following application of the AIFMD-compliant remuneration policy by the AIFM. Further clarifications relate to the governing law of the AIFM Agreement and leverage disclosure in the offering documents of an AIF.