On 2 December 2015, the European Securities and Markets Authority (ESMA) published an updated version of its Q&A paper on the application of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD). The Q&As were amended to reflect new queries on reporting to national competent authorities.

On 15 December 2015, ESMA published a further updated version of that Q&A paper. The Q&As were amended to address a query on depositaries and whether the depositary liability regime applies to those assets for which a depositary has safe-keeping duties on a look-through basis (according to Articles 89(3), first sub-paragraph, and 90(5), first sub-paragraph of the AIFMD Level 2 Regulation). This is of particular interest in the context of funds of funds or master-feeder structures.